The day after Thanksgiving, more commonly known as Black Friday, is the biggest day of shopping in the United States, and that is no surprise. Last year a whopping 9.8 billion dollars was spent in just one day and this year will not disappoint with a projected 9.9% increase in spending up to 10.8 billion dollars.
Over the years Black Friday has changed drastically. The day is said to have sprung to popularity in the ‘70s and ‘80s as retailers tried to compete with rivals, but now the day has turned into an all-out free-for-all. Over time the system has made spending increasingly easier and easier with earlier openings and the rise of online shopping.
Stores are now opening as early as 5:00 in the morning to cope with all of the eager shoppers. However; one of the biggest catalysts for Black Friday spending is the ease of online shopping. In 2010 6.4% of Black Friday purchases were made online while predictions for 2024 show that 63.5% of Americans will shop online and in-store while 30% say they will be online shopping only this year.
There is some speculation about how the biggest day of spending will go in a country so worried about the price of goods. All year there has been discussion about the current state of the nation's economy and how Americans are feeling burdened with everyday expenses. Will this change how customers spend?
Yes, yes it will, but actually 31% of Americans say they will be spending more than last year. This might not just be the overconsumption of thoughts talking, but really a strategy to combat future problems. Many consumers are still worrying about their wallets for the future so buying things like appliances, and expensive electronics, as well as other products right now allows them to take advantage of discounts with higher prices looming in the future.
Another contributing factor to increased spending could be the tariffs President-elect Donald Trump has said he will enact on all imported goods. Products of all types are made and shipped here in massive quantities to be sold many of them coming from China which Trump plans to hit extra hard with a 40% tariff. Just like consumers are worried about higher prices from inflation, the threat of tariffs also making life more expensive may drive shoppers to buy more.
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