Photo by Tamanna Rumee
Black Friday Is No Longer What It Used To Be
November 24, 2023
Black Friday, once a defining marker of American spending habits and a testament to consumerism, seems to have lost some, if not all, of its grandeur. While shoppers can still join the queues at Macy’s or Best Buy the day following Thanksgiving with the hope of landing a great deal, many consumers find that bargain opportunities have already presented themselves and going to a physical location is not always worth it anymore.
Each year, holiday retail shopping sales start earlier and last longer outside of the scope of Black Friday and Cyber Monday.
“When you think about Black Friday, the competitive landscape has really shifted to Black Friday deals prior to Black Friday.”
Jeffrey Gennette, chief executive of Macy’s, via the New York Times
Nevertheless, the lure of Black Friday maintains its cultural significance. Craig Johnson, founder of the retail consultancy Customer Growth Partners states how the days of camping outside retail mega-stores or scrambling for discounted electronics might be part of the past, but Black Friday remains a representation of the annual shopping excitement that takes hold of the United States.
In the last two decades, Black Friday sales have globalized according to Dale Rogers, a business professor at Arizona State University. Retailers began to offer sales much earlier, and deals are now often available from October onwards. Many retailers view the days leading up to Christmas as more crucial in terms of sales, with last-minute gift buying generating significant revenues. Barnes & Noble, for instance, sells over 20 million books in December alone, with the week before Christmas seeing sales surge to twenty times that of an average week.
While Black Friday continues to be a significant shopping day, retail consultants now predict it to be the third busiest day for retailers, behind the last two Saturdays before Christmas. Over the winter holiday, several companies often make up to a third of their annual revenue, adding to the importance of this period.
Recent News
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.