This year, Thanksgiving in the USA was on Thursday, November 23rd, with Black Friday following it. Black Friday has been a tradition in the USA since 1952. Many people may think it has ominous intentions due to the crazy Black Friday riots in the past, but it was named from the financial industry’s term “in the black”. Being in the red was bad, as a business would owe money to creditors, while being in the black was a good thing and meant that a business would only earn profits from that point onwards.
For most businesses in the USA, Black Friday can be an exciting time when discounts are offered and sellers swarm to the stores or online shops in droves. This means that businesses will benefit from increased sales from this time and onwards.
☞ What Exactly is Black Friday?
Black Friday is part of a long weekend in the USA, though many people don’t get the full four days off. In fact, if you work retail, chances are you’ll be working at least three days in a row.
Black Friday has additional significance, as it’s officially the start of Christmas sales. Americans have shown their respects to veterans on Remembrance Day, and have said their thank yous on Thanksgiving. It’s perfectly acceptable to go Christmas shopping or Hanukkah shopping the day after Thanksgiving.
You won’t be offending anybody if you wait until the day after Thanksgiving to start. It’s important to note that many other countries, such as Canada or Mexico can benefit from the Black Friday sales. Many American businesses ship to Canada or other countries.
However, note that in Canada, Thanksgiving was on Monday, October 9th. But many Canadians like to wait until after Remembrance Day to do their shopping to show respect for the holiday.
☞ #1 Selling Product on Black Friday
According to Adobe Digital Insights, the Nintendo Switch was the most popular item for sales over the Thanksgiving weekend for online retailers. Chances are that this item wasn’t even meant to be a Christmas gift, rather, it was a gift for the shoppers themselves.
Nintendo had many competitors over the long weekend. PlayStation 4 and Xbox One were available at discount. What’s interesting to note is that the Nintendo Switch wasn’t even on sale! It was full price over the entire weekend!
No one could have predicted that this product would do so well over the weekend. Over the past year, Nintendo’s stock is up 88.5%. They’re currently trading at a remarkable $414.50 USD. Too bad that it’s so expensive to buy stocks in Nintendo now. Buyers of the Nintendo Switch can expect to enjoy Super Mario Odyssey, The Legend of Zelda: Breath of the Wind, and Zenoblade Chronicles 2.
This is very telling in a retail market where Black Friday sales can be key to a store’s success. Perhaps in this instance, offering a great and much anticipated product is even more important?
☞ Predicted Stats for Black Friday 2017
In 2016, businesses made a combined $94.4 billion on Black Friday. It was predicted that for 2017, they would make $107.4 billion. Not all the stats are in yet, as it’s only a week in, but so far, $50.01 billion have been reported in sales.
☞ Has There Been a 2017 Shortfall?
These stats are from the Adobe site. They cover over 4500 retail websites. It’s not indicative of every single business in the USA. Some businesses may not even have participated in the Black Friday discounts, as it’s certainly not a mandatory requirement. Some may even have been closed that day to give their employees a break before the Saturday and Sunday shopping panic.
The Adobe site uses the Adobe Experience Cloud to analyze billions of data points in actual time, and provides the most comprehensive and accurate retail insights in the industry. There are other market measures too.
Which brings us to the question, are sales down, or aren’t all the stats in? It’s certainly true that not all the stats are in yet, as we’re only a week in. Online businesses are fulfilling orders and getting them in the mail. Brick and mortar businesses are trying to clean up the messes that the shoppers made last weekend. Also, many are trying to cope with a shortage of workers due to downsizing.
Part of the loss of growth can be due to the unemployment stats over the past few years. In December 2015, the unemployment rate was at 5%. In December 2016, at 4.7%. There are no stats yet for this month, but October it was at 4.1%. Shoppers may be downsizing on their gifts or waiting a few extra weeks for the bargains. Soon the stores will be hiring extra workers for retail, so that should add a bit more cash to the numbers as they have extra cash to spend.
There is also the fact that online overseas shopping is gaining in sales dollars over the past few years. This is taking a big bite out of shoppers going local or even national with sharing their dollars.
☞ What Are the Best Items to Buy on Black Friday?
Certain items are better to buy at certain times of the year. For instance, before Thanksgiving is a better time to buy that Christmas decor, before people snap it up in December. On Thanksgiving day, the best items to buy were apparel at 15% off, computers at 16% off, and sporting goods at 11% off.
Black Friday is the best time to shop for appliances, which are on offer for about 18% off. Jewelry is good to buy at this time too, with average savings of 12% off. Tablets offer substantial savings at 24% off. And televisions are always hot commodities when they can be purchased for 24% off. Cyber Monday was the best time to buy toys, offered at 19% off. And if you waited until the last few days of the month, furniture and bedding was available for 13% off.
☞ What Black Friday Sales Will Be Out of Stock?
One of the best phrases that any retail business wants to hear is “out of stock”. That means they’ve cleared their merchandise. There could be more coming in, or it could be next year’s latest model. Three of the top items that are almost certain to sell out on Black Friday each year are computers, furniture & bedding, and jewelry. These are also the three items that seem time sensitive in the market, and retailers want to push them out for new stock.
☞ What Were the Top 3 Selling Products for Cyber Monday?
Not surprisingly, the Nintendo Switch was both the top selling product for Black Friday and Cyber Monday. Following, was the Chromecast, the Roku, Hatchimals & Colleggitibles, and the Amazon Echo.
☞ Predictions Beyond Black Friday
Now that Black Friday is done, the holiday shopping season starts. While Black Friday sales haven’t hit that $100 billion mark yet in online sales, it is predicted by the end of the year that they will. As prices escalate in other areas, consumers are on the hunt for a bargain. Chances are they have a shopping list in their head and they’ll stick to it, rather than spur-of-the-moment buys.
Another prediction is that most of the cash will go to the big retailers. With Sears going under and Walmart shutting down many of its stores this past year, this can be a bit surprising. But there are still a ton of big box stores out there. About 50% of online shopping will be done from a mobile device, whether a smart phone or a tablet. Capitalizing on mobile is essential for an online store today. It could be a pitfall to avoid these sorts of opportunities. And shopping apps can help ease that experience. About 64% of shoppers already have shopping apps downloaded on their mobile devices.
The final prediction is that nostalgia will play a major role in toy purchases. Parents will buy their kids toys similar to what they had. The updated versions of Nerf Guns, Teddy Ruxpin, Super Nintendo Classic and more will do well. It’ll be exciting to see what they do with My Little Pony or Barbie this year. Maybe they’ll even bring back Dawn Dolls.
☞ Closing Thoughts on Black Friday
The excitement builds each year for Black Friday. Not all the stats are in for this year, but keep an eye on the Adobe site for further updates. Even if sales were down this year, there is always next year. And if you play it like Nintendo, your shop doesn’t even have to offer any discount in order to be the number one Black Friday sales product of 2017!
Tags : 2017 Thanksgiving & Black Friday Review, USA 2017 Thanksgiving & Black Friday Review, 2017 Thanksgiving & Black Friday Sales Statistics, 2017 Thanksgiving & Black Friday Review Sales Numbers, 2017 Thanksgiving & Black Friday Best Selling Products, 2017 Thanksgiving & Black Friday Most Sold Items