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Early insights from Black Friday weekend 2024 revealed a 3.2% year-over-year decline in in-store foot traffic, signally a shift in consumer spending trends.
Data compiled and released by RetailNext found fewer shoppers walked into stores on Black Friday through the end of Thanksgiving weekend, according to Yahoo Finance. “The early data from Black Friday weekend provides critical insight into how shoppers are navigating today’s economic environment,” RetailNext’s Joe Shasteen told the outlet. “While overall traffic remains subdued, we saw some notable reversals from trends observed throughout the year. Footwear, which experienced year-over-year traffic declines in nearly every month of 2024, showed resilience during Black Friday weekend. In contrast, Health & Beauty, after an exceptional 2023 performance with a 12% increase in Black Friday weekend traffic, reflects a normalization this year.”
Cautious spending and intentional purchasing have “defined” 2024, Yahoo Finance argued. The Midwest is seeing the sharpest shift in this direction, with a significant drop in in-person spending. However, early winter extreme cold snaps hit the region over Thanksgiving, which may have pushed many people to shop online. (TAKE A POLL: Do You Celebrate Christmas?)
Black Friday … Who?
“This extended shopping period has ultimately decreased the singular importance of Black Friday itself,” Shasteen added. “Categories like Apparel, Footwear, and Jewelry saw notable traffic increases on the Saturday following Black Friday, indicating that consumers are spreading out their purchases. These trends show a shift in shopping behavior, with extended promotions allowing for more flexibility and reducing reliance on Black Friday as the primary shopping day.” (TAKE A POLL: Do You Have Kids?)
Shasteen noted the importance for stores to seamlessly blend their online and in-person shopping experiences. As Americans turn to online over in-person stores, the expectation is that both experiences should flow with ease. Those stores that manage both options efficiently are more likely to survive the future financial upheaval hitting the U.S. Then again, the trends could also suggest that Black Friday just isn’t that important anymore …
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