The Way We See It
Fall 2016 > Millennials and Black Friday
Millennials and Black Friday
As Thanksgiving approaches, we quickly begin to feel the pressure of the holidays engulfing us with its ever stressful presence. The usual Turkey Day playbook rears its repetitive head. The delicious bird has barely hit our stomachs when people begin flocking to the stores to take advantage of those once a year Black Friday prices. Last year alone, consumers spent $4.45 billion dollars in two days starting with Thanksgiving Day and ending with Black Friday. But, how much longer of a life span does Black Friday actually have? The day following Thanksgiving boasts “one-day deals” and “door buster discounts” at nearly every store across America. It used to be a concrete pillar which marked the official start of the holiday season. Now, the season no longer begins with Black Friday and ends with Christmas Day. It has evolved into an extended period of time which generally begins before Halloween, and the season will continue to drop some discounts throughout the two-month period. Millennials, due to their strong influence in the consumer world, have been a large factor in this evolution.
Millennials have grown up in the age of the internet. To them, the thought of getting up at 2 am, driving to the store, waiting in line with hundreds of strangers, and essentially having to be quicker than the person two spots ahead of you is not exactly their idea of fun. Millennials are smart with their research and will do everything they can to stretch their dollars. This generation, having come of age during the Great Recession, is exceptionally cost conscious and will cross compare a deal down to the penny according to an article written by The Huffington Post.
Millennials are social creatures, but not in the way that requires them to interact with people who are fighting over the last iPad. They like to make decisions in groups, and will rarely purchase an item without first having talked to their peers. It has been noted in an article written by Micah Solomon of Forbes, that they are the generation who wants to co-create with brands. Businesses who can take advantage of the desire that millennials have to engage with the creation of products will be the ones who will come out on top this holiday season.
Over half of Millennials are predicted to shop on Black Friday, the highest turnout of any age or generation. Offers.com estimates that millennial shoppers on Black Friday will increase this year by 7%, either online or in-store, an increase that is twice that of the next largest age group. According to these numbers, millennials are slowly but steadily dominating the holiday shopping.