Discount hunters searching for Black Friday deals have officially kicked off the holiday shopping season. According to data from RetailMeNot, consumers are projected to break spending records in 2024, with the average person expected to spend just over $1,000, up 14% from last year.
“Black Friday and Cyber Monday are the two biggest shopping days of the year,” Kaila Schwartz, director of consumer insights at Salesforce, told “CBS Mornings.” “And in fact, we're seeing that Black Friday is the top digital shopping day. So it's no longer Cyber Monday, but Black Friday.”
The change in shopping habits is not limited to Black Friday's takeover of digital marketplaces. Holiday discounts are being offered in advance, both digitally and at brick-and-mortar stores. Placer.AI, a company that tracks pedestrian movement, said store visits to shopping centers, superstores and other popular retailers in October were 3.4% higher than pre-pandemic figures in 2019.
Ethan Chernofsky, senior vice president of marketing at Placer.ai, said the role of the store has changed.
“It's not just about what I can convince a consumer to buy within the walls of the store,” Chernofsky told “CBS Mornings.” “Even if they go into a store to try the product and then buy online, that's fantastic. And it's really important for retailers to focus on the bigger picture.”
With this in mind, Kohl's held a Black Friday sweepstakes for the first 200 shoppers at each of its locations and JC Penney offered a snow globe giveaway in stores while supplies last. Meanwhile, Target is offering two special releases in stores just for Black Friday: Taylor Swift's official “Eras” tour book and her “Tortured Poets Department” album with four bonus songs.
But what's on people's bucket list this year? Deloitte Consumer Insights and the National Retail Federation say 54% of shoppers are looking for clothes, 44% are filling stockings with gift cards and 36% are putting toys under their Christmas trees.
Huge discounts will also be seen on electronics and other technical products. And 4 out of 10 buyers are planning to treat their loved ones to a cruise-like experience.
Tips for Holiday Shopping
For consumers like Jessica Holley, a mother of three in Arkansas, finding ways to stretch their dollars further on Black Friday is paramount.
“Budgeting is very important to me,” Holly said. “Being a stay-at-home mom, having young kids, I figure if I can save money, it'll be more money in our pockets. It's more about being able to move forward.”
To make sure you're making the most of the lowest prices of the year, look for additional coupons and price history online, take advantage of cashback through apps or your credit card rewards, and remember, you can save money throughout the holiday season. Can match prices at multiple stores.
“Retailers are pulling out all the stops to get people to shop and spend more because they have fewer days to capture consumer dollars,” said independent shopping expert Andrea Woroch.