Retailers are expecting a record-breaking Black Friday to Cyber Monday shopping period as cash-strapped consumers are expected to shop early in the holiday season for sales promotions and savings.
What To Know: Management consultancy firm Bain & Company forecasts U.S. retail sales during the Black Friday to Cyber Monday period will reach $75 billion for the first time ever, growing by about 5% year-over-year. The firm sees about 8% of total holiday sales will come during this period, the highest share since 2019, underscoring the importance of the key shopping period for retailers.
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“The holiday shopping season has been reshaped in recent years, where consumers are making purchases earlier, driven by a stream of discounts that has allowed shoppers to manage their budgets in different ways,” says Vivek Pandya, lead analyst, Adobe Digital Insights.
Online Shopping: Adobe Digital Insights expects Cyber Week (the 5-day period including Thanksgiving, Black Friday and Cyber Monday) online sales of $40.6 billion, up 7% over last year and adding up to 16.9% of the overall holiday season sales.
Adobe sees Cyber Monday as the biggest shopping day of the year, driving a record $13.2 billion in sales, an increase of 6.1% from 2023.
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In-store Shopping: In-store shopping still remains an important part of Black Friday for many consumers. According to Placer.ai analytics, Black Friday 2023 saw a 300% increase in mall visits compared to the first three weeks of November. Superstores also saw an 81% rise, demonstrating demand across shopping formats.
Most Wanted Items: Consumers are expected to gobble up Cyber Week deals on electronics from retailers like Best Buy Co., Inc. (NYSE:BBY) on hot items like Beats Studio Pro Wireless Noise Cancelling Headphones at more than 60% off its regular price.
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Placer.ai expects beauty and personal care items to be another hot item with discounts on gift sets from retailers like Ulta Beauty, Inc. (NASDAQ:ULTA) drawing shoppers online and in stores.