One of the biggest shopping traditions of the American holiday season is Black Friday. This day has most likely been the time to get incredible deals on holiday shopping since the late 19th century. For over a century, retailers have been capitalizing on this official start day of the holiday shopping day to draw in customers, move merchandise, and help increase their profits. For the past few decades, retailers have been providing more and more incentives to draw customers to their doors on Black Friday, especially with the rise of Internet shopping.
More and more retailers now have Black Friday deals all month long. Plus, Cyber Monday has become a major shopping day with similar deals found on Black Friday, but from the comfort of one’s home. With so many changes to this traditional shopping day, many wonder whether the Black Friday deals still matter. However, evidence shows that not only does it still play a major role in jump starting the holiday shopping season, most retailers still capitalize on this day to draw in customers with incredibly low discounts and deals.
Black Friday in Numbers
According to the National Retailer Federation’s (NRF) Holiday Consumer Spending Survey, the average person spends about $804.42 on the holidays, including purchasing gifts, food, decorations, and other items. In 2013, consumers spent over $57 billion on Black Friday, according to NRF. This is a decrease of about 2 percent from 2012. However, according to US News and World Report, this discount was not because people did not advantage of the discounts. Instead, it was because more people took advantage of the Thanksgiving Day shopping. Additionally, many people took advantage of Cyber Monday. About 141 million people shopped over Thanksgiving weekend, and there was an increase in eCommerce sells over the weekend as well. With so many people taking advantage of the deals in person, this shopping weekend still packs a punch for brick and mortar retailers.
The Rise of Online Shopping
Online and mobile shopping has become increasingly popular in the past decade or two. About 56 percent of consumers plan to do holiday shopping online according to the NRF, which is an increase from 2013’s 51.5 percent. They also plan on doing about 44.4 percent of their shopping online, which is the highest amount since the NRF’s survey began in 2006. According to predictions by USA Today, Cyber Monday is expected to crush Black Friday. Last year, about 131 million people shopped on Cyber Monday, which was only 10 million fewer than those who went to the stores over the weekend. The increase in Internet shopping is not just about the ease of shopping from home instead of dealing with other customers. For the majority of customers, savings and deals played the biggest role in deciding when and where to shop.
The Importance of Savings and Deals
Although more and more shoppers are beginning to take advantage of the many deals offered by retailers online, the most important aspects of shopping remains the deals. When shopping, deals and discounts play a significant factor in the decision making process of savvy shoppers. According to the NRF survey, sales or price discounts account for 74.7 percent of the decision to shop at a particular store.
Stores utilize large portions of their marketing and advertising budgets to draw customers into the stores to take advantage of the tradition of sales and deals on this day. However, it is changing and expanding, including stores adding deals online, in the days or weeks beforehand, and creating special deals throughout the whole weekend and even the entire week after Thanksgiving.
Why Black Friday Remains Important
With so many changes in shopping habits, stores are altering their traditions of Black Friday. However, it will still most likely bring in over $50 billion, as it has for the past few years. Some of the shopping may be on different days or online, but for retailers it still comes down to their Black Friday deals. Additionally, many stores will offer Door Busters to incentive customers coming to their storefronts. Some stores also will be open Thanksgiving night to draw customers into the stores to take advantage of the deals.
The face of Black Friday may be changing, but the tradition remains. The Black Friday 2014 deals, which you can find at BFads, will continue to draw in customers and crowds, keeping the day relevant. People will still take advantage of the major discounts and deals offered by the companies. Like many traditions, Black Friday is changing to keep up with the times. However, it remains a relevant event for stores to entice customers to purchase items, both those on sale and others. Although it is no longer necessarily the busiest shopping day of the year, it remains a significant time period for retailers to increase their profits.