The calendar is no friend to retailers or shoppers this holiday season. Since Thanksgiving fell on the latest date possible, that leads to the shortest Christmas shopping season possible. As Sean Richardson with the Louisiana Radio Network reports, LSU Marketing Professor Dan Rice says the time squeeze motivated retailers to start their Black Friday deals early.
As Rice explains, “People realizing if they don’t get the purchase now then they may not have time to go back for it. So things like end aisle displays and displays in the checkout lanes may have more impact than they otherwise would have because people have this fear that if they don’t pick it up now they may lose out on the deal or may not be able to get back.”
Rice says the short season is also driving shoppers online. “If they can do shopping in a different number of online spaces as opposed to physically going from store to store that may save time and allow them to be more efficient with their purchasing power.”
Rice also offers some advice. First, understand deals. Just because a store says something is on sale doesn’t mean it’s the best price of the year. Second, consider income. A shopper’s income level can impact how much someone is comfortable spending. Third, suggests Rice, is to consider the economy. How someone views the economy can impact their spending. And finally, consider prices. Rice concludes, “Whether you see prices going up with a new administration or down may also influence your decisions, and in some impulse purchases or emotional purchases, most rational thoughts have little impact.”
Despite the shorter window of opportunity for shopping, the National Retail Federation (NRF) forecasts that “consumer spending on the winter holidays is expected to reach a record $902 per person on average across gifts, food, decorations and other seasonal items.” That amounts to a $25 increase per person compared to last year and $16 higher than the previous record set in 2019.
