Black Friday Deals: Deal-hunters were on the prowl, both online and in stores, eager to snag the best early bargains on the day after Thanksgiving. The start of the holiday shopping season is marked by consumers seeking enticing deals. However, early shopping trends suggest a more measured approach this Black Friday. Michael Brown, a retail industry leader, noted that the extended holiday sales period, beginning as early as October, might be causing shopper fatigue. Despite steady foot traffic, Black Friday discounts averaged 25% to 30%, with shoppers holding out for potentially better deals.
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Marshal Cohen, Chief Retail Industry Analyst, observed a lack of urgency, stating it felt more like a mid-December shopping day than the traditional Black Friday frenzy. Notably, videogame consoles sold rapidly, along with online surges in toy, jewelry, and clothing sales. Thanksgiving Day saw record-breaking online sales of $5.6 billion, reflecting a 5.5% increase from the previous year.
Retailers are navigating challenges unique to the 2023 holiday season. While consumers face ongoing financial pressures such as rising prices and increased costs, retailers must strike a balance between offering attractive discounts and maintaining profitability. The day after Thanksgiving historically marks the onset of holiday gift-buying, critical for retailers as these months contribute around 20% of their annual sales.
This year’s total holiday sales are anticipated to be softer than the previous year due to various financial pressures on consumers. Despite this, retailers are in a better inventory position than in 2022, allowing them more flexibility with pricing strategies. Black Friday at The Shops at La Cantera mall in San Antonio saw steady foot traffic, with some brands offering 25% to 40% off deals.
Simon Property Group, the largest mall operator, reported diverse Black Friday shoppers, including families and young adults. Specialty retailers like Aeropostale, Forever 21, and Aritzia offered substantial discounts. JCPenney opened its doors early, reporting lines outside its stores. Aware of financial constraints on its core shoppers, with an average household income of $75,000, JCPenney focused on providing value. CEO Marc Rosen emphasized the retailer’s commitment to helping customers deal with inflation, offering thousands of products under $15 and a special credit promotion starting December 1.
As Black Friday unfolds, retailers are navigating consumer expectations, hoping to strike the right balance between enticing deals and preserving profits. The evolving trends suggest a more measured and value-conscious approach from both shoppers and retailers alike.
Our Reader’s Queries
Will everything be cheaper on Black Friday?
Yes, products are indeed discounted during Black Friday sales. In fact, according to Adobe Analytics data, this holiday season will see record high discounts of up to 35% off the list price. The best deals are expected to be available from Thanksgiving through Cyber Monday.
How much is the discount on Black Friday?
Looking for the best Black Friday deals in the US? Look no further than JCPenney, Macy’s, and Belk, who offer average discounts of 59%, 58%, and 55%, respectively. Kohl’s also offers a respectable discount of 49%. These retailers are sure to have something for everyone on your holiday shopping list. Don’t miss out on these amazing deals!
What is better Black Friday or Cyber Monday?
Throughout history, Black Friday has been the go-to day for snagging the best deals, particularly those that are only available for a limited time in the early hours of the morning. While Cyber Monday can offer similar pricing to Black Friday, it often falls short in comparison. To ensure you get the most bang for your buck, it’s best to focus your shopping efforts on Black Friday.
What day is Black Friday deals?
Black Friday, the popular shopping holiday, is always held on the Friday following Thanksgiving. This year, with Thanksgiving falling on Thursday, November 28, Black Friday will commence on November 29.