Black Friday, the traditional kickoff to the Christmas shopping season, arrived with a twist this year: a significantly shortened timeframe.
With only 26 days between Thanksgiving and Christmas, compared to 31 days in 2022, retailers faced a compressed selling season, adding pressure to their holiday sales strategies.
This compressed timeframe, coupled with inflation-weary consumers, created a unique challenge for businesses aiming to maximize profits during this crucial period.
The National Retail Federation, a US retail trade group, anticipates approximately 85.6 million shoppers hitting the stores this year, a notable increase from last year’s 76 million.
Deals and discounts dominate the scene
From exclusive Taylor Swift merchandise at Target to heavily discounted puffer coats at Walmart, retailers worldwide pulled out all the stops to entice bargain-hunting customers.
In Europe, the Black Friday rush began earlier, with British retailers like John Lewis offering substantial discounts on electronics and other goods – up to £300 ($381) off Samsung TVs and significant reductions on Nespresso machines and Apple products.
Currys, a London-listed consumer electronics retailer, reported strong sales of popular items such as the PlayStation 5, air fryers, and retro technology.
The enthusiasm wasn’t limited to electronics; clothing retailers also participated, with Kate Isaienko, a shopper in London, highlighting the rising clothing prices at Zara since moving from Ukraine and seizing the Black Friday discounts as an opportunity to save.
US retailers join the fray
Across the Atlantic, major US retailers like Walmart and Target opened their doors early on Black Friday, offering a wide array of deals.
Walmart, with its 4,700 US stores, started its Black Friday sales on November 11th, offering discounts on electronics, toys, clothing, and kitchen appliances.
Target, with 1,963 locations, also initiated its sales on Thanksgiving, featuring significant price cuts on electronics, toys, and kitchen appliances.
Furthermore, Target is leveraging exclusive merchandise, such as “Wicked”-themed products, to draw customers.
The psychology of impulsive spending
“With fewer days to shop, consumers are more likely to make spontaneous purchases, contributing to retail growth during the holiday season,” Marshal Cohen, chief retail adviser at Circana, told Reuters.
This highlights the crucial role of impulse buying in boosting holiday sales for retailers.
Beyond the doorbusters
While traditional “doorbuster” deals remain a Black Friday staple, the shift toward online shopping continues.
To counter this trend, many major brick-and-mortar retailers are increasingly focusing on creating immersive, in-store experiences to draw customers.
Examples include Ray-Ban’s augmented reality glasses demonstrations, extra-large TVs at Best Buy, and spa services at Nordstrom.
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