Will Black Friday deals be enough to lure in shoppers?
Friday, November 10, 2017
Black Friday signals the beginning of the holiday shopping season, and it is rapidly approaching. So what can we expect from stores and shoppers on Nov. 24?
It seems stores open their doors to the public earlier and earlier each year, and 2017 is no exception. Gone are the days when Black Friday was a single-day event. Many stores will continue their move to Thanksgiving Day openings, extending their hours to entice people to do their shopping in store.
According to a recent report, almost 90 percent of shoppers will check their holiday lists off in store this year. Although, only 35 percent plan to do it the busiest day of the year. This is down from 59 percent in 2016.
Because of this, stores are looking for new incentives to entice shoppers to come through their doors Thursday and Friday. Most have already released their Black Friday ads and deals, as well as announced their store hours.
Like in past years, Target plans to open its doors at 6 p.m. on Thanksgiving. But, in a move to slow the pace and give their employees time to both recharge and restock inventory, they will be closing from midnight to 6 a.m.
Other stores like JC Penney and Macy's will also open Thursday, making their deals a two-day event in an effort to pick up sales after a slow retail year. Most stores are opening earlier, which is a recent tradition that most Americans — 6 in 10 to be exact — don't agree with.
One thing that isn't changing, though, is that shoppers are looking for deals on Black Friday. 63 percent said price is the number one motivator when making their purchases.
Consumers are expected to spend 6 percent more than last year, and as usual, deals on technology and big-ticket items will account for most of the purchases.
Cyber Monday, an extension of the Black Friday weekend deals, has become an increasingly popular alternative to the crowds and chaos of going in store. Taking place Nov. 27 this year, the event has become an important source of revenue for retailers. In 2016, online Cyber Monday sales added up to $3.45 billion.
This data shows the importance for businesses to utilize both in-store and online deals this holiday season, as consumers plan to utilize both avenues when making their purchases.
Black Friday and Cyber Monday will continue to generate big sales for retailers, but shoppers are not buying in as much this year as they did in the past. Younger shoppers will slow the pace, with the decision to extend their shopping throughout the season.
Stores will make big bucks on Black Friday, but they will need to continue their deals and promotions past Nov. 27 to keep their audiences satisfied this holiday season.
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