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Black Friday foot traffic appears quieter than usual
STORY: This year’s Black Friday appeared somewhat subdued compared to years past, as shoppers sauntered into U.S. department stores after the Thanksgiving holiday.With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years.Brokerage firm TD Cowen lowered its U.S. holiday spending estimate, saying it would grow by just 2 to 3%, versus its previous estimate of 4 to 5%, as it forecast flat Black Friday traffic.But that could be because shoppers have already taken advantage of October and November deals, says Eric Matisoff, an analytics and data science expert at Adobe.“So yesterday, consumers purchased more than they’ve ever purchased before. We saw $5.6 billion of purchases in products yesterday, bought. And then that’s a 5.5% increase from year-over-year last year.”This couple from London, expecting the usual mad rush, was surprised to find they were first in line at Macy’s in New York.MICHELLE MCDONALD: “We got up at 4 am to get here for 5 am because we knew it opens at 6 am, and there is essentially no one here, you know? I’m really shocked. But happy that we’re first.”The rise of online shopping has also reduced the importance of Black Friday as a single-day event.Despite warnings from some retailers of a wary consumer, a record 130.7 million Americans were expected to shop in stores and online on Black Friday this year, according to estimates from National Retail Federation.
**Black Friday foot traffic appears quieter than usual**
This year’s Black Friday seemed to be less bustling compared to previous years, as shoppers leisurely made their way into U.S. department stores after the Thanksgiving holiday. With many consumers feeling the squeeze from persistent inflation and high interest rates, U.S. holiday spending is projected to grow at the slowest pace in five years. TD Cowen, a brokerage firm, has revised its estimate for U.S. holiday spending downward, now predicting a growth rate of just 2 to 3%, compared to their previous estimate of 4 to 5%. They also anticipated flat Black Friday foot traffic. However, this could be attributed to the fact that shoppers have already taken advantage of deals in October and November, as explained by Eric Matisoff, an analytics and data science expert at Adobe. Matisoff stated, “So yesterday, consumers purchased more than they’ve ever purchased before. We saw $5.6 billion of purchases in products yesterday, bought. And then that’s a 5.5% increase from year-over-year last year.”
Even though this couple from London expected the usual frenzy, they were pleasantly surprised to find themselves first in line at Macy’s in New York. Michelle McDonald shared, “We got up at 4 am to get here for 5 am because we knew it opens at 6 am, and there is essentially no one here, you know? I’m really shocked. But happy that we’re first.”
The rise of online shopping has also diminished the significance of Black Friday as a one-day event. Despite concerns from certain retailers about cautious consumers, it was estimated that a record-breaking 130.7 million Americans would shop both in stores and online on Black Friday this year, according to the National Retail Federation’s estimates.