Black Friday starting earlier, lasting longer
Thanksgiving is all about food, family and relaxing. But the day after the Thursday holiday, more commonly known as 'Black Friday,' sees a rush of consumers flocking to retail stores throughout the country to take advantage of discounts and deals. While recent research has found that last year's Black Friday significantly contributed to retail holiday sales, many merchants are now extending their day after Thanksgiving sales hours to accommodate more shoppers. This trend has some industry experts believing that Black Friday may soon become longer than just one day.
Thanksgiving Day could be included in Black Friday
It could be viewed as the death of Black Friday, or simply an extension of it, as more retailers are now opening their stores to consumers on Thanksgiving night, according to the U.S. National Retail Report 2012 Forecast by Terranomics. In 2011, Toys R Us and Walmart were among the businesses that opened their doors at 9 p.m. for shoppers the evening of Thanksgiving. Many others, including Old Navy, Ann Taylor, Abercrombie & Fitch and GameStop, waited until midnight to allow consumers to come in. Many companies are also extending their deals beyond the Friday after Thanksgiving for those customers who cannot get to stores right away. While many employees are not happy with these methods, retailers are determined to bring in shoppers to boost holiday sales.
Terranomics anticipates that this trend will continue to grow, as more merchants will open their doors at earlier hours and keep them open to accommodate customers eager to take advantage of discounts and begin their holiday shopping. Retailers are also looking for ways to beat out competition, and these strategies allow them to do just that.
Extended Black Friday could have significant impact
The extension of Black Friday hours and sales could have a significant impact on this year's holiday sales. The National Retail Federation (NRF) estimates that retailers will see a 4.1 increase from last year in consumer purchases over the coming months, both online and in stores. The total amount is anticipated to reach $586.1 billion.
"This is the most optimistic forecast NRF has released since the recession," stated NRF president and CEO Matthew Shay. "In spite of the uncertainties that exist in our economy and among consumers, we believe we'll see solid holiday sales growth this year. Variables including an upcoming presidential election, confusion surrounding the 'fiscal cliff' and concern relating to future economic growth could all combine to affect consumers' spending plans, but overall we are optimistic that retailers promotions will hit the right chord with holiday shoppers."
