Ethan Chernofsky, Senior Vice President of Marketing at Placer.ai, discusses the potential impact of Black Friday and the holiday shopping season on retail sales performance in 2023. Despite a slow start to the early holiday season due to ongoing inflation and high interest rates, there is still hope for a strong finish. According to Chernofsky, retailers have been driving sales earlier in the season as a response to supply chain challenges. This has led some consumers to begin their shopping earlier than usual.
However, this does not diminish the importance of Black Friday or suggest a decline in visits during Thanksgiving weekend and throughout the holidays. The discount & dollar stores sector continues to outperform other sectors thanks to its ability attract both essential and discretionary shoppers looking for savings.
One surprising trend is that office supplies are staying close to last year’s numbers despite experiencing a downturn during back-to-school shopping when many consumers opted for discount stores instead. This could indicate that some shoppers are still willing visit specialty stores for specific brand-name items.
Overall, while Black Friday used be seen as THE launch date for holiday shopping season it’s now becoming more extended with opportunities for retailers create different experiences that appeal different audiences – from those seeking excitement on Black Friday itself vs others who just want get their gift buying done early without all hustle bustle associated with traditional “Black Fridays”.
In conclusion: Retailers should embrace this extended period by creating urgency and excitement through various strategies tailored towards different types of shoppers throughout entire Holiday Season (not just one day).
