Black Friday is here, signaling the start of the holiday shopping season. Once known for the long lines and chaotic crowds, this annual retail event has shifted significantly, with online shopping now leading the way. However, despite the ease of e-commerce, millions of shoppers still flock to stores, both in-person and digitally, to take advantage of post-Thanksgiving deals.
A Shift Toward Online Shopping
Over the past decade, the way people shop on Black Friday evolved. E-commerce surged, and many shoppers now prefer the convenience of browsing and buying from home.
In fact, last year, online sales accounted for 17.1% of all retail sales during the fourth quarter. This shift comes as consumers have grown accustomed to shopping online, a trend accelerated by the COVID-19 pandemic.
Notably, many products that once attracted large crowds in stores, such as TVs and electronics, have become more affordable over the years. The price of a TV, for example, has dropped 75% since 2014, reducing the urgency to line up for doorbuster deals. As a result, while 65% of shoppers are expected to visit physical stores this Black Friday, online shopping continues to thrive.
The Growing Length of Black Friday
While Black Friday traditionally took place on the day after Thanksgiving, retailers now offer promotions weeks in advance. Many have adopted a “BF Month” marketing strategy, with deals starting long before the holiday weekend.
This shift helps retailers manage logistics and shipping demands, especially with the shorter time between Thanksgiving and Christmas this year. By spreading out sales, retailers can avoid overwhelming shipping systems, ensuring a smoother shopping experience for consumers.
In addition, the rising popularity of Cyber Monday, which has grown into a major online shopping event since its creation in 2005, further lengthens the shopping period. Consumers spent a record $12.4 billion online on Cyber Monday in 2023, surpassing Black Friday’s $9.8 billion in online sales.
In-Store Shopping Still Matters
Despite the dominance of online shopping, many people still enjoy the in-store experience. Whether it’s for the thrill of finding great deals or the social aspect of shopping with friends and family, physical stores remain an essential part of the Black Friday tradition. Experts note that Black Friday is becoming more of a social event, with people connecting with others while hunting for discounts.
Industry experts predict that 183.4 million people will shop between Thanksgiving and Cyber Monday this year, with 131.7 million of them shopping on Black Friday itself. While the event has certainly evolved over the years, Black Friday remains a crucial moment for both retailers and consumers, kicking off the holiday season with sales, savings, and excitement.
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