Numerous predictions indicate that American consumers have strong purchasing power this holiday season. On Black Friday, November 29th, large shopping centers and stores were filled with waves of people. Retailers are also extending their annual biggest discounts to Cyber Monday.
“We opened our doors at 8 a.m. on Black Friday, a few hours earlier than usual. Many customers came in right when we opened, eager to shop, with checkout lines extending way back,” said a store manager at a chain clothing store in Southern California.
Many individuals also expressed optimism about the future economy, driving their shopping enthusiasm. Ms. Qiu, a Chinese lady, said, “We feel that the economy will continue to improve. With this mindset, this Black Friday, we not only bought essential items but also relaxed and enjoyed shopping, buying things we like to treat ourselves and our friends and family, and even picking out some Christmas gifts.”
For shoppers, Black Friday and Cyber Monday are the most exciting days of the year. Traditionally, retailers open early on Black Friday with lots of discounts and promotions to attract consumers, followed by a new wave of shopping peaks on Cyber Monday.
According to the annual survey jointly released by the National Retail Federation (NRF) and consumer data analytics company Prosper Insights Analytics, the number of American shoppers in stores or online during the Thanksgiving weekend until Cyber Monday is expected to reach 183.4 million, set to break historical records.
With consumer spending on the rise, Adobe Digital Insights predicts that various consumer indicators are increasing this year. Cyber Monday is expected to be the biggest shopping day of the season and the whole year, with a projected $13.2 billion in consumer spending, a 6.1% increase from last year. Black Friday is expected to reach $10.8 billion in consumer spending, up 9.9%, and Thanksgiving spending is estimated at $6.1 billion, an 8.7% increase.
Adobe also forecasts that total online sales in the U.S. during the entire holiday shopping season from November 1 to December 31 will reach $240.8 billion.
“Retailers’ discount strategies are significantly changing consumer shopping behavior,” said Vivek Pandya, Chief Analyst at Adobe. “Nowadays, some consumers choose higher-priced items and drive growth for U.S. retailers.”
With the growth of e-commerce, more consumers are opting for online shopping, and discounts are not limited to just Black Friday. Depending on the type of goods needed, some products may have better prices on Cyber Monday.
Black Friday discounts typically run from November 21 to 29, while Cyber Monday deals start on December 2. Adobe analysts found that the largest annual discounts for various types of products may appear before Cyber Monday.
Thanksgiving is the best day for buying toys, appliances, furniture, and sports equipment; Black Friday is ideal for purchasing TVs; November 30 (Saturday) is the best day for computer discounts; and Cyber Monday is the optimal time for online shopping of electronics and clothing items, such as smart home devices, headphones, and other small electronic products.
However, some experts remind consumers to be cautious as some discounts may be exaggerated, advising them to compare prices and be savvy shoppers.