Expect a Low Black Friday Turnout
Small stores have always been able to look forward to crowds of customers and sky-high sales on Black Friday. This year retailers need to be ready for a low turnout on November 30th. Accenture’s holiday shopping survey reveals many consumers will not be hitting their favorite stores on Black Friday this year.
The study found that 43% of shoppers polled plan on spending less than usual on their holiday shopping this year. This means customers will be on the lookout for the best deal, and many will be using technology to compare prices at different stores. To be competetive small retailers will need to offer comparatively low prices on merchandise.
Another reason turnout on Black Friday will be lower than usual is that a little over half of shoppers plan on waiting for further markdowns later in the season.
So what will shoppers be looking to buy? 57% of shoppers say they plan on buying gift cards and 54% want to buy clothing. Other merchandise high on shoppers’ lists include electronics and toys.
With the weak economy and bargain-finding technology many shoppers plan on skipping out on Black Friday this year. Small retailers need to be prepared for the let down and ready to offer prices that will get customers in the door.