For a lot of people, the day after Thanksgiving is the pinnacle time to finish up holiday shopping, get great deals, and splurge on retail therapy. But this year, it appears consumers changed their minds on waiting in the early morning rushes of Black Friday. According to the National Retail Federation, the number of shoppers hitting stores this past weekend was down 5% compared to last year, and overall spending was down 11%. But it’s not because people aren’t still buying TVs and kitchen appliances; it seems the mindset of holiday spenders is changing for a few big reasons.
What’s the Rush? Previously, Black Friday door-busters were limited to when shops opened their doors on Friday morning. But over the past few years, retail suppliers have given huge incentives for shopping early, and for shopping after the day for occasions like Cyber Monday and beyond. If there’s no urgency to the sales, there’s less motivation to wait in line.
Why Not Shop at Home? For a lot of folks, occasional purchases like gifts, and even regular buys like home goods and cleaning products, are all made online. This is especially true for the over 90 million people who have Amazon Prime, which provides free shipping on tons of purchase options. If most of the sales are both online and in-store, why bother getting out of your pajamas?
Why Buy Overpriced? Now that most consumers have smartphones on hand, it’s a lot harder for stores to convince buyers that their deal is the best, when it’s not. Between ongoing sales, similar price cuts among different retailers, and consistent research that shows most Black Friday sales are comparable to other sales throughout the year, the incentive for shoppers to go out on the “buying holiday” isn’t as strong.
Did you go shopping on Black Friday or did you decide to stay home this year? Let us know in the comments below!
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