Online shopping has put a dent in Black Friday extravaganzas
Black Friday, a tradition that was born in the United States, has transcended borders and has gone global, marking the beginning of the Christmas season. However, the relevance of this single-day event has diminished due to the rise of online shopping.
Retailers, from giants like Macy's to Amazon, have adapted their strategies, offering discounts since October and extending the sales until Christmas Eve. This change demonstrates the transformation of Black Friday from a one-time event to a complete season of offers.
Consumer resilience amid uncertainties
Contrary to recession forecasts, American consumers have shown remarkable resilience. Despite certain economic uncertainties, such as persistent inflation, unemployment at historic lows has been a crucial pillar to sustain consumption.
Although pandemic savings have disappeared and credit card debt has reached record levels, shoppers have responded positively, spending a record $5.6 billion online on Thanksgiving.
Changes in spending patterns and sales strategies
Despite expectations of aggressive discounting, some retailers, such as Best Buy, are facing postponement of major purchases. Investment bank TD Cowen adjusted its estimates of holiday spending growth in the United States, indicating possible stable traffic for Black Friday.
Early discounts in October and November have affected the excitement and urgency of shopping, while persistent inflation and high interest rates have slowed the growth of holiday spending.
Future trends vs Cyber Monday
A record 130.7 million people are expected to participate in this year's Black Friday, according to the NRF. Although more aggressive discounts are anticipated to attract consumers, competition for their attention will be intense.
Adobe predicts the best deals on TVs with a 22% discount, while clothing, appliances and furniture will also be heavily discounted. However, a further price drop is forecast for Cyber Monday.
There is no doubt that Black Friday in the United States faces a changing landscape, with consumers adapting to new shopping trends and retailers adjusting strategies to capture attention in a more cautious spending environment.
The idea is for the consumer to identify the key elements that provide them with a comprehensive vision to inform and guide their purchasing decisions this Christmas season.