Black Friday shoppers hit stores across U.S. with spending records expected to fall
Discount hunters searching for Black Friday deals have officially kicked off the holiday shopping season. Consumers are forecasted to break spending records in 2024, with the average person expected to spend a little over $1,000, up 14% from last year, according to data from RetailMeNot.
"Black Friday and Cyber Monday are the two biggest shopping days of the year," Salesforce director of consumer insights Caila Schwartz told "CBS Mornings." "And actually, we're seeing that Black Friday is the top digital shopping day. So no longer Cyber Monday, but Black Friday."
Changes in shopping habits aren't exclusive to the digital marketplace's takeover of Black Friday. Both digitally and at brick-and-mortar stores, holiday discounts are being offered earlier. Placer.ai, a company that tracks foot traffic, said October in-store visits for shopping centers, superstores and other popular retailers were up 3.4% compared to stats from before the pandemic in 2019.
Ethan Chernofsky, senior vice president of marketing for Placer.ai, said the role of the store has changed.
"It is not just about what I can convince a consumer to buy within the four walls of the store," Chernofsky told "CBS Mornings." "Even if they just go into the store to try on the product and then make the purchase online, that's fantastic. And it's really important for retailers to be focused on the larger picture."
With that in mind, Kohl's put on a Black Friday sweepstakes for the first 200 shoppers at each of its locations and J.C. Penney did a snow globe giveaway in stores while supplies lasted. Target, meanwhile, is offering two exclusive releases in stores only for Black Friday: Taylor Swift's official "Eras" tour book and her "Tortured Poets Department" album with four bonus songs.
But what's on peoples' lists this year? Deloitte Consumer Insights and the National Retail Federation say 54% of shoppers are looking for clothes, 44% are stuffing stockings with gift cards and 36% are putting toys under their Christmas trees.
Steep discounts will also be seen on electronics and other tech products. And 4 in 10 shoppers are planning to gift loved ones an experience like a cruise.
Tips for holiday shopping
For consumers like Jessica Holley, an Arkansas mother of three, finding ways to make her dollar go further is paramount on Black Friday.
"Budgeting is very important to me," Holley said. "Being a stay-at-home mom, having little children, I feel like if I can save money, that's more money in our pocket. That's able to stretch further."
To ensure you're making the most of the lowest prices of the year, search for additional coupons and price history online, leverage cash back through apps or your credit card rewards and remember, you can price match at many stores throughout the holiday season.
"Retailers are gonna be pulling out all the tricks to get people to shop and spend more because they have fewer days to capture consumer dollars," Independent shopping expert Andrea Woroch said.
