Kim Sovell, marketing professor at the University of St. Thomas Opus College of Business, recently spoke with KSTP-TV about how Black Friday sales have turned into “Black November” sales.
From the story:
“We’ve got this ‘Black November’ now. It’s not Black Friday anymore. It’s a whole month of sales and all the big retailers are trying to get the one-up on the other retailer, so they start offering sales sooner and sooner,” said retail expert Kim Sovell, a senior participating adjunct professor of marketing at the University of St. Thomas. “That is an attempt to get consumers into the mood to spend early, which actually if you’re trying to save money, spending early and catching those early sales is a good idea.”
Despite the pressures of rising inflation, the National Retail Federation predicts holiday shopping will break records this year, surpassing last year by up to 4%, with the average person spending $620 on gifts.
Sovell said the state of the economy is leading to other trends this year as well, such as giving gift cards or “experiences” instead of goods.
“Almost a quarter of holiday shoppers say they plan to give the gift of an experience this year, which is up almost 20% from last year,” Sovell said.