Black Friday is a without a doubt one of the biggest shopping days of the year for retailers and, of course, shoppers. An annual survey conducted by the National Retail Federation revealed that more than 164 million people have plans to shop over the five-day Thanksgiving weekend. However, while Black Friday has become increasingly popular over the years, some analysts have stated that the shopping festival might not really be worth all the hype it is getting.
Chief economist at Pantheon Macroeconomics, Ian Shepherdson, likened shopping over the holiday season to a marathon, stating that is more of a steady run spread over a period of two months as opposed to being a sprint. This is in addition to Adobe Analytics projecting that the five days between Thanksgiving and Cyber Monday will account 20% of the over $124 billion spent by online shoppers during the holiday season from November 1 till the end of the year. Therefore, it is worth noting that while there might be some increase in sales figures on Friday, a majority of retailers will be offering deals until right up to the New Year.
With the buzz and hype surrounding Black Friday, it is even more perplexing that there seems to be no transparency on the lucrativeness of Black Friday sales particularly for retailers. “Companies only provided limited information which makes it hard to gauge how successful Black Friday has been. It isn’t until the new year when we see more detail on complete holiday sales numbers that we get a sense of how retailers have traded,” said Neil Saunders, managing director of retail at Global Data.
Markets will be open for a half day on Friday, closing at 1 p.m. ET.
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