The holiday shopping season usually begins on Black Friday, the day after Thanksgiving. However, because Turkey Day falls later this year than normal, a San Diego marketing expert believes that deals can be obtained as early as this weekend.
According to Miro Copic, a marketing professor at San Diego State University, there may be more competition (among businesses) and basic discounts that increase to the 20% to 30% area, which will entice customers in.
In November, the fourth Thursday is designated as Thanksgiving. Compared to a more normal shopping season, Black Friday will be six days shorter this year because it falls late in the month (November 28).
Due to the shortened schedule, some of the better prices will be available this weekend, according to Copic.
This shopping season appears to be a busy one, regardless of when customers begin.
According to the National Retail Federation, holiday spending is expected to increase by 2.5% to 3.5% over 2023. This means that purchases in November and December might reach $989 billion, which is around $33 billion more than the previous year.
Family budgets are still being impacted by inflation, even though it is slowing down. According to Copic, customers are attempting to stretch their money wisely this holiday season.
About one-fifth of online purchases will be dupes, shorthand for duplicates, which are less expensive substitutes for pricey brand-name apparel, handbags, and other things, according to software company Salesforce Inc. Lookalikes are sold on Chinese websites like Temu and Shein.
Relevant ArticlesMagid: Handling presents, generosity, and internet security13 holiday present suggestions for the foodies and adventurers in the Bay Area on your shopping listBritish novelist Alice Sherwood, a former retail strategy consultant, told Wired.com that the embarrassment of purchasing these items had vanished. Spending upwards of $5,000 on the newest fashion accessory that might go out of style in a year is no longer something that people want to do.
Another tactic? Customers are increasingly purchasing now and paying later, according to Copic. Instead than going via shops, e-commerce and financial services firms like Sweden-based Klarna work out the payment details with customers directly.
In the upcoming year or two, there might be a balloon payment between typical credit card debt and “buy now-pay later,” but for the time being, people are just doing that, according to Copic.
Malls have attempted to attract visitors by becoming destination sites that offer not only shopping but also food, entertainment, and even spaces for kids to play in order to compete with online sellers like Amazon.
According to Copic, co-founder of San Diego-based Bottomline Marketing, younger consumers, those in the 18–24 or 18–29 age range, are flocking to the mall because they perceive shopping as a pleasant and social activity.
According to a survey conducted by Prosper Insights & Analytics and the National Retail Federation, a record 183.4 million consumers intend to buy in stores and online between Thanksgiving Day and Cyber Monday this year. This represents 18.1 million more consumers than five years ago and an increase from the previous high of 182 million in 2023.
According to Deloitte’s annual retail study, American consumers anticipate spending $1,778 over the holiday season, an 8% increase over the previous year.
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