In a promotional environment, shoppers are finding a good deal all year round
Experts still expect Black Friday to be the biggest shopping day of the year, but increasingly, shoppers say they’re not rushing to purchase gifts on that one day because good deals can be had on just about any day.
About half (52%) of the respondents to Accenture’s latest Holiday Shopping Survey said it’s less likely that they will shop on Black Friday this year. Of those Black Friday non-shoppers, 64% said it’s because of the crowds. And 44% said they can get discounts that are just as good on many other days.
According to a statement from the head of Accenture’s retail practice, the promotional environment and growth of Amazon.com Inc. AMZN, -0.20% “is proving to be the biggest competitor to the traditional peak holiday shopping days.”
With holiday shopping patterns shifting to additional days and online channels, retail marketing needs to take a different approach.
“No longer can a retailer afford to just place big bets on Black Friday, now they must be targeted in their efforts to attract and convert customers throughout a two-month shopping season,” said Jared Wiesel, partner at tech-enabled consulting firm Revenue Analytics.
Perhaps reassuring to retailers are findings from marketing firm Fluent, which found that 61% shoppers ages 18 to 34 still think it’s “worth it” to deal with the crowds and long lines of Black Friday and Thanksgiving weekend to take advantage of the discounts. Fluent proposes that the lower incomes of those in this age bracket might make the need for a good deal greater.
The SPDR S&P Retail ETF XRT, +0.45% is down 9.2% for the year so far while the S&P 500 index SPX, +0.09% is up 14.5% and the Dow Jones Industrial Average DJIA, +0.61% is up 16.4% for the period.