2024 ‘Black Friday’ sale targets inflation stricken US customers

Published On : 2024-11-29T09:36:48+0530 [ IST ] | Author : Mayur_Tembhare
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As November ends Black Friday kicks off the US holiday shopping season a time known for finding the best deals. However this year retailers are preparing for shoppers who are more focused than ever on finding the best bargains and maximizing the value of their

Though inflation has stabilized after the substantial price hikes during the Covid pandemic consumers are still feeling the financial strain Consequently bargain-hunting strategies like grabbing early giveaways and waiting for last-minute steals have become a trend.

Vivek Pandya a leading insights analyst at Adobe Digital Insights told AFP that as compared to previous years 2024 holiday shoppers are "even more preoccupied and very focused around value and discounts

"We see stronger price sensitivity on the part of the consumer and they are very responsive to deals and event-tie deals," he said.

This year consumers have eagerly participated in special discount events like Memorial Day sales and Amazon's "Prime Day."

Black Friday marks the beginning of the gifting season the day after Thanksgiving and kicks off a busy shopping weekend that also includes "Small Business Saturday" and "Cyber Monday."

To combat the ever evolving concern of inflation major retailers like Target have shifted their Black Friday promotions to October or even earlier.

Consumer prices on average were 22 percent higher in August 2024 compared with January 2020 according to Pew Research. Popular discontent with inflation is one reason Trump won the US presidency in November.

In August 2024 prices rose by an average of 22 percent compared to January 2020 according to Pew Research. Inflation is also believed to have played a role in Donald Trump's victory

Inflation continues to influence retailers' discounting strategies as they aim to meet the demands of the market.

At Target, shoppers have become accustomed to gathering at the chain's "Circle Week" savings events almost every quarter. These events have resulted in a reduction in purchases a week before and after the events.

After a long period of inflation, "consumers tell us their budgets remain stretched," Target CEO Brian Cornell said.

They're becoming increasingly resourceful in their shopping behaviors, waiting to buy until the last moment of need, focusing on deals and then stocking up when they find them.

For the 2024 season the National Retail Federation has forecast holiday spending growth of 2.5 to 3.5 percent compared to the previous year reaching $989 billion over the two-month period.

Economists have pointed to an easing of gasoline prices as a supportive factor along with an ebbing in the costs of some food items.

Economists also signaled lowered prices for certain food items supported by relaxation in gasoline prices.

The inflationary environment has a particularly weighted down lower-income households with banks citing rising charge-off rates as a sign of growing financial stress.

However some chains like the off-price apparel retailer Burlington Stores have seen improvements for this group of consumers. According to Burlington CEO Michael O'Sullivan some of the company's strongest sales have come from stores located in low

It looks like their real incomes are finally edging up for the first time since 2021, O'Sullivan said.

Thanksgiving falls on the fourth Thursday in November and lands on its latest possible date in 2024. As a result retailers are adjusting to a holiday season that is five days shorter than last year.

A week before the national holiday marking the start of the gifting season Best Buy also kicked off its Black Friday sale. This year it reintroduced its "Doorbuster" sales every Friday both in stores and online—an event many retailers had discontinued in recent years due to concerns

Adobe Digital Insights said online sales during the first 24 days of the holiday season had increased by 9.6 percent year-over-year surpassing the 8.4 percent growth projected for the season.

Source : Reporters From Sunrise Chronicles

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