That's as in the day after Thanksgiving, when many retailers will be opening their doors in the middle of the night and offer crazy deals for those crazy enough to be waiting outside a store at three in the morning. The early openings, along with online flyers and other come-ons, are becoming an important part of the retailer's arsenal during the all-important holiday shopping season. As BW's Pallavi Gogoi reports, shoppers who start out early end up spending the most. And merchants figure if they can lure these folks with one blockbuster deal, there will be other purchases. It's the loss leader strategy employed by supermarkets on Thanksgiving when they give away turkeys.
A recent Maritz poll found that one in three shoppers, or 34 percent, plan to shop in stores on the day after Thanksgiving. Almost one-third of those planning to shop on Black Friday say they will spend more than $875 on gifts this holiday season, with 17 percent planning to spend more than $1,000. That compares to an average of $676, according to another survey by the International Council of Shopping Centers, a trade association.
"For those who wonder why retailers invest so much effort and creativity into one shopping day, these numbers speak volumes," said Mark Rein, director of strategic consulting for the Maritz Retail Research Group. "The poll also revealed strong demographic indicators, such as 44 percent of those with household incomes between $75,000 and $100,000 planning to shop on Black Friday."