What do long lines, crazy people and daytime have in common? Black Friday. Things are a little different this year and with that, the above sentence looks a little outdated. If you went shopping in physical retail stores this year, you probably saw a lot of masks but way less people.
Consumers replaced their standard shopping carts for virtual ones after spending an estimated $9 billion on U.S retail websites on Black Friday, according to Adobe Analytics. In 2019, the number sat at $7.2 billion so this jump represents a 22% increase in online shopping in the year.
Like Sir Isaac Newton says, “Every action has an equal and opposite reaction.” On one side, online sales and businesses have flourished. Meanwhile, foot traffic in physical U.S. stores has taken a dive as retailers attempted at preventing big crowds in the stores by cutting their hours and limiting the crazy deals.
According to Sensormatic Solutions (a retail tracker), U.S. store visits were cut in half this year. Out of the many sectors affected, jewelry and footwear were among the worst. Products like Apparel and home goods also took a hit with apparel sales down 50% and home goods down 39%.
When one door closes, another one opens. There is always money to be made and earned. It’s about knowing how to find it. Stay Smart.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.