So Long Black Friday, Hello Cyber-Thanksgiving Thursday?
NEW YORK (TheStreet) -- Will the days of the Black Friday shopping frenzy soon be a thing of the past?
Retailers continue to face increasing amounts of headwinds as the shopping experience undergoes a massive transformation, both from macro-economic factors as consumers shun discretionary items to industry trends such as the growing force of online competitors. As part of that ongoing shift, chatter is heating up that Black Friday, traditionally retailers' kickoff to the Christmas season and the largest shopping day of that first holiday weekend, will become a thing of the past.
A new report out by Adobe adds fuel to the fire, suggesting that online consumer spending on Thanksgiving will soon surpass Black Friday in online sales.
The Adobe Digital Index 2013 Online Shopping Forecast predicts record growth for online sales on Thanksgiving this year, up 21% to $1.1 billion. The Thanksgiving online sales growth is likely to come in above the 17% online sales growth expectations for Black Friday, to $1.6 billion, as well as the online spending expectations of $2.27 billion, up 15%, for "Cyber Monday."
"Although many retailers have announced that they will be open, consumers still prefer to stay home with relatives on Thanksgiving, but they don't want to miss out on the deals. This makes Thanksgiving a natural online sales day for couch surfing mobile users to get a jump on their shopping," according to CMO.com, Adobe's Web site for digital marketing news.
"Brick-and-click retailers will benefit most from online shopping that day as they receive the lion's share of online spend early in the season," the blog post said. "In 2010 Thanksgiving was a below average sales day, but over the last three years it has grown faster than any other day for online sales. If current growth rates continue brick-and-click retailers are expected to sell more online on Thanksgiving Day than on Black Friday within the next five years."
This year's shortened holiday season, due to Thanksgiving and Hanukkah coinciding, could cost retailers roughly $1.5 billion in potential sales, Adobe estimated. It's part of the reason that an increasing number of big retailers from Macy's