[ad_1]
Black Friday 2024 in-store shopping traffic declined by 3.2% nationwide compared to 2023, according to data from RetailNext, a leader in retail intelligence and traffic analytics. Despite hopes for a rebound, the results reflect broader trends seen throughout 2024, marked by cautious consumer spending amid economic pressures.
The 3.2% decline in nationwide foot traffic mirrors the year-to-date trends reported by RetailNext, which showed an overall 3% decline for in-store shopping activity. Regionally, the Midwest experienced the steepest drop at 7.0%, attributed in part to colder winter weather. The South and West followed with declines of 3.5% and 3.2%, respectively, while the Northeast fared better with a smaller 2.1% drop despite similar weather conditions to 2023.
Black Friday traffic trends varied significantly by category, reflecting shifting consumer behavior. The Apparel and Footwear categories saw modest growth, with traffic up 0.4% and 1.3%, respectively. Footwear, which struggled throughout most of 2024, benefited from its second month of positive performance since August.
However, Health & Beauty experienced a sharp 7.2% decline, a stark contrast to the 13.3% surge it recorded in 2023. RetailNext’s analysis notes that this year’s performance remains an improvement over 2022 and was bolstered by stronger traffic leading up to Black Friday, with pre-Black Friday (Saturday through Wednesday) traffic up 2.2% year-over-year.
The Jewelry category, a consistent performer in 2023 with a 6.7% increase last year, experienced a slight 0.2% decline this Black Friday. Meanwhile, the Home category reported a 4.1% decline, reflecting softer demand in non-essential categories.
RetailNext’s global manager of advanced analytics, Joe Shasteen, pointed to economic challenges as a key driver behind the declines.
“Inflation-fatigued consumers appear to be prioritizing essential purchases and carefully weighing discretionary spending, underscoring the continued importance of value-driven shopping decisions this holiday season. Additionally, many retailers have extended Black Friday deals to widen the shopping window, offering consumers more time to find discounts and spread out their shopping across the holiday period,” he says.
Retailers’ strategies to extend Black Friday deals throughout the holiday period may also have contributed to softer traffic on the day itself. By offering extended promotional windows, businesses have given consumers more flexibility to spread out their purchases, reducing the urgency of a single-day shopping spree.
Despite the Black Friday declines, some indicators suggest potential resilience in consumer spending as the holiday season progresses. Strong pre-Black Friday traffic and positive results in select categories highlight opportunities for retailers to meet shifting consumer preferences. However, continued economic pressures are likely to shape spending patterns throughout the remainder of 2024.
As retailers adjust their strategies, the importance of balancing promotional windows and meeting consumer demand for value-driven shopping experiences will remain critical in navigating the evolving retail landscape.
