What To Know Before This Year’s Black Friday

Discounts and Sales Tags

It’s just about time to be thankful for not only the turkey on the dinner table but the deals in the windows of all your favorite stores. It should be no surprise that Black Friday is ranked in first place for the biggest shopping day of the year. 

But before you start planning your business’ must-have deals and promotions for this year’s shopping event, make sure you have a full understanding of what to expect. Here are some stats and tips to know before Black Friday.

Black Friday Consumer Trends 

Black Friday seems to start earlier and earlier each year, with ads showing up as early as October. The result? The customer has more time and information than ever to plan out their Friday shopping route. Make sure your business is on your game by getting your discounts up to par. BlackFriday. Coms Survey found that 60% of shoppers won’t even look at a product unless the price is cut at least 30% or more. 

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Holiday Consumer Trends to Help Your SMB

Shopping season is upon us.

Who’s Buying and What Do They Spend On?  

It should come as no surprise that the Washington Post found Millennials (ages 25-35) to be the biggest participants in Black Friday, with each person spending around $483.18 per person in 2018. And BlackFriday.com anticipates spending will increasing to $502 per person in 2019, which would be a record-breaking year. 

According to Adobe Insights, last year’s overall Black Friday spending reached a total of 6.2 billion dollars, a 25.5% increase from last year. 

Where Black Friday Shoppers Spend 

Although braving the shops may be a favorite past time for the Black Friday warriors, many choose to sit back and shop from the comfort of their own home. The Wall Street Journal reported shopping in Brick and Mortar stores fell 9% from 2017 to 2018 while online sales jumped 23.67%.

Don’t worry. Though the trend for online shopping is rising, the crowds don’t plan on abandoning in-store shopping altogether. According to eMarketer, 45% of shoppers say they plan to shop in person this Black Friday and 116 million Americans left home last year to spend time and money in brick-and-mortar retailers.

TIP: Want to maximize your business’ traffic this Black Friday? Developing a website and integrating your business online is a great way to stay on-trend. Keep in mind most shoppers do expect brick and mortar stores to have sites to view the discounts and plan their shopping strategies.

What Shoppers Want

Want to know which items you should be offering discounts this year? BlackFriday.com conducted a survey to see what shoppers will be looking for during Black Friday 2019. Here’s what they said: 

  • Clothing – 41%
  • Home goods/small appliances – 38%
  • Tablets/laptops/PCs/TVs – 32%
  • Smart home gadgets & tech 30%
  • Toys – 25%
  • Travel or experiences – 12%
  • Other – 3%
Scalefactor eBook cover image

Holiday Consumer Trends to Help Your SMB

Shopping season is upon us.

But Wait, There’s More… 

Although Black Friday is the most well-known holiday shopping day of the year, there is so much more your business can get in on. Small Business Saturday is perfect for small business owners looking to offer holiday discounts. Does your company utilize e-commerce platforms? Cyber Monday is the biggest online shopping day that is growing in popularity each year. 

Small Business Saturday 

With Black Friday highlighting big-box retailers, Small Business Saturday is the local and small brick and mortar store’s time to shine. With Adobe Insights reporting that U.S. consumers spent an estimated $3.05 billion at independent retailers in 2018, Small Business Saturday should not get dismissed from your holiday plans. 

Cyber Monday 

Although last year’s Black Friday broke the records with its 6.2 billion dollars in sales, the following Monday—otherwise known as Cyber Monday—reached a total of 7.9 billion dollars spent. Cyber Monday has been the rising powerhouse in holiday shopping trends. Taking place on the Monday after Black Friday, Cyber Monday was created as an online counterpoint to brick and mortar stores. As the second most popular shopping day of the year, Cyber Monday gives Black Friday a run for its money with digital spending increasing year over year. 

Don’t Feel Obligated

Don’t know if you should participate in this clearance tradition? Already discounting your products as low as they can go? Don’t worry; there is no rule stating that you must participate. Many big retailers don’t. REI gave up Black Friday for good in support of its #optoutside campaign in hopes to get people outside and spend time with the ones that they love. So no need to feel like you’ll miss out on the fun if you don’t want to participate in the holiday discount.

Think you’ll need some help keeping up with your accounting during the Black Friday shopping events? Learn more about how ScaleFactor can help by requesting a demo today.

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