According to the National Retail Federation, Christmas sales are likely to reach at least $942 billion dollars this year, a 6% rise over last year. But with internet buying and early bargains, can Black Friday continue to have the same impact on Christmas shopping as it once did?
The president of the cash-back program Rakuten Rewards, Kristen Gall, asserts that Black Friday “is not dead,” but that “it is undergoing significant change.”
Gall stated, “Far fewer of us are willing to go to the stores on Black Friday and fight and use our elbows.”
The National Retail Federation expects that 115 million people will shop in shops and online on the Friday after Thanksgiving, the typical day of reduced shopping. On Cyber Monday, an estimated 64 million individuals are anticipated to buy online.
Gall said that the fact that some stores are releasing their deals weeks in advance this year also contributes to the altered Black Friday mood.
Gall stated, “Retailers are more eager to permit us to shop over a longer period of time.”
Additionally, excess inventory left over from the epidemic is driving higher Christmas sales. Gall stated that she anticipates Black Friday deals to be “more aggressive than ever” as a result.
She stated, “Their warehouses are overcrowded.” They will decrease costs on everything.
Others, though, such as the CEO and president of the outdoor gear and apparel shop REI, Eric Artz, believe Black Friday is on the decline. In 2015, the firm stopped participating in Black Friday by closing its doors on the customary shopping day. This year, REI revealed that the relocation will be permanent.
Artz stated that REI’s company “had prospered” since then.
“With Black Friday included, we had a record-breaking year for sales and earnings,” he stated. “It is a monument to the notion that if you put the purpose of your people ahead of your earnings, the profits will come in due time.”
In recent years, stores such as Target, Macy’s, and Walmart have followed suit by shutting on Thanksgiving Day. However, prominent stores continue to promote Black Friday sales, keeping the tradition alive.