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Black Friday has to be the most waited for sale promotion in the year. The name Black Friday emanated from the huge volume of shoppers purchasing items during this period and the police coined the phrase to describe the mayhem that is in the malls and other shopping places. Black Friday is the day after Thanksgiving in the U.S. and this year it fell on 29th November.
A study conducted reported that Black Friday drives almost 70% of U.S. gross domestic product (1). Retailers normally employed varied methods to encourage many people to shop such as heavily discounting items, having sales, promotions and the list goes on. With the advancement of internet and technology, ways of attracting consumers have also changed. The modern-day consumer is more into online shopping and getting their products delivered right at their doorstep. They use flyers (2) to compare products from different brands at very competitive rates.
From recent years, Black Friday is the busiest shopping day of the year and Christmas just around the corner, makes the sales shoot up the roof. A study analysed showed that in 2016, there were 101.7 million people who joined Black Friday. That’s more than 74 million in 2015. The day when most sales were made was Saturday with 64 million followed by 33 million on Sunday and 29 million on Thanksgiving Day. In 2016, a total of 137 million shoppers participated in Black Friday (3).
Black Friday is not only crucial for the economy of the country but it’s a stylish way to kick start the Christmas holidays. Major retailers account Black Friday as one of the most profitable days of the year. It’s no wonder that accountants use ‘black’ to point our profits made when doing the books and red to signify loss.
For families looking to shop for Christmas goodies and gifts during Black Friday, they need to properly plan and budget for this. This will help families trying to save some coins and get incredible gifts for Christmas. During Christmas, it’s expected for a shopper to at least spend $1,007.24. $637.67 will go on gifts, $215.04 on food decorations, flowers, greeting cards and $154.53 on deals and promotions (3).
Black Friday is the best day to get enormous deals and huge price cuts. It’s recorded that the spending done during Thanksgiving accounted for 20% of all holiday online shopping. It’s also reported that 48% of the U.S. online apparel retail market was discounted by an average of 45% off (4).
The top 5 items that are a must-buy during Black Friday for Christmas are;
Black Friday is the best time to buy gifts to put under the tree for Christmas. : ToysRus, Wal-Mart, Target are some of the major retailers that sell toys at affordable prices with huge discounts.
HOME APPLIANCES AND DÉCOR
Black Friday is the greatest time to get washing machines, dryers, refrigerators to surprise your significant other or just stock up the house.
Formal, casual, outdoor apparel can be bought at affordable prices during Christmas. Retailers have price cuts and sometimes up to 70% discount on a huge variety of products.
Popular gadgets are always discounted or on sale during Black Friday. If you are planning to purchase a somewhat extravagant item, its best to purchase it during Black Friday as you will not break your bank. Amazon, Target, Bestbuy, Staples, Dell are always having sales during this time.
JEWELLERY, FLOWERS, GIFTS
Black Friday is the best time to purchase that jewellery that you have been eyeing all year. It’s a great time to surprise a loved one with a bunch of flowers, chocolates or some wine.