Shoppers said they were relying on Black Friday sales to help them save money on Christmas shopping.
👉 Background: Black Friday started in the US as the day after Thanksgiving back in the 1800's. Some say the name comes from the idea that businesses are "in the red" until the day after Thanksgiving sales.
👉 What happened: Now, MYOB, the accounting platform, found that 63% of consumers intend to shop the sales over the weekend, which just so happened to be up from 50% last year.
👉 What else: Interestingly, more than 40% of shoppers said they were relying on these sales to help them save money on Christmas shopping. And this is good news for retailers stuck with a whole lot of stock.
💡In 2020 and 2021, the general problem for retailers was not enough inventory to meet enormous online demand. Then, in 2022, the problem has been too much inventory as some demand has slowed down.
💡But now, as we approach the end of the year and silly season, retailers are experiencing a perfect combo.
💡For retailers, Black Friday and Cyber Monday is an opportunity to get inventories humming again. As cost of living continues to increase next year, retailers may be going extra hard this year to make hay while the sun shines.
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