RetailNext, the leading in-store traffic analytics provider used by 450+ of the world’s most popular retail brands, announces initial insights from Black Friday Weekend 2023. On Black Friday itself, retailers saw a pop in foot traffic of 2%, and health and beauty brands saw the most significant increase with a 13% jump, followed by jewelry brands which experienced a nearly 7% jump. Retailers, on average, saw a 1.6% increase on Black Friday and the following Saturday.
Initial results spanning insights from tens of thousands of stores that have RetailNext’s technology reveal:
Black Friday (Nov. 24, 2023) & Saturday (Nov. 25, 2023):
US Overall:
- Black Friday: +2.1%
- Saturday: +0.7%
- Friday/Saturday Average: +1.6%
By Category:
- Health & Beauty:
- Black Friday: +13.3%
- Saturday: +9.0%
- Friday/Saturday Average: +11.9%
Jewelry:
- Black Friday: +6.7%
- Saturday: +2.6%
- Friday/Saturday Average: +5.3%
Home:
Black Friday: -7.9%
Saturday: -7.1%
Friday/Saturday Average: -7.6%
Apparel:
- Black Friday: +1.9%
- Saturday: +1.0%
- Friday/Saturday Average: +1.6%
Footwear:
- Black Friday: +0.2%
- Saturday: +2.5%
- Friday/Saturday Average: +1.0%
By Region:
Midwest:
- Black Friday: +3.0%
- Saturday: -0.2%
- Friday/Saturday Average: +1.9%
Northeast:
- Black Friday: +2.6%
- Saturday: +0.4%
- Friday/Saturday Average: +1.9%
South:
- Black Friday: +0.2%
- Saturday: +0.7%
- Friday/Saturday Average: +0.4%
West:
- Black Friday: +2.1%
- Saturday: +1.8%
- Friday/Saturday Average: +2.0%
This year’s traffic data comes on the heels of a complex time for retailers as they aim to close out the year strong amidst a combination of inflation headwinds, shopping fatigue, consumer vulnerability due to gas and grocery prices, and an overall rise in consumer debt. The company anticipated that its initial footfall expectations for Black Friday week and Black Friday itself would slightly outperform the preceding weeks due to retailers investing heavily in discounts and promotions, in-store experiences and perks like Buy Online, Pick Up In Store (BOPIS).
“The U.S. has been trending at -2% to -5% over the past few weeks, so we expected a marginal lift for the week-over-week trends and a slight decline to flat YoY for the entire week. By comparison, physical store traffic rose an impressive 7% in 2022.
Today’s results give us a glimpse into the consumer mind, which is increasingly cautious about discretionary spending amidst pressures like higher interest rates, student loan repayments, gas and grocery cost increases, increased credit card debt, and reduced savings rates,” said Joe Shasteen, Global Manager, Advanced Analytics.
“The increase in U.S. store traffic over Black Friday Weekend is a positive development considering recent trends and is on the higher end of our expectations. This is a good sign for retail in the holiday period,” says Shasteen.
“With discounting at an all-time high this year, it’s likely the wider variety of discounted merchandise is boosting footfall as shoppers browse the best deals available. Other trends we expect to help drive traffic this year are the personalization in media and ads while the influence of social media (TikTok, Instagram) has continued to grow.”