With rising excitement for the advent of the holidays, comes the rising excitement for holiday shopping. And with rising excitement for holiday shopping, comes the abundance of holiday sales.
Black Friday, one of the biggest and most well-known shopping days of the year, is less than a week away. This year, a survey from Bankrate says that only 28 percent of Americans plan to shop in a store. According to the same survey, only 25 percent of consumers plan to shop online for Cyber Monday.
Why are less people planning to shop on Black Friday?
Reason #1: The deals just aren’t worth the chaos. The best deals are usually the hardest to get, because they are the ones that everyone is after. Many consumers find it difficult to justify enduring the lines, scrambles, and chaos to get good deals. Ultimately, energy spent on shopping may not get shoppers the items they truly want. Disappointed shoppers may end up leaving the store with items they never planned on purchasing.
Reason #2: Early sales. This year, many retailers are offering pre-Black Friday sales, promotions, and specials. A few years ago, retailers started opening on Thanksgiving Day in attempt to gain more sales from avid sales-shoppers. Macy’s, Kohl’s, Sears, Wal-Mart, JC Penny are just a few who plan to do so again this year. As a result, the sale-seeking shoppers are going out the day before Black Friday. Naturally, Black Friday is losing its excitable reputation.
Reason #3: The holidays are not about shopping, but consumers make them about shopping. Why should the focus of this season be on spending and shopping and sales? Let’s transfer our energy into being with our friends and families, and enjoy the time we have to spend with them instead of worrying about when and where we will get the best deals!
The Millennials are braving the sales!
This year, 54 percent of in-store or online shoppers on Black Friday will be Millennials (18 – 29). This is the majority of in-store and online shoppers.
Who’s shopping on Black Friday?
Millennials 54%
Ages 30-49 45%
Ages 50-64 35%
Ages 65+ 23%
Source: Bankrate.com
However you plan on shopping this year, go in with a plan, AND a budget.
Take care,
