2016 Black Friday & Holiday Spending Predictions

black-fridayThe holidays (and holiday shopping) are officially here!  Today is Black Friday and Cyber Monday is just three days away.  Thus begins the month-long sprint to Christmas and Hanukkah. Here are this year’s holiday stats and facts that are impacting the shopping experience.

Adobe Digital Insights shared its 2016 holiday predictions. It looks like 2016 will be a good year.

  • Black Friday will be bigger than ever. For the first time, sales are expected to exceed $3 billion, an 11.5% increase over last year.
  • Cyber Monday’s sales will exceed $3 billion, an increase of 9.4% over last year.
  • 5% of customers will drive 35% of the revenue.
  • 25% of the top products sold this holiday season will be during Black Friday weekend.
  • This should be a good year for retail as holiday season sales are expected to grow 11% over last year, reaching $91.6 billion.
  • The top 5 holiday gifts (in order of popularity based on social mentions) are Pokémon Sun/Moon, Barbie, Legos, Oculus and PlayStation VR.

Looking at these predictions, retailers should be happy. The economy isn’t holding sales back. The two big shopping events should set the pace for robust sales throughout the rest of the holiday shopping season.

Experticity has some interesting information about the influence employees have over customers. Similar to the Adobe Digital Insights study, it predicts Black Friday and the weeks that follow will be a boon for retailers. Social media will play a big part in what sells or what doesn’t as shoppers will look to social sites for feedback, reviews and more. That said, Experticity claims that sales associates will also have a powerful influence on the customer’s buying decisions, so it is wise to invest in employees through training, perks and wages.

Source:  Forbes