Black Friday: The Evolving Shopping Event
Black Friday is changing. Gone are the days of rushing out of family dinners at midnight to grab deals. Nowadays, many shoppers prefer online sales that start weeks before Thanksgiving. Still, Black Friday remains the busiest shopping day in the U.S. and marks the start of the holiday season.
This year’s shopping frenzy arrives amidst rising concerns about the economy. A recent report from the Conference Board revealed that consumer confidence has dipped due to factors like inflation and weak job growth. Despite this, retail leaders found that shoppers are still willing to spend on significant occasions. They might be cautious, but they’re not staying home.
Bill Adams, chief economist at Comerica Bank, points out that consumers often express pessimism about the economy but continue to spend. “The outlook is probably better than they’re signaling,” he noted. Still, shoppers are becoming pickier with their purchases, focusing more on value.
Retailers are feeling the impact of rising prices. Circana, a market research firm, reported that 40% of general merchandise saw price hikes in September. Toys, in particular, are feeling the crunch, with 83% experiencing a price jump. This stems from tariffs on imported goods which, as many products come from China, has made prices rise significantly.
Yet, as Black Friday approaches, there’s optimism in the air. Notably, foot traffic at places like the Mall of America has exceeded levels seen before the pandemic. Jill Renslow, the mall’s marketing officer, shared, “We’re seeing a very positive start to the holiday season.”
Online shopping is also booming. From November 1 to 23, consumers spent $79.7 billion online, a 7.5% increase from the previous year. Meanwhile, Mastercard SpendingPulse predicts a more moderate rise in holiday sales, estimating a 3.6% increase from November 1 to December 24.
Experts note that despite anxiety over the economy, shoppers are still active. Michelle Meyer, Chief Economist at Mastercard, emphasized that while uncertainty persists, it hasn’t stopped people from participating in holiday shopping.
According to Adobe Analytics, Thanksgiving was optimal for purchasing sporting goods, while Black Friday is best for TVs and toys. Cyber Monday looks promising for apparel and electronics, with discounts expected to reach 25%.
In summary, Black Friday signifies more than just sales; it’s a testament to changing consumer behavior and resilience in a shifting economy. Without a doubt, it remains a crucial milestone in the holiday calendar, drawing in crowds both online and in-store, determined to bag the best deals.
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Donald Trump, Adobe, Inc., Holiday shopping, Retail and wholesale, U.S. government shutdown, General news, MN State Wire, Minnesota, Local News for Apple, Holidays, Economy, U.S. news, Economic policy, Business, Bill Adams, Inflation, Michelle Meyer, Jill Renslow, Consumer products and services, Thanksgiving, China, U.S. News
