Ethan Chernofsky: Black Friday Sees Significant Increase in Retail Visits
During the holiday season, there has been a widespread belief that Black Friday is losing its significance for retailers. However, recent data from Placer.ai tells a different story. In 2023, Black Friday saw a significant increase in visits to brick-and-mortar retail stores compared to the previous year.
According to Ethan Chernofsky, Senior Vice President of Marketing at Placer.ai, this spike in visits during an economically challenging time proves that Black Friday still holds unique appeal for customers.
The data also showed that electronics retailers experienced the largest increase in visits on Black Friday with 538% growth compared to last year. Other segments such as beauty and self-care (375%), department stores (338%), recreational and sporting goods (322.9%), malls (270.4%) and apparel (200%) also saw significant spikes.
While some of these increases can be attributed to economic challenges faced by certain segments during this time period, it sets a positive foundation for retail performance during future holiday seasons.
One aspect worth considering is whether bargain-seeking behavior played a role in driving more store visits on Black Friday. While it’s difficult to determine its exact impact, Chernofsky believes there could be a connection between major holidays centered around doorbusters and value-seeking behavior among consumers.
Looking beyond the holidays , will this surge in retail traffic continue? According to Chernofsky , while there are reasons for optimism post-holiday season when gift cards are used and unwanted gifts are returned; it’s important not overlook each retailer’s seasonal patterns within their respective segment or industry throughout the entire holiday season.
