The biggest shopping holiday in America is right around the corner: Black Friday! For many Americans, Black Friday is an opportunity to save money on gifts for the holidays. For others, it’s a day to stay home to avoid frantic shoppers and long lines. As a business owner, you know Black Friday is a prime opportunity to attract holiday shoppers and increase sales.
We share seven Black Friday facts that can help you make the most out of the holiday, and shed some light on how COVID-19 could affect Black Friday shopping in 2020.
1. The Average Shopper Plans to Spend $358
For many, Black Friday is the biggest shopping day of the year. In fact, the average shopper plans to spend $358 during pre-Christmas sales.
2. It’s the Most Popular Day for Shoppers
Black Friday is the most popular shopping holiday, garnering more shoppers than other shopping holidays during Thanksgiving week, like Cyber Monday and Small Business Saturday. In fact, 61% of people planned to shop on Black Friday in 2019.
3. Sales May Reach $11 Billion in 2020
In 2019, Black Friday sales reached $11.9 billion — a 20% increase compared to 2018. While sales are expected to decrease in 2020 due to COVID-19, sales are still expected to reach $11 billion in 2020.
4. Shoppers Still Go to Stores …
Even though more shoppers are turning to their devices on Black Friday, the shopping holiday remains the busiest in-store shopping holiday, with 84.2 million shoppers hitting the stores in 2019. In 2020, however, it’s possible shoppers will be reluctant to visit stores in person due to COVID-19. To capture sales online, considering offering free shipping on online orders or giving shoppers the option to pick up products curbside after purchasing online.
5. But Online Sales Are Growing
In 2019, Black Friday saw a total of $7.4 billion in online sales — a 19.6% increase compared to 2018. Being equipped for e-commerce can help small businesses capture more sales on Black Friday. In fact, more people shopped online than in stores in 2019 — 142.2 million shopped online versus 124 million in stores.
6. Consumers Use Smartphones to Research
Of all devices — smartphones, desktop computers and tablets — the majority of traffic to retailer websites is from smartphones, while the majority of purchases are made on desktop. For businesses, that means having a mobile-optimized site is essential to capture the shoppers while they’re researching products and prices before they make a purchase.
7. Shoppers Get an Early Start
The National Retail Federation reports 56% of shoppers start holiday shopping the first week of November, and the majority of shoppers (61%) don’t think deals will get better after Thanksgiving weekend. Don’t hold out on offering good deals — take advantage of early shoppers by offering deals early.
We’re Here for Your Business
Farm Bureau offers the coverage you need to make sure business is protected — no matter what the holidays bring. Connect with your Farm Bureau agent to learn more about small business coverage today!