The current tradition of camping out in front of shops on Thanksgiving night to be able to be the very first to get "Black Friday" discounts could be dropping its attraction for many Americans. A recent study shows that the turnout this year might be less than it has been in 3 years. Source of article: Black Friday holiday shopping may be losing its appeal
People are more cautious
A yearly online holiday buying survey was done by management consulting firm Accenture. The survey polled 500 consumers around the nation about their holiday shopping plans. Most buyers this season are not just looking for a steal. They want the smallest price on what they want.Janet Hoffman works in the Retail division at Accenture. As the managing director, she said:
“'Precision shoppers' will dominate. They will be very targeted about where and what they buy, and will be more inclined to shop around for the best value."
Not as several customers
Purchasing on Black Friday is a bit of a hassle. That is why only 44 percent of American consumers will be doing it this Friday. That's down from 47 percent last year, and 52 percent in 2009. Holiday purchasing will not even be done until Black Friday for most. That is the plan for 52 percent of consumers. Last year, that number was 42 percent.Even better deals could come as time passes. That is why 57 percent of shoppers are delaying. There is another 35 percent delaying for other reasons. They say they just need more time to come up with the cash for Christmas.
Spending based on economy
The majority of the spending habits in the country have to do with the economy. That seems to be what will determine this year. Of those surveyed, 72 percent said they would be more “careful” this year. This spending will be more “controlled” as to prevent problems. A full 40 percent cited bargains as their biggest concern."Retailers will also need to be thoughtful about their use of discounts and promotions," Hoffman warned. "Discounts remain a top priority for the vast majority of consumers."Spending is slowing due to several factors linked to the economy. That was the response for 43 percent. Twenty-five percent say they'll be having a "thrifty" holiday, and 18 percent plan to spend only on "necessities."
Bargains online
The lower turnout is expected with all the online buying. It is another reason why individuals don’t want to go out. There were 59 percent of people that said holiday purchasing will be online this year. These individuals plan over half of their items to come on the internet. That increase is fairly large. This is especially true considering 2010’s 41 percent.As a retailer, you have to be able to match bargains competitors have and have to know your market. Fifty-four percent of polled consumers say they'll be hitting the shops armed with smart phones and tablet computers.“Retailers must not ignore the challenge presented by the mobile shopper checking prices using their device in-store,” Hoffman cautioned.
Articles cited
Daily Finance PC World Accenture