Bargain hunters chasing Black Friday deals have officially launched the holiday shopping season, with spending records expected to fall, CBS News reported.
According to the online coupon company RetailMeNot, the average shopper is forecasted to spend just a little over $1,000, a 14% increase from last year.
“Black Friday and Cyber Monday are the two biggest shopping days of the year,” said Caila Schwartz, the salesforce director of consumer insights. “We’re seeing that Black Friday is the top digital shopping day. So no longer Cyber Monday, but Black Friday.”
Retailers are adapting to evolving consumer habits by starting discounts earlier, both online and in stores.
Placer.ai, which tracks foot traffic, reported a 3.4% rise in October visits to shopping centers, superstores, and other popular retailers compared to pre-pandemic levels in 2019.
Ethan Chernofsky, senior vice president of marketing at Placer.ai, said the role of physical stores is changing.
“Even if they just go into the store to try on the product and then make the purchase online, that’s fantastic,” Chernofsky said, warning retailers of the need to focus on “the larger picture.”