As shoppers head into the holidays, retailers are taking an unflinching look back at their Black Friday sales.
According to analysis from data management and analytics firm 1010Data, while the shopping holiday is indeed undergoing a metamorphosis (especially as consumers continue to become more digitally native), overall Thanksgiving week spending is still strong.
The rise of online shopping has made it easier for retailers to expand Black Friday to a full week of sales.
Despite the shopping holiday’s outward expansion, the average percentages of active shoppers on each day of Thanksgiving week have remained virtually consistent from 2014 through 2019.
Throughout that time frame, Black Friday sales have dependably secured more than a quarter (29 percent) of the week’s total spending. The second most popular day for shoppers is Wednesday, which captured an average of 21 percent of sales from 2014 through 2018, and 22 percent of the week’s sales in 2019.
The growth of e-commerce over the past six years is undeniable, and its ascent has been swift.
Online shopping stole roughly 10 percent of market share away from brick-and-mortar on Thanksgiving and Black Friday from 2014 though 2018. Online shopping throughout the remainder of November saw an overall 13 percent gain during the same time period.
In 2019, growth was fast tracked. Brick-and-mortar stores lost 3 percent of market share on both Thanksgiving and Black Friday, and the overall month of November lost 2 percent.
Mega-retailers Walmart and Amazon are continuing to duke it out for consumers’ hearts and pocketbooks, with both companies combined raking in nearly 15 percent of Thanksgiving spending and about 10 percent of Black Friday sales.
While the two titans are undoubtedly frontrunners, their place at the top has remained relatively stagnant. This points to efforts by other retailers to compete using tactics like BOPIS that offer consumers convenience and instant gratification. Target maintained its 2 percent market share over Black Friday and Thanksgiving in part by using this strategy.
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Retailers taking stock of their Black Friday sales might feel that previews or pre-sales deflated the actual holiday’s impact, but in reality, shoppers may just be changing their behaviors.
With more time to spend perusing websites and product assortments—as well as being bombarded with ads—shoppers may actually be engaging with brand and retailer content more than ever throughout Thanksgiving week. When combined with the ability to shop in store and physically engage with the items they’re thinking of purchasing, the longer sales period might just make for more informed decision making.