According to retail analytics company RetailNext, which monitors foot traffic in tens of thousands of stores, the decline was 3.2% on Black Friday. The number of consumers entering stores on Black Friday and the Saturday after doesn't mean the holiday season will be weak. The National Retail Federation forecasts that the holiday season will be 2.5% to 3.5% higher than in 2023, and sales numbers, even in stores that had fewer visitors, are likely to increase because of inflation.
Joe Shasteen, Global Head of Advanced Analytics at RetailNext, said, 'This extended shopping period has ultimately decreased the singular importance of Black Friday.' Consumers have started shopping earlier, driven by changes in tastes and a competitive retail landscape.
The decline in foot traffic on Black Friday can primarily be attributed to the rise of online shopping and changing consumer preferences, leading retailers to have too much inventory of unwanted products.
With major retail events like Amazon's Prime Day and China's Singles Day competing with Black Friday, consumers are now more aware of different sales opportunities throughout the year.
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