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While Thanksgiving is traditionally a time for Americans to spend quality time with loved ones, it is becoming synonymous with Black Friday shopping as well. Last year shoppers spent a record $59 billion over the course of Black Friday weekend. That number is expected to rise this year.
Despite unemployment rates that refuse to return to pre-recession levels and a turbulent economic year, many people find the experience of Black Friday shopping enjoyable in itself. A recent survey by Accenture, a management consulting company, showed that 38% of shoppers are likely to hit the stores either Thanksgiving Day or that night. On top of that, 55% of shoppers are likely to hit the stores the day after Thanksgiving. The Black Friday weekend is an excellent opportunity for consumers to save on their holiday shopping.
From a small business owner’s standpoint, it may be difficult to compete with big box retailers on providing Black Friday deals. Large chain stores have a sizable cushion and can afford price cuts on their profit margins. However, small to medium sized businesses should still offer some sort of holiday shopping incentive to keep the Thanksgiving experience alive with customers. Even with all the online deals out there, 37% of American adults will go shopping on Black Friday. Retailers expect Black Friday sales to grow by 3.1% this year. Smaller businesses can offer discounts on selected items they can afford to, in order to meet consumer shopping habits and expectations.
From a consumer’s point of view, the best savings during the Thanksgiving holiday might not come on the infamous Friday itself. DealScience, an online bargain aggregator based in Los Angeles, found that Wednesdays are the week’s best day to save money, with a third of all coupons published on that day. Shoppers should look at pre- and post-Thanksgiving shopping deals in order to get the most value for their money (and time).
Overall, Dec. 4 will be the best day to shop for the holidays, with the least amount of traffic between Thanksgiving and Christmas, according to ShopperTrak. Stores on Saturdays and Sundays, in comparison, are expected to be overwhelmed with people scrambling to check off their gift lists in just four weekends as compared to the five they had last year.
Thanksgiving is a precious time to spend with family and close friends. It is also a great opportunity to get the best deals as a shopper and provide holiday marketing incentives as a business owner. Both sides of the cash register need to take a few things into consideration: consumer shopping behaviors, growing statistics on spending, and optimal timing on the best deals.
For the most recent holiday marketing trends, follow us on Twitter at @ARTEMIA_Comm. We’ll make sure you’re ahead of the Black Friday curve. Happy Thanksgiving!
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