Black Friday used to be a prime day for holiday shopping in the U.S., although the even seemed to have lost its appeal among Americans, according to a PwC analysis.
The analysis showed that 59% of shoppers completed most of their holidays shopping in 2015. Now, only 39% of them said that they intend to do so for this year. Despite promotional campaigns, such as in-store financing deals and huge discounts, most shoppers no longer seem interested in going all out in shopping in the morning after Thanksgiving.
Vyze, a financing technology platform for businesses, nevertheless added that some e-Commerce companies aren’t that affected since they have customers who have been relying on financing options.
Consumers have become more aware of retailers’ timing in launching holiday sales, which likely led to the declining popularity of Black Friday, according to Dawn Eber, PwC’s U.S. consumer markets risk assurance leader and partner. More shoppers realized that online shopping also provided a better return in terms of pricing discounts, Eber added.
The Saturday before Christmas, also called Super Saturday, also served as another reason. As 2014, Americans have preferred to shop on that day to make purchases on Black Saturday. Some stores, such as Sears and Kmart, have already offered up to 50% discounts on all items until Nov. 25, 2017. However, the level of interest remained far below the attention for Super Saturday.
The increasing appeal of online shopping will also affect the performance of traditional stores during Black Friday. Deloitte said that e-commerce sales activity in the holidays of 2017 will exceed offline purchases for the first time.
The consultancy firm cited customer satisfaction as one reason for the emergence of online retail. In terms of product quality, the variety of choices, and delivery options, more customers find it easier to shop online than offline.
Traditional stores need to step up their marketing campaigns, as changing consumer preferences redefine the landscape for the retail industry.