A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
3 observations about Black Friday weekend
While Black Friday weekend sales figures don’t tell the whole story of the holiday season, they do lend some insight into consumer behavior.
New York-- While Black Friday weekend sales figures don’t tell the whole story of the holiday season, the data culled from a three-day span of shopping does lend some insight into when, where and how consumers are spending their money.
In a story published last Wednesday on FiveThirtyEight.com, analyst Ben Silver’s website, economics writer Ben Casselman argued that the data that emerges about sales over Black Friday weekend is unreliable and that the weekend itself is no real indication of how much consumers are going to spend for the duration of the holiday season.
He also pointed out in his piece that shopping patterns have changed significantly in recent years, making consumer behavior harder to understand and, thereby, predict.
None of this should come as news to jewelers, who are well aware of the changing nature of retail and for whom Black Friday never has been the big make-it-or-break-it weekend anyway.
Jewelers have long told National Jeweler that the weekend after Thanksgiving is a time for consumers to hit up the big-box stores although some, including Northeastern Fine Jewelers and Lily & David Fine Jewelry in Saratoga, N.Y., have begun offering Black Friday deals in the past few years.
There are, however, several takeaways for retailers from the weekend as the U.S. heads into the heart of the holiday shopping season.
1. Online sales are continuing to grow. Online analytics firm comScore reported that e-commerce retail sales on Thanksgiving Day were up 9 percent year-over-year, and Black Friday sales rose 10 percent.
So far this holiday season (Nov. 1 to 27), online retail sales are up 5 percent year-over-year to $23.45 billion, comScore reported.
E-commerce is continuing to change the retail landscape, particularly as it gets easier to shop online. The National Retail Federation reported that 57 percent of both smartphone and tablet owners used their devices to shop over the weekend.
In the post-Black Friday news release, Pam Goodfellow, the principal analyst for Prosper, the company that conducts the NRF’s surveys, observed that “The ease of online shopping through mobile devices now lets millions of people research what they want as well as make timely purchases any day of the weekend.”
2. Consumers are spreading out their spending. The general consensus from the holiday weekend seems to be that online sales outperformed in-store sales, though even online sales reportedly fell short of expectations too.
ComScore
So does that mean consumers aren’t in the mood to shop at all this holiday season? The answer is it’s too early to tell.
As observed above, this past weekend is not necessarily an indicator of how the holiday season is going to go. Today’s budget-conscious consumers tend to spend money both early and late in order to spread out the season’s impact on their wallets.
3. Retailers of all types are embracing “Cyber Monday.” Cyber Monday is the name given to the Monday following Black Friday weekend, which tends to be a big day for online deals and sales. ComScore predicts that U.S. consumers will spend more than $2.5 billion from their desktop computers alone today.
People will “return to their work computers after Thanksgiving weekend and use some of their down time to continue their holiday gift buying, but without other family members looking over their shoulders,” Fulgoni said.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.