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November 26, 2010

Happy Black Friday Guys !

History of Black Friday

Black Friday is the Friday after Thanksgiving. Falling as early as the 23rd and as late as the 29th of November, Black Friday is not an official government holiday but many employees do receive the day off. The increased number of shoppers creates the busiest shopping day of the year. To accomodate the rush, many retailers open as early as 4am and offer "loss leaders" and limited quantity sales to entice people to their stores.

The term "Black Friday" has two meanings. In the 1960's, "Black Friday" was used by police in Philadelphia in reference to the heavy traffic on that day. Prior to that, "Black Friday" was set to mark the first day that a retailer had sold through enough inventory and turned a profit for the year, putting them "in the black" according to the old by-hand accounting system of using black ink to indicate a profit and red ink to indicate a loss.

What does Black Friday mean for shoppers? Black Friday = Sales! Whether shoppers are searching in malls or online, Black Friday specials are the ultimate goal. Shopping for deals on Black Friday has become a post-Thanksgiving custom for many families. In preparation for this "holiday," shoppers map out the best routes to their favorite stores, each clutching a stack of Black Friday ads & coupons.

Top 10 Tips for Black Friday Sales

  1. Research: start your Black Friday 2010 sale research on Thanksgiving day or earlier.
  2. Make a plan: identify what you want to buy, which stores have the best sales on Black Friday, and what time they open.
  3. Timing is everything: arrange stores by opening time from early to late.
  4. A fool and his money: be wary of Black Friday deals with quantity limits. If a store only has 10 items at that price, go elsewhere.
  5. Visualize: know where your items are in the store.
  6. Stay Safe: Previous Black Friday sales were honestly deadly; please don't trample or shoot anyone!
  7. Power of numbers: go with a team and attack separate stores or separate sections of the same store. Designate a meeting place.
  8. Bring a snack: only amateurs stop at the food court on Black Friday! (Or the bathroom - so go before you leave.)
  9. The quiet ones: don't ignore stores that don't advertise. They will have Black Friday deals too!!
  10. Have fun: enjoy your family, friends and deals!

Black Friday 2009 Results

Well, my predictions were not the greatest last year. Hopefully this year I can do better. Here were my Black Friday predictions and the results:

  • More consumers will shop on Black Friday 2009. I'm predicting 180 Million shoppers (vs 172M in 2008). - Right....sort of. While the number of Black Friday shoppers increased, I only predicted it would increase to 180 million, 4.65%. It actually jumped to 195 million shoppers, a rise of 13.3%
  • Consumers will again spend more on average on Black Friday, likely around 4% more (vs. 7.2% in 2008). - Wrong. Consumer spending on average went down from $372.57 to $343.31, a decrease of 7.8%.
  • Overall 2009 Black Friday spending will increase, likely by 9% (vs. 27% in 2008). - Right. While Black Friday spending did increase, it only increased from $40 billion to $41.2 billion
  • Overall 2009 holiday spending will decrease, likely by 3% (compared to 2.3% in 2008). - Wrong. Holiday spending for 2009 rose 3.6%, from a 2.3% drop the year before.

Black Friday 2010 Overall Predictions

The 2010 Black Friday climate is not the greatest. While in 2009 during this time the economy grew at 5.6%, the economy is now projected to slow to an anemic 1.4%. This, combined with a massive unemployment rate at 9.6%, foreclosure problems, a lack of credit, and an overall unease about the economic conditions have brought a lot of concern and frugality into the US household. US household average savings is now 7%, the highest in a very long time. These factors do not set up the greatest Black Friday for retailers. Specifically...

  • Spending on average will again decrease from $343.31 to $330 as people continue to cut back.
  • The Amount of Black Friday shoppers will increase from 195 million last year to 200 million this year. More people will be looking to save on Christmas gifts during this tough time.
  • With a greater amount of shoppers the total amount of Black Friday spending will increase, yet only very slightly, from $41.2 billion to $42 billion.
  • The amount of Black Friday online shopping will jump from $595 million to $1 billion as people try to avoid stores, and online shopping because more popular.

OMG i'm so envy with all of you who joining The Black Friday ! happy shopping guys !

Black Friday Historic Stats

# of Shoppers200M195M172M147M
% of Holiday Sales23.5%22.7%19.4%15.1%
$ Per Shopper$330$343$372$347


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