Consumers to Spend More on Black Friday Despite Economic Downturn - page 2.

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Quote from: Davidvictorson on November 08, 2022, 09:52:44 AM

In one of my posts, I wrote about how a new survey reported that, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Despite this consumers will spend more on Black Friday this year. According to a new survey of 3,006 shoppers by Emarsys revealed that one in five (21%) U.S. consumers will do most of their holiday shopping on Black Friday — with over a third (35%) increasing their spend from 2021. Isn't this surprising? Why is this so? The reason is because consumers are spending more discerningly to maximize the value they get for their spending. In short, value is the topmost thing on the minds of the consumers. Interesting findings, isn't it? Lemme know what you think? Are you spending more or less on Black Friday deals?

In my experience Black Friday has just morphed into a day that retailers now exploit to the max, whereas when it first started you could find many genuine high quality promotions, now it is hard to find anything that has not been cynically planned to exploit clueless consumers. I remember picking up things like domain names for $1 or finding many excellent deals which saved money, when the consumer had the upperhand and retailers were still trying to join in the hype. Now it's like they jack the prices up a few months beforehand, specifically to drop them over this weekend and the customer does not get a special price at all. Sometimes prices can even be higher but marketed in very sly ways.

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Quote from: avikz on November 08, 2022, 01:12:57 PM

I will add one more point to answer why consumers are expected to spend money during black friday. Black Friday comes every year at a fixed time so more than 90% of the spendings are actually pre planned. People don't make impulsive buying choice during black friday. They obviously tend to buy more products if they get a good deal. But the sale is mostly driven by the pre planned purchases.

That's why you will possibly see a similar kind of buying interest from the retail consumers this year as well.

Yes, people have been saving for this day to come so eventually if they will find good deal to buy, then they can maximize their purchase as much as they want. I guess that’s a human nature, when there are huge sale in all items, they will never let it pass. And besides, if they can go for early shopping this year with bargain prices, then they don’t have to go rush shopping when the holiday season comes.

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There is no explanation for the high demand for buying during Black Friday other than that the prices are very low. This has nothing to do with the economic situation of the country in general, but rather with individuals who seize the opportunity of Black Friday. In the end, not all people accept the purchase, whether on the occasion or without it.
Personally, I don't recall having acquired things on this occasion or perhaps because I am not a demanding person by nature.

Johnyz

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Items during black Friday are cheaper, and many will go take this opportunity to save some money. Some may buy only their needs while others can take this opportunity to buy what they want. Many are still spending their money within their budget and that’s fine even if there’s a threat of huge crisis as long as you can still have funds for your other needs, I see nothing wrong here. We can only know the effect of recession once we get there, many still don’t know what’s coming.

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Quote from: Davidvictorson on November 08, 2022, 09:52:44 AM

In one of my posts, I wrote about how a new survey reported that, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Despite this consumers will spend more on Black Friday this year. According to a new survey of 3,006 shoppers by Emarsys revealed that one in five (21%) U.S. consumers will do most of their holiday shopping on Black Friday — with over a third (35%) increasing their spend from 2021. Isn't this surprising? Why is this so? The reason is because consumers are spending more discerningly to maximize the value they get for their spending. In short, value is the topmost thing on the minds of the consumers. Interesting findings, isn't it? Lemme know what you think? Are you spending more or less on Black Friday deals?

Spending less or more, it wouldnt matter because whether these economic recessions or other related economic problems wont really be a totally shut off on those people who do really love to buy something specially on

these holidays or events.They do always have the money allocated for these times which you could really say that it is totally contrary on what people must do on time of recession.Money will surely come out even

they do know that they are really need to be that wise on spending up due to the current situation but as part of reality then things like this would really be just like a normal day.
We do always have that reserve when it comes to particular situation.

People are predictable, pretending to have none or really that too keen on spending on some needs but when sale comes then this is where they do really come out their savings. Grin

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Quote from: Davidvictorson on November 08, 2022, 09:52:44 AM

In one of my posts, I wrote about how a new survey reported that, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Despite this consumers will spend more on Black Friday this year. According to a new survey of 3,006 shoppers by Emarsys revealed that one in five (21%) U.S. consumers will do most of their holiday shopping on Black Friday — with over a third (35%) increasing their spend from 2021. Isn't this surprising? Why is this so? The reason is because consumers are spending more discerningly to maximize the value they get for their spending. In short, value is the topmost thing on the minds of the consumers. Interesting findings, isn't it? Lemme know what you think? Are you spending more or less on Black Friday deals?

