Is Black Friday As We Know It Dead? Here Is What Happened In 2022

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We saw the most frenzied way Black Friday shoppers look for their best deals back in 2019 when 124 million Americans purchased their goods in-store. This was also recorded to be the busiest year for businesses with a physical store.

Brick-and-mortar retailers who offer Black Friday sales didn’t witness the same craze this 2022. Find out the factors that led up to the significantly fewer walk-in shoppers.

The Digital Age

Online shopping has become nearly effortless to participate in, especially for Gen Z customers— they make up three-quarters of the Black Friday shoppers. E-commerce businesses also market their products online to cater to their growing highly computer-literate clients.

Companies utilize online advertisements and social media like Google Ads, Instagram, YouTube, Facebook, TikTok, and many more to sell. Their products are more visible online and they can now easily target a wider scale of audience. Many businesses also offer free or cheap discounts for shipping costs.

Black Friday During COVID

In 2020, retailers closed their doors to adhere to the lockdown rules. To keep up with the demand for both essential and non-essential products, new businesses emerged, side jobs were taken, and people found different ways to hustle; many of these were done online and in the comfort of their homes as they were discouraged from leaving unless needed. The most acknowledged downside of the lockdown, however, was the number of businesses that had to close down, therefore, leaving many without a job.

2020’s Black Friday was not as festive as in previous years. According to Sensormatic Solutions, 2020 had a “52.1% decline in traffic on Black Friday.” Their senior director of global retail consulting, Brian Field also added that “this was compounded by retailers not offering as many in-store doorbusters and the increasing adoption of e-commerce.”

Economic Decline

The USA’s economic crisis doesn’t stop shoppers from purchasing their best Black Friday bargains, but it changes them. The country’s inflation averages about 8%. Therefore, The National Retail Federation expects that the average American shopper will have to spend 6% and 8% more compared to the previous year; this is also an indication that many low-income Americans simply cannot afford to splurge for the Thanksgiving weekend.

People whose tradition is to see their family members for Thanksgiving are also affected by 2022’s economy. Many of them choose traveling and socializing as their priority and they prefer to not purchase any non-essentials, including gifts.

Analysis

Thankfulness doesn’t end on Turkey Thursday. We also have retailers to be thankful for their gift of a discount the next day. The USA has witnessed its ups and downs over the past few years but the holiday spirit is unwavering. Thanksgiving weekend traditions are still very much alive. This time, it’s celebrated with more tenacity and adaptability, and by having easier access to technology to aid us in celebrations like Black Friday.

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