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Retailers are preparing Black Friday 2023, which this year falls on November 24. Known for crowds lining up at big-box stores for big discounts during the early hours after American Thanksgiving, Black Friday normally marks the unofficial start of the Christmas shopping season. Over the years, a large part of this shopping frenzy has also moved online.COVID-19 pandemic has further accelerated the trend. According to data from the National Retail Federation (NRF). Thanksgiving weekend, which encompasses Black Friday and Cyber Monday – the Monday after Thanksgiving – is typically the busiest shopping period in the United States. Here is what to expect from Black Friday 2023.
Why is it called Black Friday
First things first. Why is the day called Black Friday or where did the name Black Friday come from? Starting around the 1960s and early 1970s, police and bus drivers in Philadelphia used the term “Black Friday” to refer to the chaos an influx of people to the city created before the Thanksgiving weekend. Visitors are said to throng the stores in Philadelphia on Friday with their Christmas lists looking for gifts. Department stores re-branded the term to “Big Friday” to put a more positive spin on it. But the name did not stick, and since the 1980s retailers began to describe Black Friday as the day when their retail ledgers are allegedly “in the black,” or operating at a profit, as customers start holiday shopping, according to Marcus Collins, a marketing professor with Ross School of Business, University of Michigan, told news agency Reuters.
Black Friday sales move online, other than just on Cyber Monday
The rise of online shopping has made it easier to do most, if not all, holiday purchases — something that only increased during COVID-19 pandemic. In the past year, while malls and in-person stores have bounced back to good crowds, the growing strength of e-commerce remains. As per the US Commerce Department, in 2003, e-commerce accounted for just 1.7 per cent of total retail sales in the fourth quarter. Unsurprisingly, online sales today make up for a much bigger share. For last year’s holiday season, e-commerce is reported to account for about 16.3 per cent of all non-adjusted retail sales in the fourth quarter, according to the Commerce Department. That’s up from 12.7 per cent seen at the end of 2019.
What e-tailers are offering
Retailers including Best Buy, Macy’s, H&M and pure e-commerce retailers like Shein and Temu have been advertising early Black Friday “deals” of up to 30% off on some limited merchandise online and in stores.
Although most US stores will be closed on Thanksgiving again this year, opening for shoppers at 5 a.m. or 6 a.m. on Friday, some retailers are advertising discounts online that kick in starting at 12:01 a.m. on Thanksgiving.
Also, retailers big and small are promoting online ordering and curbside pick-up this year for the convenience of shoppers who want to avoid stores. In the past decade, Americans’ Black Friday purchases online have more than tripled, reaching $9.12 billion on the day last year, according to data from Adobe Analytics.
Reports suggest that several major retailers including Walmart and Macy’s may offer discounts in order to drive shoppers to their stores and websites. Adobe said that online discounts were expected to be as steep as 35% on toys, 24% on sporting goods and 19% on furniture.
How much are shoppers expected to spend online shopping
Holiday sales online and in US stores are expected to rise between 3% and 4% during November and December, according to a forecast by the NRF. Spending online during Black Friday is expected to rise 5.7% to roughly $9.6 billion, according to Adobe. In the United Kingdom, online spending during Black Friday is expected to rise 4.5% to 1.05 billion pounds ($1.30 billion), with total sales over the Cyber Weekend reaching 3.8 billion pounds, according to an Adobe forecast.
What are buyers looking to spend on most this Black Friday sale
Electronics are expected to be the top pick this shopping season, with estimates of a 6% growth, according to a report by Mastercard. Best Buy kicked off its Black Friday deals in late October with offers such as its Play Station 5 for $499.99 bundled with either “Call of Duty: Modern Warfare III” or Marvel’s “Spider-Man 2”. iPhones too are expected to be hot again, with the recent launch of the iPhone 15 series.
(With agency inputs)
Why is it called Black Friday
First things first. Why is the day called Black Friday or where did the name Black Friday come from? Starting around the 1960s and early 1970s, police and bus drivers in Philadelphia used the term “Black Friday” to refer to the chaos an influx of people to the city created before the Thanksgiving weekend. Visitors are said to throng the stores in Philadelphia on Friday with their Christmas lists looking for gifts. Department stores re-branded the term to “Big Friday” to put a more positive spin on it. But the name did not stick, and since the 1980s retailers began to describe Black Friday as the day when their retail ledgers are allegedly “in the black,” or operating at a profit, as customers start holiday shopping, according to Marcus Collins, a marketing professor with Ross School of Business, University of Michigan, told news agency Reuters.
Black Friday sales move online, other than just on Cyber Monday
The rise of online shopping has made it easier to do most, if not all, holiday purchases — something that only increased during COVID-19 pandemic. In the past year, while malls and in-person stores have bounced back to good crowds, the growing strength of e-commerce remains. As per the US Commerce Department, in 2003, e-commerce accounted for just 1.7 per cent of total retail sales in the fourth quarter. Unsurprisingly, online sales today make up for a much bigger share. For last year’s holiday season, e-commerce is reported to account for about 16.3 per cent of all non-adjusted retail sales in the fourth quarter, according to the Commerce Department. That’s up from 12.7 per cent seen at the end of 2019.
What e-tailers are offering
Retailers including Best Buy, Macy’s, H&M and pure e-commerce retailers like Shein and Temu have been advertising early Black Friday “deals” of up to 30% off on some limited merchandise online and in stores.
Although most US stores will be closed on Thanksgiving again this year, opening for shoppers at 5 a.m. or 6 a.m. on Friday, some retailers are advertising discounts online that kick in starting at 12:01 a.m. on Thanksgiving.
Also, retailers big and small are promoting online ordering and curbside pick-up this year for the convenience of shoppers who want to avoid stores. In the past decade, Americans’ Black Friday purchases online have more than tripled, reaching $9.12 billion on the day last year, according to data from Adobe Analytics.
Reports suggest that several major retailers including Walmart and Macy’s may offer discounts in order to drive shoppers to their stores and websites. Adobe said that online discounts were expected to be as steep as 35% on toys, 24% on sporting goods and 19% on furniture.
How much are shoppers expected to spend online shopping
Holiday sales online and in US stores are expected to rise between 3% and 4% during November and December, according to a forecast by the NRF. Spending online during Black Friday is expected to rise 5.7% to roughly $9.6 billion, according to Adobe. In the United Kingdom, online spending during Black Friday is expected to rise 4.5% to 1.05 billion pounds ($1.30 billion), with total sales over the Cyber Weekend reaching 3.8 billion pounds, according to an Adobe forecast.
What are buyers looking to spend on most this Black Friday sale
Electronics are expected to be the top pick this shopping season, with estimates of a 6% growth, according to a report by Mastercard. Best Buy kicked off its Black Friday deals in late October with offers such as its Play Station 5 for $499.99 bundled with either “Call of Duty: Modern Warfare III” or Marvel’s “Spider-Man 2”. iPhones too are expected to be hot again, with the recent launch of the iPhone 15 series.
(With agency inputs)
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