Certain retail categories saw greater opportunity and performance during Black Friday weekend.
‘Tis the season for shopping deals, steals, and discounts. As we reported in our previous post there wasn’t a major decline in shopper visits generally during this year’s Black Friday Weekend. However, we found that drilling into our Market Intelligence* tool revealed that a few segments were highly successful, traffic-wise, this year, including:
- Luxury: +3.17% nationally YOY over the extended Black Friday weekend
- Wireless and Electronics: +8.5% nationally YOY on Black Friday
- Jewelry: +8% nationally YOY on Black Friday
At first, it may seem surprising that these specific retail categories saw higher performance this year than they did in previous years (or compared to other retail categories during the Black Friday Weekend). While it is difficult to say what exactly differentiated these retail categories from the rest during these major holiday shopping days, it might have had to do with shoppers who were looking for big discounts, which commonly accompany products with high list prices.
The luxury, jewelry, and electronics boosts in traffic may indicate that Black Friday shoppers were looking for a specific kind of shopping experience: the kind that offers the best deals on higher-end items.
During a random shopping trip, the average consumer cannot usually afford a luxury purchase (designer bag, luxury jewelry, designer clothing), or a major wireless or electronics item (e.g., flat screen television, laptop, gaming piece). But given a larger, percentage-based discount, it becomes more feasible for the average consumer to purchase these big-ticket items. During the Black Friday weekend, major deals made by luxury and wireless & electronics retailers made characteristically expensive items more affordable to the average consumer.
With seven of the busiest traffic days remaining, make sure that you are offering major discounts in your retail stores, which will be sure to bring in shoppers. Even though Black Friday weekend and Super Saturday already passed, it’s not too late to offer some last-minute, door-buster deals to shoppers.
*ShopperTrak was able to dive deeper into shopper visit data for the Black Friday weekend by leveraging the Market Intelligence tool. ShopperTrak’s Market Intelligence product is unlike any other benchmarking tool because it provides year-over-year trend analysis and shopper visit data at the national, regional, and zip code level for total retail, apparel & accessories, and wireless & electronics categories. We also just launched reporting capabilities at the national and regional levels for outlet malls and luxury retail categories.
Contact us today to learn more about our benchmarking tool so that you can compare your store’s performance against the industry on a national, regional, or local level.
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