Black Friday is no longer the draw it once was.
A new survey from First Insight, released Tuesday, found that only 32 percent of consumers expect to find the most markdowns on the day after Thanksgiving. This indicates that the hype around Black Friday has all but evaporated, thanks in part to the fact that retailers have extended their deals well beyond the made-up holiday to entice consumers to keep spending.
Furthermore, First Insight discovered that only 22 percent of survey respondents think the best bargains can be found the day after Christmas (Dec. 26) and 21 percent turn to Cyber Monday, which falls on Nov. 28 this year. A mere 3 percent of people expect to find deals on Thanksgiving Day.
When it comes to where the lowest prices will be found, 61 percent of respondents pointed to e-commerce. Of that, 71 percent consider Amazon to be king of markdowns, versus 14 percent who picked Walmart.com.
That’s not to say big-box retailers don’t stand a chance against Amazon. When asked to pick where they plan to do most of their holiday shopping, 46 percent of consumers chose online retailers and 45 percent chose big-box stores. In addition, 45 percent of consumers ages 18 to 29 think the best deals are at malls on Black Friday.
“Retailers feel the pressure during the holidays to provide the best deals to get shoppers through the doors, but this strategy can often do more harm than good,” Greg Petro, chief executive officer of the retail predictive analytics firm, said in a press release. “In order to stop the race to the bottom, it’s more important than ever for retailers to listen to their customers before making key pricing decisions.”
So, what kind of cuts will catch the consumer’s eye? Thirty-one percent look for discounts of between 31 and 40 percent during the holidays, compared to 39 percent of respondents that will enter a store for markdowns of 30 percent or less during other times of the year. Meanwhile, retailers that offer 50 percent off can tempt 23 percent of shoppers to travel more than 100 miles.