June 23, 2024

Political Commentary

News Politics Business Sports

Early Black Friday discounts higher than prior years

2 min read

Barbie dolls (R) are displayed for sale ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. 

Mario Tama | Getty Images News | Getty Images

Early Black Friday discounts were far higher this October compared to prior years, signaling retailers are concerned that demand could be tepid during the crucial holiday shopping season. 

Promotions across a range of categories, including apparel, appliances and computers, were significantly higher last month than in 2021 and 2022, data from Adobe Analytics show. For example, the price of apparel online was 9% lower throughout October compared to the beginning of the month, but in 2021 and 2022, it was just 2% and 5% lower, respectively, the data show. 

Out of eight categories that are popular during the holiday that Adobe tracks, only electronics and toys saw fewer discounts last month than prior years, according to its analysis. 

Adobe’s data doesn’t include promotions at physical retail locations but does cover over one trillion visits to U.S. retail websites, 100 million SKUs and 18 total product categories, which it says is more than any other technology company or research organization. 

For years, so-called “holiday creep” has seen Black Friday discounts beginning earlier than the day after Thanksgiving, as companies look to prolong the shopping season and address shifting demands from consumers who want more time to buy gifts. While prices are already low, promotions are expected to peak on Black Friday through Cyber Monday, Adobe said.

While consumer spending fell in October, according to the new CNBC/ National Retail Federation Retail Monitor, strong discounts during the month did fuel spend online, according to Adobe.

Online sales grew nearly 6% to $76.8 billion compared to last year and was fueled by deep discounts and an uptick in buy now, pay later use, which allows customers to split up orders into four payments, according to Adobe. Last year, about 30% of overall holiday…

2023-11-17 12:12:25

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.