U.S. shoppers stay away from stores, online traffic surge as Black Friday begins

Follow 9News Nigeria On Social Media

Black Friday deals
TORONTO, ON - NOVEMBER 22: Black Friday deals can be had prior to the actual Black Friday, which is the day after US Thanksgiving. One of the few places in the area already employing Black Friday pricing is The Brick. (Rick Madonik/Toronto Star via Getty Images)
Social sharing

NEW YORK, Nov 29 (9News Nigeria) – U.S. consumers splurged more than $2 billion online in the first hours of Thanksgiving shopping on Thursday, while crowds were largely thin at retailers on the eve of Black Friday, reflecting the broader trend away from shopping at brick-and-mortar stores.

Early discounts offered this month by chains seeking to extend this year’s shorter holiday season saw a dip in the numbers lining up at stores across the country, according to consultants and analysts making spot checks on the ground.

Black Friday deals
TORONTO, ON – NOVEMBER 22: Black Friday deals can be had prior to the actual Black Friday, which is the day after US Thanksgiving. One of the few places in the area already employing Black Friday pricing is The Brick. (Rick Madonik/Toronto Star via Getty Images)

“We’ve seen many merchants start their promotions pretty much right after the trick-or-treaters have gone to bed,” said Lauren Bitar, head of retail consulting at analytics firm RetailNext.

Sales made prior to Thanksgiving and Black Friday could erode “the spike that we have seen in sales dollars historically,” Bitar said.

The day after Thanksgiving has been America’s biggest shopping day, and this year more than 165 million people are expected to take part over the weekend, according to the National Retail Federation (NRF).

While Black Friday still matters, its relevance is fading as the holiday shopping season now begins the week before Halloween and stretches to Christmas Eve with retailers offering deep discounts throughout the season.

READ ALSO  JUST IN!!! Six Labour Party Lawmakers Decamp To PDP (Photo)

The condensed shopping season this year accelerated early promotions and spending. Retailers have six fewer days to make sales between Thanksgiving and Christmas Day this year.

That has pulled spending into early November — more than half of consumers polled by the NRF in the first week of this month had already begun making purchases. On average, Americans had already completed almost a quarter of their shopping, the most in the history of NRF’s surveys.

Store openings on Thanksgiving evening have also reduced store crowds lining up for doorbuster deals at the crack of dawn on Friday.

While store traffic still remains an important indicator, a lot of shopping during Thanksgiving and Black Friday now happens online. Adobe Analytics, which measures transactions from 80 of the top 100 U.S. online retailers, estimates $7.5 billion in sales for Black Friday online, a growth of over 20.5% year-over-year.

As of 5 p.m. ET on Thanksgiving Day, shoppers had spent $2.1 billion online, up 20.2% on a year ago. (adobe.ly/2R1wDj6)

Companies including Walmart Inc, Target Corp , Costco Wholesale Corp and Best Buy Co Inc have bulked up their online presence, deliveries and fast in-store pickups to attract customers.

At the other end of the divide, specialty apparel retailers Gap Inc, Victoria Secret-owner L Brands Inc and department stores Macy’s Inc and Kohl’s Corp have slumped as they struggle to lure shoppers to malls and away from online giants like Amazon.com Inc.

READ ALSO  BREAKING!!! Security Forces Kill Bandit Leader Who Shot Down Military Helicopter (Photo)

This year’s holiday season will not only test the resilience of such companies but will be a challenge for most retailers as U.S. President Donald Trump’s trade war with China begins to take its toll on margins.

A pricing analysis conducted for Reuters by retail analytics firm Profitero, which examined online prices from seven large retailers for 21,000 products, found sites including Walmart and Amazon have held prices steady for many popular holiday products despite the pressure from tariffs on Chinese imports.

The National Retail Federation had forecast U.S. holiday retail sales in November and December will increase between 3.8% and 4.2% over 2018, for a total of $727.9 billion to $730.7 billion. That compares with an average annual increase of 3.7% over the past five years.


(Reporting by Melissa Fares in New York; Additional reporting by Nandita Bose in Washington, Richa Naidu in Chicago and Lisa Baertlein in Los Angeles; Editing by Patrick Graham and Shounak Dasgupta)Our Standards:The Thomson Reuters Trust Principles.

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.
READ ALSO  BREAKING!!! Nollywood Legend ,  Amaechi Muonagor Reportedly Dead (Photo)

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About 9News Nigeria 13308 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave your comment