- Kristopher Fraser |
Black Friday has traditionally been the busiest shopping day of the year, and while it has lost some ground to its sister Cyber Monday as more customers are shopping online, it still is a bank breaking day for retailers. As it traditionally kicks off the holiday shopping season, this year from November 23 until the day before Christmas, stores are expected to comp their biggest sales of the year.
Black Friday spending not slowing down
According to The Balance, in 2016, there were 101.7 million people who went shopping on Black Friday, up from 74 million in 2015. The National Retail Federation is expecting sales to increase 4.1 percent for 2018, without any fear that the trade war will cut back on sales. Shoppers are expected to spend 1007 dollars and 24 cents. Of that amount, they'll spend 637 dollars and 67 cents on gifts. 215 dollars and 4 cents will go toward food, decorations, flowers, and greeting cards. They'll also spend 154 dollars and 53 cents to take advantage of seasonal deals and promotions.
Most consumers would be surprised to find that the best Black Friday deals are typically not on Black Friday. Amazon is known for offering deals earlier than Black Friday, upstaging the annual shopping day itself. Cyber Monday is also known for having further markdowns and specials specifically reserved for then. However, Black Friday is still the best time of year to buy TVs, tablets, appliances, and jewelry.
According to We Are Top 10, the average savings on Black Friday come to 37 percent. 50.4 percent of Black Friday shoppers continue to be women, and the other 45.1 percent are females. Millenials are continuing to close the gap when it comes to the age of most Black Friday shoppers with 53 percent participating in some part of the Black Friday shopping events. While Millennials top the list, Gen Xers come in a close second with 49.5 percent and Baby Boomers with 27 percent.
Online Black Friday sales also increased 16.9 percent in 2017. Despite the challenges facing brick-and-mortar, shoppers are still willing to brave the crowds for the chance at in-store deals. The allure of Black Friday may have changed, but it certainly hasn't faded.photo: via Businesswire