In a recent article entitled “Black Friday Sales Important to Retailers”, Tucker, Navera and McMacken (2011) stated that Black Friday “can account for 40% of a store’s sales for the year”. This estimate proves that Black Friday has been a decisive source of revenue for years since its existence. However, I am wondering what would happen if Black Friday did not exist, and whether this event is that important to retailers or if it simple that shopping habits of Americans are the key driver of holiday sales in the country.
At the beginning of this research, I listed down some shopping habit of Americans. First, Americans tend to go shopping more before Christmas. They buy a variety of goods, wrap them as gifts for Christmas celebration and give it to their loved people. That must be the reason why retailers’ sales increase in during the holiday season. Second, because they are gifts, they must be durable goods. These goods are available at department store like Best Buy, Walmart, Macy, Target and so on. They are not at food store like Cubs or Kmart. That is why Best Buy, Walmart and Macy are usually ranked at top in holiday sales. Third, Americans tend to buy what they want, rather than what they really need. Clint (2010) argued that “The more television you watch, the more magazines you subscribe to or read, the more money you want to spend on things you don’t really need.” and “Marketers are taught that success comes from selling to wants not needs.”
I am continuing my research on the impact of Black Friday. Americans know that they can buy products on big sales on Black Friday and this can help them save a significant amount of money. Giving gift means spending money and it is never a bad idea to buy goods at lower price. Hence, it is all right to get up at mid-night to queue in a long line in cold. A recent research by Khazan (2011) published on Whasington Post called Black Friday shopper “gift-buying” people. Moreover, this research points out four reason for which people go shopping on Black Friday. However, these four reasons are centered around two emotional factors: togetherness and deal hunting. This means that it is not easy for us to classify Black Friday as an event or just simply a shopping habit.
At the beginning of this research, I listed down some shopping habit of Americans. First, Americans tend to go shopping more before Christmas. They buy a variety of goods, wrap them as gifts for Christmas celebration and give it to their loved people. That must be the reason why retailers’ sales increase in during the holiday season. Second, because they are gifts, they must be durable goods. These goods are available at department store like Best Buy, Walmart, Macy, Target and so on. They are not at food store like Cubs or Kmart. That is why Best Buy, Walmart and Macy are usually ranked at top in holiday sales. Third, Americans tend to buy what they want, rather than what they really need. Clint (2010) argued that “The more television you watch, the more magazines you subscribe to or read, the more money you want to spend on things you don’t really need.” and “Marketers are taught that success comes from selling to wants not needs.”
I am continuing my research on the impact of Black Friday. Americans know that they can buy products on big sales on Black Friday and this can help them save a significant amount of money. Giving gift means spending money and it is never a bad idea to buy goods at lower price. Hence, it is all right to get up at mid-night to queue in a long line in cold. A recent research by Khazan (2011) published on Whasington Post called Black Friday shopper “gift-buying” people. Moreover, this research points out four reason for which people go shopping on Black Friday. However, these four reasons are centered around two emotional factors: togetherness and deal hunting. This means that it is not easy for us to classify Black Friday as an event or just simply a shopping habit.
Adapted from Census.gov
Going through the retail sales statistics from 1992 to 2010 and doing comparison with those of 1967 when Black Friday began it popular, you can see that there is no significant difference in trends of retail sales over the years. Ultimately, I doubt that the Black Friday’s impact on shopping habit of Americans is not as considerable as many may think.
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