Black Friday has evolved from being seen as just the unofficial start of the holiday shopping season to becoming a sprawling retail extravaganza, with sales starting far earlier than Thanksgiving. The excitement is palpable as consumers face off against inflation by hunting for the best deals beginning this season.
This year, U.S. retail sales between Black Friday and Cyber Monday are forecasted to soar by 5% from last year, reaching approximately $75 billion, marking the highest recorded sales during this shopping period, according to Bain & Company. The substantial rise is largely attributed to the convenience of online shopping, which allows consumers to access numerous retailers without ever stepping foot outside.
For many, the promise of jaw-dropping discounts can lead to impulsive purchases. Price tags can sometimes feel like they’re screaming for attention, but shoppers are increasingly aware of their spending habits—investing time to research and compare deals before clicking “buy.” The lure of Black Friday deals might seem like reason enough to fill up the shopping cart, but it pays to have shopping strategies to maximize savings and minimize overspending.
Major retailers have already begun their promotions, with companies like Walmart leading the charge. Traditional bargains include substantial discounts on popular electronics, toys, and household goods. Amazon also capitalizes on the Black Friday hype by advertising significant cuts on items ranging from tech gadgets to fashion.
This shift toward earlier sales aligns with consumer behavior, which is suggested to have adapted significantly over years due to the ecommerce boom. A study from LTK revealed 58% of shoppers are now starting their holiday shopping by the end of October. This trend has pushed retailers to maximize their promotional periods and spread out sales through the holiday weeks, making the ‘just two days’ confining sales events feel outdated.
Specific items, especially tech products, typically see massive price drops during Black Friday. This year, smart TVs are featured among the most preferred purchases, alongside laptops and gaming consoles. Deals on older models, like TV sets from last year, are certainly worth scouring for since many retailers aim to clear their stocks to prepare for the latest releases.
Retail stores nationwide are prepping their staff and stock as shoppers eagerly await. Local reports have surfaced detailing specific store hours leading up to the big day. For example, Ace Hardware is sticking to regular operating hours of 7:30 AM to 8 PM, with Walmart planning to open its doors at 6 AM on Black Friday, just after closing for Thanksgiving Day. Others, like Five Below, will begin their Black Friday sales earlier, opening at 8 AM and running until 10 PM.
With inflation still weighing on consumers’ minds, many will be selective about what they purchase during this shopping marathon. A semi-recent survey indicated nearly two-thirds of shoppers will avoid buying items not sufficiently discounted—essentially, more than 20% off to even tempt their wallets.
Consumers are also showing resistance toward paying full price for many items this year. For all those planning to shop till they drop, the key will be to navigate through the frenzy and identify genuine discounts instead of getting swept away by inflated price markdowns. While many shoppers are hopeful for the best deals of the season, they’re also setting realistic expectations, knowing the effects of previous inflation might still linger even as rates level off.
Festivities aside, retailers like The Home Depot and Lowe’s are altering traditional hours. This Thanksgiving, both stores will close to give employees the chance to enjoy the holiday. Home Depot locations nationwide will reopen as early as 6 AM on Black Friday, whereas Lowe's has also claimed to do the same.
For some, Black Friday is not merely about the deal but about the experience. Families and friends often use the day as a chance to bond over gift-hunting, creating memories alongside the thrill of snagging bargains.
Discounts are not only prevalent for electronics but extend to various categories, including clothing and home goods. For example, Macy’s has kicked off their early Black Friday sale, flaunting up to 75% off various items—a temptation too good to resist for many.
Notably, with this year’s sales, companies like Nordstrom and Best Buy have already released enticing early Black Friday deals, attracting bargain hunters to their websites and stores. Deals on brands like Ryobi power tools have captured attention, with significant savings earmarked for professional-grade options.
To navigate through the potential chaos of sales events, consumers are encouraged to prioritize their needs and set strict budgets of what they plan to buy. Black Friday can prove to be fruitful but working smartly can transform it from unbridled chaos to organized shopping success.
Whether you’re hunting for deals on the latest tech gadgets or seeking festive decorations, knowing store hours and shopping patterns can hugely impact your shopping strategy this season. And provider performance indicators, like price drops and availability, can change rapidly, so balancing instant desires against calculated decisions will be key to reaping the best pricing rewards.
To wrap it all up, Black Friday once represented the day of mania at brick-and-mortar stores, but the concept is changing as online shopping takes over the scene and consumer habits continue shifting. With early deals being punctuated by increasing user control through tech, 2024’s holiday shopping looks bright for the deal-hunters among us.
