The Death of Black Friday
Black Friday is no longer a singular event. With shoppers expecting earlier and longer-lasting deals, it’s become a season.
Retailers and brands began discounting items earlier this fall to clear excess inventories and consumers followed suit. Fifty-seven percent of consumers plan to?shop earlier?to take advantage of pre-holiday deals.
Events like Amazon’s second?Prime Day of 2022?and Target’s early?Black Friday promotions?pulled spend forward. Forty-six percent of consumers started?holiday shopping?before Halloween.
However, this won’t drastically impact retailers’ and brands’ revenues. As economic conditions deteriorate, consumers aren’t on track to hit COVID holiday sales growth precedents. Forty percent of consumers say?inflation is a threat?to their purchases. Projections show retail sales will increase between 4% and 6% in 2022 and eCommerce will jump by 12.8% to 14.3% YoY.
But these don’t take higher prices into account. As a result, early spend figures aren’t as strong as some hoped.
Read more about what to expect and how that will impact supply chains this peak season in the latest Flexe Institute Market Watch.