Once again, Black Friday is upon us! Here are 5 interesting statistics around Black Friday and what they mean for retail.
- Sales are Growing: There are many statistics floated around that question the existence of the Retail Apocalypse – we have even written about this in a previous post. But Moody’s, for one, expects 5% to 6% growth in retail sales this Black Friday, and the National Retail Federation projects overall holiday season sales to increase by 4.1% this year. The total spend for Black Friday weekend is estimated to hit $59.6 billion with the best growth since 2011, according to estimates by GlobalData Retail.
- Online and Physical retail shopping are both relevant: Whether in-store or online, some 164 million Americans will go shop at some point over the holiday weekend. 71% will hit the stores on Black Friday. That’s roughly 116 million shoppers. This according to research by the National Retail Federation.
- At least 77 retailers kept stores closed on Thanksgiving but others, such as Macy’s, Kohl’s and JCPenny opened on Thanksgiving day – with some social media blacklash, asking shoppers to boycott these stores. JCPenny opened up earlier than others, with a 2pm start on Thanksgiving day. It’s a fine line to walk to make customers happy – between offering early Black Friday deals and encroaching on Thanksgiving day.
- Black Friday may be becoming a month long phenomenon. Shoppers spent $2.4 billion online on Wednesday, an increase by 31.8% from 2017, and by 5pm on Thanksgiving day, had spent another $1.75 billion (a 28.6% growth from last year), according to Adobe Analytics data. Promotions started just after Halloween, and will continue well after Cyber Monday.