Black Friday officially marks the beginning of the Holiday shopping season. Today, retailers opened their doors from as early as 5 a.m.
The National Retail Federation predicts about 85.6 million shoppers will visit stores this year, up from 76 million last year. Shoppers have only 26 days between Thanksgiving and Christmas, compared to 31 days last year. The hope is that with fewer days to shop, consumers will feel more inspired to make spontaneous purchases.
In 2023, Black Friday sales in the US reached $9.5 billion, with an average discount on products being around 31%
Black Friday sales in 2024 are projected to reach $10.8 billion, a 9.9% increase from 2023.
Today in the U.S., Walmart, Target, Best Buy, Lowe’s and Home Depot are open from 6am.
This year, retailers are hoping to enhance customer in-store experiences as more shoppers turn to online buying, a post-pandemic trend that has heavily impacted small retailers.
Walmart and Target shares rose slightly today as US stock futures increased, shifting attention to retail stocks.
By CEO NA Editorial Staff
