- Black Friday 2018 is likely to be the best America has seen in years.
- Total spend for Black Friday weekend is estimated to hit $US59.6 billion with the best growth since 2011, according to estimates by GlobalData Retail.
- More people are shopping, shoppers are spending more, and online sales are way up ahead of and during this year’s Black Friday.
Black Friday 2018 is shaping up to be the best Black Friday that America has seen in years.
Total spend for Black Friday weekend is predicted to reach roughly $US59.6 billion, according to estimates by GlobalData Retail. That represents an increase of 5.7% over 2017 sales, which would be the best growth rate in the US since the postrecession Black Friday boom in 2011.
“More people have already shopped than at this point last year, and their average spend is higher,” Neil Saunders, the firm’s managing director, said in a statement. “The numbers who say that they have yet to shop or that they have more to buy are also up on 2017.”
GlobalData Retail defines Black Friday weekend as lasting from Thanksgiving Day through the following Sunday. According to Saunders, growth is coming thanks to several factors. More people are expected to shop, including middle- and lower-class consumers, and shoppers are spending roughly 5.3% more on average.
Much of the sales boost is happening online, with more people shopping on their phones and starting to search for deals earlier than in past years.
Shoppers spent $US2.4 billion online on Wednesday, a whopping 31.8% increase from 2017, according to Adobe Analytics data. By 5 p.m. ET on Thanksgiving Day, they had spent another $US1.75 billion, representing 28.6% growth compared with last year.
“Black Friday is bigger than a 24-hour shopping sprint or even a week-long marathon,” Accenture Strategy’s Frank Layo said in a comment on Friday morning. “It’s turned into a month-long extravaganza which started with promotions just after Halloween, and will continue well after Cyber Monday.”
The importance of the Friday after Thanksgiving itself is weakening, as holiday shopping starts earlier and earlier. But the day many still view as the official kickoff to the holiday shopping season is looking like a clear win for retailers.
“Although the economy is strong and consumers are confident, the numbers are impressive as last year was relatively strong in terms of spending and growth,” Saunders wrote. “It also bodes well for Christmas as it suggests that consumers have yet to run out of steam.”
More on Black Friday 2018:
- Thanksgiving is killing Black Friday by replacing it
- Black Friday deals sold out at stores like Walmart and Target before Friday even began – and people are furious
- Macy’s, Best Buy, Kohl’s, and JCPenney are being slammed for being open on Thanksgiving – and some people are threatening not to shop with them this holiday season
- Walmart says it’s offering thousands more deals than last year on Cyber Monday in a direct shot at Amazon’s most valuable day
- Walmart shoppers are complaining that stores are running out of iPhones as Black Friday sales begin