Pass the turkey … and the credit card.
PwC’s 2018 Holiday Outlook suggests that a steady shift in attitudes about Thanksgiving Day shopping is underway: more than 70% of respondents saying they plan to shop on the actual holiday, rather than on Black Friday.
Talk about turkey may give way to discussion of online deals when friends and family gather for Thanksgiving this year.
PwC’s annual holiday survey shows a 30-percentage point surge in respondents saying they’d shop on Thursday. This compares to 40% in 2016.
In fact, PwC data show Thanksgiving Day has become a “robust” shopping day in recent years, eclipsing the importance of Black Friday as a revenue milestone for retailers.
“In fact, Black Friday has gradually morphed into Black November, as consumers who used to concentrate their shopping on that pivotal day-after-Thanksgiving now spread their shopping over the holiday week—and beyond,” PwC notes.
Bucking the trend toward Thanksgiving Day shopping are members of the Greatest Generation: Almost half said they will not shop on the holiday. Their sentiments are shared by nearly 100 prominent retailers, who will keep their brick-and-mortar stores closed on Thanksgiving Day.
Online shopping has continued to gain favor as the shopping channel of choice, both at Thanksgiving and on Black Friday. In-store shopping still has appeal for some, however. Young millennials (aged 23-26) and Hispanic consumers are most likely to shop in store on both Thanksgiving and Black Friday.
Retailers aren’t waiting until Black Friday to start discounting:
• Amazon’s tagline for its annual “Countdown to Black Friday” event, which kicks off Nov. 1, sums up the shift in strategy: “It’s never too early for a good deal.”
• In an effort to stay competitive, the company is also offering free shipping on all orders for a limited time.
• Kohl’s started its online sale last year on the Monday of Thanksgiving week, along with many other retailers.
Meanwhile, PwC highlights two consumer segments primed to spend more than other shoppers this holiday season:high-earning millennials (those with annual household incomes above $70,000) and Hispanic parents.
