More People Will Shop on Black Friday, But Most Retailers Expect Zero Growth
I’m a shopper, seller and marketer so Black Friday is a huge day for me. Thanksgiving is the day of rest needed before the start of a four-day marathon that will have me monitoring the internet even more than usual. I’m already feeling it from all sides – the anticipation, the concerns, the contingency plans. Will the orders come in? Will we be able to keep up? Will it be a banner day or no better than business as usual?
Results of a survey from The Small Business Authority shows that most retailers aren’t expecting a major blow-out. 70% say that they expect business to be the same as it was last year on Black Friday. 23% thought they’d see an increase of 4% or more and only 7% thought they’d see a decrease. In 2012, 25% predicted an increase and 17% thought they’d see a decrease, so we’re a little less pessimistic this year.
On the shopper side, we have a survey from Consumer Reports:
56% of Americans say they won’t venture out on Black Friday. Guess why:
Among the top reasons Americans gave for wanting no part of shopping during Black Friday weekend were:
- Too many crowds (70 percent)
- The deals are too overhyped (34 percent)
- I’d rather do something else (33 percent)
- I don’t want to get up early (30 percent)
- I’d rather spend time with my family (29 percent)
- The deals are not usually very appealing to me (23 percent)
- I’m waiting to shop until after Black Friday (17 percent)
- I’d rather shop online (13 percent)
- Stores might run out of specific products I want to buy (10 percent)
On the upside, 44% said they would do some shopping on Black Friday which is up from only 30% in 2012. 69% will put on their brave coat and head out to the stores. 58% will take the smart route and shop online. 29% will do a little of each.
Why shop on Black Friday?
- Black Friday specials are the best deals of the year (55 percent)
- The door-buster deals (43 percent)
- It’s tradition (23 percent)
- I enjoy the energy of the holiday shopping season (19 percent)
- I want to get items before they go out of stock (19 percent)
- It’s the best time to get holiday shopping done (15 percent)
- I want to get my holiday shopping done all at once (12 percent)
- I want to take advantage of the time off work to shop (11 percent)
- I enjoy the shopping competition (10 percent)
Notice that Black Friday shopping isn’t all about the low price tag. Sure, that’s a factor, but Black Friday is a culture phenomena that people want to be a part of. It’s like all those people who watch the Super Bowl even though they don’t understand football. It’s just something we do. Black Friday is about the hoopla. It’s about opening the doors to the holiday season. It’s about more than just the deal. So, let’s all go shopping and have some fun.