Your favorite retailers like Target, Best Buy, Walmart, Dick’s Sporting Goods and more will be open on Black Friday, and luckily for you, so will most major banks. While some people treat Black Friday as a federal holiday, it’s not *technically* a day off for everyone. For Chase, Wells Fargo, Santander and others, it’s business as usual.
That said, some think Black Friday is losing its power, thanks to online shopping and other unofficial holidays like Cyber Monday. “I think the traditionalists will have a hard time stomaching that,” Josh Elman, a consumer and retail analyst with Nasdaq Advisory Services, told Business Insider in 2017. “But I think at the end of the day … the whole idea and concept of Black Friday deals in-store will diminish over time.”
Steven Barr, consumer markets leader for PwC, agreed. “Black Friday has lost its significance,” he said to the Chicago Tribune that same year. “Retailers have conditioned the consumer to believe everything’s on sale every day, which means the deals on Black Friday are not significantly different from any other time.”
“More holidays year-round — including some that are retailer-generated — mean more opportunities for discounts and promotions,” the PwC report said. “Consequently, the decline of Black Friday is hardly news at all. Especially from its glory days heralding the start of the in-store holiday shopping season.”
Tell that to the 86 percent of Americans who are planning on spending their hard-earned cash this holiday season, though, according to finder.com. The site states, “Research shows that although 12% more Americans are planning to partake in 2019 pre-Christmas sales than in 2018, the average adult is expected to spend about $3 billion less than the previous year with the average adult expecting to drop $397.50 (roughly $87 billion).”
Frugal millennials, however, are only expected to dish out an average of $252.11 this year, as opposed to baby boomers, who could shell out as much as $626.35. Ya hear that mom and dad?!
But while banks will be open so you can grab more cash after you run out, be careful not to go overboard. On average, women regret purchases of about $920.76, while for men, the amount is slightly more at $1,012.42. Happy shopping!
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