Black Friday Economic Impact
Black Friday is among the most significant retail and spending days in the USA. Every holiday season predictors make forecasts about how much Americans spend on this day and how it will impact the economy.
Let’s break down this Black Friday custom by numbers to see what it means to the average American.
Number of People Who Shop on Black Friday
According to a survey done by the National Retail Federation, about 174 million US shoppers go shopping in-store or online every year over Black Friday weekend, which spans from Thanksgiving Day to Cyber Monday. That’s approximately 70% of grownups in the USA.
About 66 million people shop on Black Friday alone. And while people have opted to shop through their smart devices, some retail stores still lure human traffic by giving free coffee and cookies.
Black Friday Hiring
A National Federation report shows that stores hire between about 500,000 to 550,000 workers during the Black Friday holiday. That’s a higher number, although at least 764,750 workers were hired in 2013.
The least number of workers recorded was 263,820 in 2008.
Black Friday Sales Statistics
Thanksgiving weekend is still the busiest time of the year when it comes to shopping, but the traffic is declining. In 2016, the number of shoppers who visited the stores was 4% higher than in 2017. This number has been decreasing over the years since it fell by 9% in 2018 when compared to 2017.
In total, 137 million shoppers went to the stores over the 4-days Thanksgiving weekend in 2016.
When it comes to sales, consumers spend around $850 billion on Black Friday weekend. On average, every shopper is expected to spend at least $1,007.24: $154.53 on deals and promotions, $215.04 on flowers, greeting cards, decorations, and food, and $637.67 on gifts.
Many people have been flocking online over the years to get the best deals at the comfort of their homes.
Here is a table that shows the past 5 years of retail sales data.
|Year||Spent per Shopper||Total Spent (billion)||Percent Increase (%)|
The overall collective shopping spree is a good sign for the Black Friday weekend. People spend billions to get affordable products.Black Friday alone, however, cannot really be the only determinant of the economy.
Black Friday Impact of Saving
With millions of people shopping and hundreds of deals on offer, it can be hard to know how much people have really saved over the years. A quick look at Walmart’s and Target attractive deals on various tech products, with discounts of up to $100, just shows how much people can save.
But you should note that impulse shopping can actually make you spend more than you would actually want.
We all know that Black Friday is one of the best times of the year to go shopping. There are great deals that you should take advantage of and get that product you have always wanted.