Black Friday shoppers are flocking to stores across the US, with spending records expected to fall

Black Friday shoppers are flocking to stores across the US, with spending records expected to fall

Discount hunters looking for Black Friday deals have officially opened the holiday shopping season. Consumers are predicted to break spending records in 2024, with the average person expected to spend just over $1,000, up 14% from last year, according to data from RetailMeNot.

“Black Friday and Cyber ​​Monday are the two biggest shopping days of the year,” Caila Schwartz, director of consumer insights at Salesforce, told “CBS Mornings.” “And in fact we see that Black Friday is the top digital shopping day. So no longer Cyber ​​Monday, but Black Friday.”

Changes in shopping habits are not just due to the digital marketplace taking over Black Friday. Holiday discounts are offered earlier both digitally and in brick-and-mortar stores. Placer.ai, a company that tracks foot traffic, said store visits to malls, supermarkets and other popular retailers rose 3.4% in October compared to pre-pandemic statistics in 2019.

Ethan Chernofsky, senior vice president of marketing at Placer.ai, said the store’s role has changed.

“It’s not just about what can I convince a consumer to buy within the four walls of the store,” Chernofsky told “CBS Mornings.” “Even if they just go to the store to try on the product and then make the purchase online, that’s fantastic. And it’s really important for retailers to look at the bigger picture.”

With that in mind, Kohl’s held a Black Friday giveaway for the first 200 shoppers at each of its locations and JC Penney gave away snow globes in stores while supplies lasted. Meanwhile, Target is offering two exclusive Black Friday-only releases in stores: Taylor Swift’s official “Eras” tour book and her “Tortured Poets Department” album with four bonus songs.

But what’s on people’s lists this year? Deloitte Consumer Insights and the National Retail Federation say 54% of shoppers shop for clothing, 44% stuff their stockings with gift cards and 36% put toys under their Christmas tree.

There will also be significant discounts on electronics and other technical products. And 4 in 10 buyers plan to treat their loved ones to an experience like a cruise.

Tips for Christmas shopping

For consumers like Jessica Holley, a mother of three from Arkansas, finding ways to make their dollar even better is paramount on Black Friday.

“Budgeting is very important to me,” Holley said. “As a stay-at-home mom with young children, I feel like if I can save money, we’ll have more money in our pockets. This can be expanded even further.”

To make sure you’re making the most of the lowest prices of the year, check for additional coupons and price history online, take advantage of cash back through apps or your credit card rewards, and remember that you can price match at many stores during the holiday season.

“Retailers will be using every trick to get people to shop and spend more because they have fewer days to collect consumer money,” said independent shopping expert Andrea Woroch.

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