Is Black Friday Doomed?
Black Friday, the day after Thanksgiving, is a beloved shopping day for many who venture out at the crack of dawn to fight for the best prices on electronics, must-have toys and other items.
But a September article in Time Magazine suggests that Black Friday may eventually go the way of the dinosaurs. According to the story, some experts believe that Black Friday may disappear in the future because people aren’t turning out in droves like they used to.
“Black Friday shopping won’t be extinct anytime soon, but it has undeniably been losing its importance in the marketplace,” says Time.
The story cites a study from Accenture, which says “44% of consumers were likely to go shopping on Black Friday 2011, down from 52% in 2009.”
And if people do head out to the stores, they aren’t as quick to make a purchase. In fact, Black Friday spending was down nearly 2 percent or $11.2 billion in 2012 when compared to the previous year.
Why is this happening? It could be for a few reasons. The holidays seem to come earlier every year—few retailers wait until after Thanksgiving to decorate and preview promotions. One notable hold out is upscale retailer Nordstrom, which displays a message on their doors that they will wait to “deck their halls” until after Thanksgiving.
Many eager retailers are not even waiting until Thanksgiving. It’s not uncommon to see holiday items in stores long before Halloween. The shopping season is getting longer, more promotions and Black Friday deals are being rolled out long before the actual day and as a result, there are more opportunities to save.
In the eyes of the consumer, Black Friday has become less about saving money and more about the tradition. It’s still fun to go to the mall in your pajamas at 4:00 AM, but it’s a lot harder to make a purchase when a better deal may come along next week.
Make sure your retail store is ready this year. Contact pcAmerica today to find out how their point of sale software can help your business this holiday season.
Posted: November 5th, 2013 under News.
Comments: none