It is not really that surprising, since money is tight then people want to maximize the amount of things they can buy with the same amount of money, and they want to make use of the Black Friday to accomplish their goals, however I will not deny that I am worried, people recognize that things are not going well with the economy but they will still spend a little fortune during the holidays, money which could be better spent by buying bitcoin and other assets which can serve as a store of value.

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Quote from: Davidvictorson on November 08, 2022, 09:52:44 AM

In one of my posts, I wrote about how a new survey reported that, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Despite this consumers will spend more on Black Friday this year. According to a new survey of 3,006 shoppers by Emarsys revealed that one in five (21%) U.S. consumers will do most of their holiday shopping on Black Friday — with over a third (35%) increasing their spend from 2021. Isn't this surprising? Why is this so? The reason is because consumers are spending more discerningly to maximize the value they get for their spending. In short, value is the topmost thing on the minds of the consumers. Interesting findings, isn't it? Lemme know what you think? Are you spending more or less on Black Friday deals?

Why not? Everything becomes a lot cheaper on black Friday, you just can't ignore it. When you see a 50% discount, even if you have money, you just borrow it from somewhere else and buy that thing anyway. Impossible to ignore these opportunities.

Black Friday is where the merchants make the most sales. I always renew my hosting packages and domains during that time of the year and profiting almost by 50%. Buy whatever you can, you are not losing money, you are making money by buying stuff.

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Quote from: avikz on November 08, 2022, 01:12:57 PM

I will add one more point to answer why consumers are expected to spend money during black friday. Black Friday comes every year at a fixed time so more than 90% of the spendings are actually pre planned. People don't make impulsive buying choice during black friday. They obviously tend to buy more products if they get a good deal. But the sale is mostly driven by the pre planned purchases.

That's why you will possibly see a similar kind of buying interest from the retail consumers this year as well.

I am really surprise that even in the face of warning and doomsday predictions, people are still increasing their expenditure. Even if the spending is pre-planned, is not possible to make adjustment and cut these expenses. People prefer to be in debt than to cut their expenses through change of lifestyle. Like NotATether pointed out, people might not believe that recession is coming or they are finding it very difficult to cut their expenses because they are used to a particular lifestyle. I think most people in developing nations have started reducing their expenses because recession is already here.Maybe due to the sound economic policies of most developed nation, their citizens are still enjoying economic prosperity, so they still have more money to spend.

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Quote from: Davidvictorson on November 08, 2022, 09:52:44 AM

Isn't this surprising? Why is this so? The reason is because consumers are spending more discerningly to maximize the value they get for their spending. In short, value is the topmost thing on the minds of the consumers. Interesting findings, isn't it? Lemme know what you think. Are you spending more or less on Black Friday deals?

Recession coming doesn't mean that people will not jump at any opportunity to buy things at reduced cost. There's a hype with Black Friday deals, they make you believe that the prices are down, and you can get good deals that will be available for a short period. The pressure becomes real, and even if you were playing it safe before with your spending, you can easily forget about the economy and get some things during the Black Friday.

avikz

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I will add one more point to answer why consumers are expected to spend money during black friday. Black Friday comes every year at a fixed time so more than 90% of the spendings are actually pre planned. People don't make impulsive buying choice during black friday. They obviously tend to buy more products if they get a good deal. But the sale is mostly driven by the pre planned purchases.

That's why you will possibly see a similar kind of buying interest from the retail consumers this year as well.

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I will tell you why.

Nobody wants to believe that a recession is coming, even if billionaires/hedge fund managers and even actors warn them about it but no one listens to them (!). Even the FED(eral reserve) is sticking their nose in the ground.

But the thunderstorm is most likely to come next year - this year is finished anyway. It'll be like 2008 so do yourself a favor and instead of dumping a lot of money on Black Friday, save that money to buy Bitcoin while it's still available for cheap.

Davidvictorson

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In one of my posts, I wrote about how a new survey reported that, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Despite this consumers will spend more on Black Friday this year. According to a new survey of 3,006 shoppers by Emarsys revealed that one in five (21%) U.S. consumers will do most of their holiday shopping on Black Friday — with over a third (35%) increasing their spend from 2021. Isn't this surprising? Why is this so? The reason is because consumers are spending more discerningly to maximize the value they get for their spending. In short, value is the topmost thing on the minds of the consumers. Interesting findings, isn't it? Lemme know what you think? Are you spending more or less on Black Friday deals?

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