Home Industries Capital Goods Is Black Friday still a holiday shopping juggernaut in 2024?

Is Black Friday still a holiday shopping juggernaut in 2024?

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Associated Press

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11/29/2024

APTOPIX Black Friday Shopping — AN AERIAL view shows a packed parking lot at Citadel Outlets in Commerce, Calif. Retailers in the U.S. are rewarding shoppers who venture out for Black Friday with giveaways and bigger-than expected discounts. The day after Thanksgiving still reigns as the unofficial kickoff of the holiday shopping season even if it’s lost some luster. /ASSOCIATED PRESS PHOTO/JAE C. HONG

NEW YORK (AP) – Retailers in the U.S. rewarded shoppers who ventured out for Black Friday with giveaways and bigger-than expected discounts on a day that still reigns as the much-hyped kickoff of the holiday shopping season despite losing some luster. Department stores, shopping malls and merchants – big and small – see the day after Thanksgiving as a way to

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NEW YORK (AP) – Retailers in the U.S. rewarded shoppers who ventured out for Black Friday with giveaways and bigger-than expected discounts on a day that still reigns as the much-hyped kickoff of the holiday shopping season despite losing some luster. Department stores, shopping malls and merchants – big and small – see the day after Thanksgiving as a way to energize shoppers and to get them into physical stores at a time when many do the bulk of their browsing and buying online. Enough consumers enjoy holiday shopping in person that Black Friday remains the biggest day of the year for retail foot traffic in the U.S., according to retail technology company Sensormatic Solutions. At Macy's Herald Square in Manhattan, a steady stream of shoppers early Friday found some shoes and handbags priced half-off, special occasion dresses marked down by 30%, and 60% off the store's luxury bedding brand. Keressa Clark, 50, and her daughter Morghan, 27, who were visiting New York from Wilmington, North Carolina, arrived at 6:15 a.m. at the store that served as the setting for the 1947 Christmas movie "Miracle on 34th Street." "We don't have a Macy's where we are from. I am actually shocked to see so many Black Friday deals because so many things are online," Morghan Clark said. Clark, who works as a nurse practitioner, said she was feeling better about the economy because of President-elect Donald Trump's pending return to the White House and plans to spend $2,000 this holiday season, about $500 more than a year ago. She said she would not mind if prices are higher next year as a result of the tariffs on foreign-made goods Trump has pledged to implement. "Anything that can encourage production in the U.S. I am all for it, " Clark said. In the U.S., analysts envision a solid holiday shopping season, though perhaps not as robust as last year's, with many shoppers cautious with their discretionary spending despite the easing of inflation. At many stores, the huge crowds of Black Fridays past never returned after the coronavirus pandemic. Early Friday morning, a Walmart in Germantown, Maryland, had only half of the parking spots filled. Some shoppers were returning items or doing their routine grocery shopping. Bharatharaj Moruejsan, a 35-year-old software engineer, said he typically doesn't shop on Black Friday but decided to check out the deals at Walmart because he was jet-lagged after returning from a month-long family vacation to India. He scored an iPad for his 1-year-old daughter for $250 compared to the original $370 price tag. "That's a good deal," Moruejsan said. Retailers are even more under the gun to get shoppers in to buy early and in bulk since there are five fewer days between Thanksgiving and Christmas this year. Target had an exclusive book devoted to Taylor Swift's Eras Tour and a bonus edition of her "The Tortured Poets Department: The Anthology" album that it said would only be available in stores on Black Friday. Customers can buy them online starting Saturday. Best Buy introduced an extended-release version of the doorbuster, the limited-time daily discounts that for years were the rage and sometimes sparked brawls. The nation's largest consumer electronics chain has released doorbuster deals every Friday since Nov. 8. After visiting stores and malls on Long Island, Marshal Cohen, chief retail advisor at market research firm Circana, said Target had a couple hundred people lining at many stores Friday for the Taylor Swift merchandise. Elsewhere, the number of shoppers appeared as usual. "The spreading out of the holidays has created the lack of need and lack of urgency," said Cohen, who had a 20-person team monitoring crowds in Houston, Dallas, Minneapolis, San Francisco and Los Angeles. "This is going to be a long slow tedious process" of getting shoppers to buy, he said. Michael Brown, a partner at global strategy and management consulting firm Kearney, reported seeing no lines at the Westfield Garden State Plaza in Paramus, New Jersey, 10 minutes before the 7 a.m. opening. "It's not the old Black Friday that we used to know, " he said. Retailers that offered at least 40% off drove shoppers' attention, according to Brown. For example, Forever 21 had 50% to 70% discounts and had lines to the stores, while H&M, which offered 30% discounts, was relatively quiet. Other observers reported brisker traffic. Mall of America in Bloomington, Minnesota, said 13,000 people showed up the first hour of its 7 a.m. opening, roughly 1,000 more than a year ago, according to Jill Renslow, the mall's chief business development and marketing officer. The mall also was on target to exceed the 200,000 Black Friday customer visits it received in 2023, Renslow said. Stores with deep discounts and promotions were the most packed, she said, citing Lego's giveaway of a free retro record player with a $250 purchase. Impulse purchases and self-gifting were other potential areas where retailers might see growth, Circana's Cohen said. Tara Rutherford, 53, headed straight to Macy's Herald Square to shop for herself after finishing her overnight nursing shift at a Manhattan hospital. A newlywed, Rutherford said she rarely shops on Black Friday because of her work schedule but was "feeling festive." "This is all about me," she said, eyeing boots that carried a 40% discount. Early e-commerce sales figures gave retailers a reason to remain hopeful for a lucrative end to the year. Vivek Pandya, the lead analyst at Adobe Digital Insights, said consumers spent a record $6.1 billion online on Thanksgiving Day, up 8.8% from last year. Growth outpaced last year, driven by bigger-than-expected discounts that spurred impulse buys in electronics, apparel and other categories, Pandya said. Thanksgiving was the best time to shop online to get the deepest discount on sporting goods, toys, furniture and appliances, according to Adobe's analysis. But Black Friday was the best time to buy TVs online. Cyber Monday, however, is expected to be the best time to buy clothing and gadgets like phones and computers online. Across the board, Black Friday weekend discounts should peak at 30% on Cyber Monday and then go down to around 15%, according to Adobe's research. Black Friday no longer is an American-only holiday event. Retailers in Australia, Canada, France, Germany and the U.K. also appealed to holiday shoppers looking to save money. In India, about 200 Amazon warehouse workers and delivery drivers, rallied Friday in New Delhi, some wearing masks of Amazon chief Jeff Bezos, to demand better wages and working conditions. Similar protests were planned in other countries.