Pic: Adobe Stock
Broader spending trends in the two weeks leading up to Black Friday revealed a continued appetite for value-driven purchases. Footwear spending showed notable growth compared to the same period last year, reflecting increased consumer interest in completing holiday outfits.
Apparel spending started off the season with relatively stronger activity in-store, but consumers spent impressively online for Black Friday. After an unusually warm Fall, the cool and clear weather was welcomed for the Apparel sector. To complete the outfit, spending on Footwear is tracking stronger than last year at this time, Mastercard SpendingPulse said in a press release.
Regional spending patterns highlighted strong performances in states like Massachusetts, Washington DC, and Colorado. The overall results from Black Friday suggest a holiday season characterised by strategic and value-focused shopping, combining both in-store experiences and the convenience of e-commerce. Retailers can anticipate sustained consumer interest in the weeks ahead as the holiday shopping season unfolds.
“Black Friday was a good indicator of how the holiday season is positively shaping up,” said Michelle Meyer, chief economist, Mastercard Economics Institute. “Our real-time insights show that consumers are comfortably in the gift-giving spirit as price reductions and deals occur across sectors, supporting budgets for holiday shopping.”
“Shoppers are making the most of seasonal deals and enjoying a balance of experiences spending and gifts for all loved ones,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “They're more strategic in their shopping though, prioritising promotions that they believe hold the greatest value—opening their wallets, but with more intentional distribution.”
Fibre2Fashion News Desk (KD)