Results of two Black Friday studies show no one knows what to expect this Black Friday
There’s no denying that the weekend after Thanksgiving is one of the biggest—if not the single biggest—shopping weekend of the entire year. It’s considered to be the official start of the holiday shopping season, and hundreds of millions of dollars will be spent by consumers both in stores and online.
However, recent reports about just how successful a weekend it will be for retailers are all over the map. Take for example two separate Black Friday studies that were released this Friday, one week before the big shopping bonanza.
The first comes from retail cash-back app Ibotta, which detailed shoppers’ expectations around deals and their purchasing habits this holiday season. The study asked consumers about their preferences as far as which weeks they’ll visit stores and their anticipated budgets. From its findings, Ibotta determined that Black Friday is “losing steam” this year due to the rise of other shopping events like Cyber Monday, Small Business Saturday, Free Shipping Day, and Super Saturday. Those events, did result in an 11 percent sales drop last year, per the National Retail Federation, but Ibotta dove into the figures deeper.
Here are some of the major findings from its study:
- 65 percent of shoppers believe Black Friday is not as big of a deal as it used to be
- 57 percent of shoppers will do most of their shopping post-Black Friday, and 8 percent of those shoppers will wait until the last minute and make purchases the week before Christmas
- 49 percent of shoppers expect the best deals after Black Friday
- 47 percent of shoppers will shop both in-store and online for gifts
- Shoppers expect to find the best Black Friday deals on TVs, followed by toys and clothes
Ibotta also found that 4 percent of consumers don’t plan to purchase any gifts this year, 32 percent ill spend $250 or less, another 32 percent will spend between $251 and $500, and still another 32 percent will spend $501 or more.