Attractive couple walking on the street hand in hand, holding shopping bags and looking at the store window
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Black Friday is just around the corner with news of early promotional campaigns appearing daily.
Best Buy has launched its official first Black Friday sale, featuring new doorbuster deals every Friday. Target is also offering holiday doorbusters, while Walmart announced that its initial sale will take place from November 14 to 16, followed by its official Black Friday event from November 25 to 30.
In what has become a major selling moment for retailers, arriving the day after Thanksgiving, and at the peak of holiday shopping season, the name Black Friday is thought to come from when retailers move from the ‘red’ (losses) to the ‘black’ (profits).
No longer a single day, Black Friday has evolved into a multi-week event that that has gained popularity across other parts of the globe. Today, it’s a critical opportunity for retailers to attract price-conscious shoppers, clear excess inventory, and capture holiday spending in the crucial last weeks of the calendar year.
Act now to capture spend
Retailers often see a significant spike in sales from Black Friday and Cyber Monday campaigns, which can help meet revenue targets. Last year, sales exceeded expectations, with the National Retail Federation (NRF) estimating that 197 million consumers shopped between Thanksgiving and Cyber Monday, spending, on average, $235, up $8 from 2023.
This year, retailers will be hoping to see this trend continue. However, with almost half (48%) of U.S. consumers planning to start holiday shopping by the end of October and only 13% waiting for Black Friday and Cyber Monday to start shopping, retailers will need to move quickly to capture their share of festive dollars. That’s according to Accenture’s Annual Holiday Shopping Survey.
What to expect this year
Black Friday continues to be popular among consumers. It offers the chance for value seeking shoppers to secure significant discounts ahead of the holiday season, while creating a sense of urgency and excitement that drives high-volume sales for retailers.
According to Accenture’s Survey, more than three quarters (77%) of U.S. consumers plan to participate in Black Friday and Cyber Monday shopping. That figure rises to 84% gen Z shoppers (18-27 years old) and 88% older millennial (36-43yrs) shoppers, the highest of any age group. The lowest reported rate is among baby boomers (60-69 years old) at 56%.
Organized and strategic shoppers
When asked how they are planning ahead for Black Friday and Cyber Monday shopping, 45% of U.S. consumers said they will have a list of items they want to buy, identify a few options and make final decisions on the day depending on discounts. Young millennials (aged 28-35 years old) are more likely to have a prepared list going into the promotion-packed weekend compared to baby boomers (aged 60-69 years old) at 56%.
Interestingly, only 11% of U.S. consumers don’t know what they want to buy ahead of Black Friday and Cyber Monday, which means retailers will need to act now to ensure the items their available products are promoted and considered by shoppers as they finalize their lists.
A helping hand from gen AI
In the space of a few years, gen AI is reshaping how and where shopping gets done.
In preparation for Black Friday, 46% of US shoppers plan to use conversational or gen AI tools, with 66% of consumers having used it in the last three months, almost double (39%) compared to last year’s survey.
Of that figure, just over one-quarter (26%) anticipate using a specific conversational AI or gen AI tool from a retailer or brand that provides precise advice for the individual product. The same number plan to use traditional online research on websites, reviews or deal forums. However, a gap emerges among baby boomer shoppers with 44% researching websites and forums, versus just 21% planning to use gen AI tools.
Only 4% of U.S. consumers plan to use social media or influencer reviews for Black Friday shopping information, making these sources the least popular.
This trend is not going unnoticed by retailers. Nearly half of US retail executives say gen AI is one of the most influential trends this season and are now creating differentiated tools. They’re also thinking about agentic commerce and how they show-up in a world every touchpoint, online or in-store, needs to add clarity, remove hesitation and reinforce confidence.
Bigger wins this Black Friday
Black Friday remains a cornerstone of the retail calendar, offering a vital opportunity to drive revenue, clear inventory, and attract new customers ahead of the holiday season. However, retailers need to act now to capture consumer attention and sales. With spending already spending already ramping up, delaying could mean missing out on a critical revenue opportunity.
In a season where timing is everything, early action can be the difference between record-breaking sales and missed potential.