It’s holiday shopping time, y’all! With Black Friday being here this Friday, 25 November 2016, starting off the holiday shopping season, we’ve put together a list of some interesting Black Friday facts you may not have known. Is the hype about Black Friday justified, or is it merely one of the greatest marketing feats in history?
#1 Black Friday and the economy
The coming of Black Friday marks the start to a very important time of the year for America’s economy. In the US, a massive 30% of annual retail sales occur between Black Friday and Christmas, and for retailers such as jewellers, it is at 40%. With nearly a third of all annual retail sales occurring within one month of the year, the pressure is on for retailers to reach their target sales.
#2 In-store shoppers are decreasing
The crowds are starting to become a bit smaller during Black Friday weekend. In 2015, there were 102 million in-store shoppers over Black Friday weekend in the US which is 33.7 million less than predicted and 31.7 million less than shoppers from 2014.
#3 Why is it called Black Friday?
The shopping day was coined “Black Friday” in 1966 and was first recorded by Earl Apfelbaum, a rare stamp dealer. The day got its name due to the fact that the masses of people going out to shop caused traffic accidents, violence and overcrowding. So, it didn’t exactly start out as a term of endearment.
There are numerous rumours as to where the name actually came from. Some refer to a time when accounting was still done on paper where black indicated the profit made and red indicated losses.
#4 Wal-Mart is a dangerous place to be
The most Black Friday violence appears to occur at Wal-Mart, and there’s even a hashtag for it; #WalMartFights. In 2012, two people were shot outside of a Wal-Mart in Tallahassee, Florida. They were fighting over a parking space. In 2011, a woman pepper-sprayed a crowd of shoppers inside Wal-Mart’s electronics department in Los Angeles.
#5 Mobile shopping has taken off in a big way
Mobile shopping reached a big milestone when it crossed the $3 billion mark. A total of $4.45 billion was spent online by consumers in 2015 with 34% of purchases made on mobile devices. A study by Adobe also recorded that products sold online saw an average discount of 24%.
#6 Shopping with sharks
More people die while doing shopping on Black Friday than in shark attacks. Since 2006, seven people have died and 98 have been injured in the US alone on Black Friday. In 2011, Target shoppers trampled and killed a store employee and continued to trample officers attempting to save the victim. The cause of death is usually either crowd violence or stampeding. There is one shark-related fatality in the US every two years.
#7 Deal or No Deal?
A study from WalletHub has shown that 14% of products will have prices on Black Friday that are similar to their regular in-store prices, while 17% of items will be more expensive on Black Friday than they are on Amazon. Statistics such as these are quite alarming and makes us wonder how much trust can be placed in retailers and their advertising.
#8 A Black Friday Secret
Pssst. It’s not really the biggest shopping day. ShopAdvisor tracked prices for 6000 retail items in 2013 and found that the average discount is about 5%. Just before Christmas discounts reach 17.5%. The Saturday before Christmas is actually the biggest shopping day when speaking in terms of deals and bargains and has been dubbed ‘Super Saturday’.
#9 Plastic is not so fantastic
Fewer and fewer people are whipping out the credit card for their holiday purchases and have realised that the love affair with credit card debt is not mutually beneficial. Consumers are more likely to use the money they saved. That means 41.9% use debit cards, 24% use cash and 2.3% pay by cheque. Only 31.8% use credit cards for holiday shopping.
#10 Most wanted
Electronics always seem to be a winner when it comes to Black Friday deals. According to Adobe, the five best-selling electronic products on Black Friday 2015 were Samsung 4K TVs, the Apple iPad Air 2, the Microsoft Xbox One, the Apple iPad Mini, and the Sony PS4. The five most popular toys were Lego Dimensions, Shopkin dolls, Lego Star Wars, Barbie Dream House, and Lego Friends. Sales from limited online deals accounted for 40% of all online sales.
When will you be doing your holiday shopping? Black Friday, Cyber Monday or Super Saturday? Do you prefer shopping online or in-store? Let us know!
Until next week!