Zinger Key Points
- Bain & Company forecasts U.S. retail sales during the Black Friday to Cyber Monday period will reach $75 billion for the first time ever.
- Cyber Monday is seen as the biggest shopping day of the year, driving a record $13.2 billion in sales, an increase of 6.1% from 2023.
- Discover Fast-Growing Stocks Every Month
Retailers are expecting a record-breaking Black Friday to Cyber Monday shopping period as cash-strapped consumers are expected to shop early in the holiday season for sales promotions and savings.
What To Know: Management consultancy firm Bain & Company forecasts U.S. retail sales during the Black Friday to Cyber Monday period will reach $75 billion for the first time ever, growing by about 5% year-over-year. The firm sees about 8% of total holiday sales will come during this period, the highest share since 2019, underscoring the importance of the key shopping period for retailers.
"The holiday shopping season has been reshaped in recent years, where consumers are making purchases earlier, driven by a stream of discounts that has allowed shoppers to manage their budgets in different ways," says Vivek Pandya, lead analyst, Adobe Digital Insights.
Online Shopping: Adobe Digital Insights expects Cyber Week (the 5-day period including Thanksgiving, Black Friday and Cyber Monday) online sales of $40.6 billion, up 7% over last year and adding up to 16.9% of the overall holiday season sales.
Adobe sees Cyber Monday as the biggest shopping day of the year, driving a record $13.2 billion in sales, an increase of 6.1% from 2023.
In-store Shopping: In-store shopping still remains an important part of Black Friday for many consumers. According to Placer.ai analytics, Black Friday 2023 saw a 300% increase in mall visits compared to the first three weeks of November. Superstores also saw an 81% rise, demonstrating demand across shopping formats.
Most Wanted Items: Consumers are expected to gobble up Cyber Week deals on electronics from retailers like Best Buy Co., Inc. BBY on hot items like Beats Studio Pro Wireless Noise Cancelling Headphones at more than 60% off its regular price.
Read Next: Black Friday Discounts Too Good To Be True? Survey Shows Only 42% Of Sales Are Authentic
Placer.ai expects beauty and personal care items to be another hot item with discounts on gift sets from retailers like Ulta Beauty, Inc. ULTA drawing shoppers online and in stores.
Sporting goods and outdoor equipment will see record-high discounts averaging 20%, according to Abode Digital Insights, with retailers like Dicks Sporting Goods, Inc. DKS benefiting from the increased spending on experiences and activities.
When To Shop: Adobe Digital Insights says Thanksgiving Day will be the best day to shop for toys, appliances, furniture and sporting goods, while Black Friday will offer the deepest discounts for TVs. The Saturday after Thanksgiving will have the best deals for computers and Cyber Monday will be the best day to shop for electronics and apparel, the two biggest categories in e-commerce by revenue share.
Read More:
• Starbucks’ Employee Systems Down After Software Provider Suffers Ransomware Attack
Photo: gonghuimin468 from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
