ProTip: Black Friday has woven its way into American culture — and while the day and the holiday season in general have transformed since the start of this century, the day still carries a shopping nostalgia for many consumers. We are entering a new era in the retail industry, and while it is still to be determined how the consumer will come out on Black Friday in a post-pandemic world, the comfort and joy of holiday shopping still brighten many spirits, which may signal a return of the Friday tradition of years past. (Click here to jump to the full RL Pro Analyst Take below.)
More Americans miss the chaos of in-person Black Friday shopping, and twice as many consider it a tradition compared to consumers from the United Kingdom or Australia, according to a new study by UserTesting and conducted by OnePoll. Despite inflation, nearly one-third of U.S. consumers expect to spend more money on Black Friday and Cyber Monday in 2022 than in previous years.
The survey also revealed that:
- 63% of U.S. consumers consider in-store Black Friday shopping a tradition.
- 2 in 5 Americans miss the chaos of in-person Black Friday shopping.
- 42% said in-store Black Friday shopping holds more importance for them than it did before the pandemic.
- 95% plan to participate in Black Friday and Cyber Monday events for 2022, with one-third planning to shop both online and in-store.
On Black Friday, toys and technology will remain hot commodities, along with beauty products that are trending on social media platforms, such as TikTok and others, Lentjes said.
“Increasingly, consumers are becoming savvier when shopping online and looking for the best deals and coupons to maximize savings,” Lentjes said. “With expected higher in-store sales than last year based on more foot-traffic than in previous years, omnichannel sellers will have channel advantage, ready to meet the customer either online or in-store.”
As far as particular brick-and-mortar locations, malls have the opportunity to make an impact on Black Friday. Malls have been performing better than expected, especially with department and apparel stores in decline, according to tracking data from Placer.ai.
“Mall visits have actually outpaced what those anchor tenants have done,” Chernofsky said. “And I think a big piece of it is the experience they're providing, so this shift to more food and beverages. The shift to experiences. The nostalgia of bringing people into the mall during the holiday season.”
Black Friday Sales
As far as the importance of Black Friday promotions this year, some 34% of consumers are worried they won’t have the money they would like to spend on holiday shopping due to rising commodity prices, and 36% are concerned that the gifts they want to buy will be more expensive this year, according to a new Oracle Retail consumer research study.