us retailers extend black friday deals to boost consumer spending

Major US retailers are extending the traditional one-day Black Friday event into a longer sales period in an effort to boost consumer spending. This comes as data shows a slowdown in consumer spending, which has been a key driver of economic growth.

Retailers Extending Black Friday

Retail giants like Walmart, Amazon, Target, and Macy's have already started offering significant discounts well before the official Black Friday date to attract shoppers during the holiday sales season.

However, recent data reveals a concerning trend: general merchandise unit sales fell by 3 percent year-on-year in the week ending November 16.

Winter Holiday Sales Projection

The National Retail Federation (NRF) projects that winter holiday sales in the US will reach nearly $1 trillion during November and December, with an average spending of $902 per person.

However, the anticipated growth rate of 2.5 to 3.5 percent is the slowest increase since 2018, highlighting the challenges retailers face in the current economic landscape.

Challenges in the Current Economic Climate

The current economic climate is characterized by cautious consumer sentiment and persistent inflationary pressures.

Consumers continue to express frustration over high prices, as indicated by a recent University of Michigan survey.

This sentiment is reflected in overall consumer confidence, which remains significantly below the long-term average.

Adapting to Changing Consumer Behaviors

As the holiday shopping season approaches, retailers are adapting to changing consumer behaviors.

Shoppers are becoming more resourceful, focusing on deals and stocking up on items when they find favorable prices.

Retailers are rethinking their promotional strategies and launching early sales events to capture consumer interest before the traditional holiday rush.

Discounts and Promotions

Discounts and promotions will continue to be a focus for retailers as they navigate this complex landscape.

With consumer confidence still fragile and inflation concerns lingering, retailers' ability to adapt to changing market conditions will be crucial in determining their success during this pivotal shopping season.

The ongoing evolution of consumer behavior, coupled with economic uncertainties, presents both challenges and opportunities for retailers as they strive to capture the attention and spending power of American shoppers.

Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

Machinary offers a groundbreaking, modular, and customizable solution that provides advanced financial news and statistical analysis. Our platform goes beyond traditional quantitative analysis, offering users a comprehensive understanding of real-time market dynamics, event detection, and risk analysis.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings