The verdict is in, and Black Friday reveals a mix of highs and lows.
This past weekend, our retailers experienced a surge in foot traffic, with malls bustling with excited shoppers and an impressive 9.4% increase in traffic from the previous year.
Delving into the numbers, we discovered an average 1-dollar uptick in the costs per individual item compared to last year, resulting in only a minor increase in basket value. The overall volume of units sold on Black Friday was down 8.9% to LY.
Amid the sea of engaged customers, it became clear that stores offering substantial discounts stole the spotlight. Those with deals below 20% faced a bit of a challenge in luring in the crowds. Shoppers wanted noteworthy discounts.
74% of US retailers embraced the early-morning Friday opening but steered away from the chaotic Black Friday scenes of the past, deviating from the traditional door-buster openings.
Black Friday 2023 proved to be a tale of ups and downs. The data showed consumers wanted to participate in Black Friday deals but were still conscious of what they put their money towards. It reflects today’s shopping landscape, where discounts reign king.
As we bid farewell to this rollercoaster of a shopping weekend, one thing is for sure: our retailers are gearing up for an exciting holiday season, armed with insights from Black Friday that kept us on the edge of our seats.
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