US retail sales between Black Friday and Cyber Monday will set new records, gaining 5% year on year to hit $75 billion, Bain & Co. has predicted.
The shopping period will comprise 8% of total holiday sales, its highest share since 2019, Bain said earlier this month. That increase will outpace the improvement in total holiday sales, which are expected to go up 3% from 2023, with in-store growth climbing 0.5%, while online will advance 9.5%. Overall holiday sales have risen an average of 5.2% over the past 10 years.
Retailers should focus on promotions during Black Friday, which will be the top sales day of the year, Bain noted. Cyber Monday is expected to be less popular this year.
“The Black Friday-to-Cyber Monday period remains pivotal, with Black Friday consistently ranking as a top sales day, claiming the coveted number-one and number-two spots in recent years,” the luxury goods consultancy explained. “This makes Black Friday a prime opportunity for retailers to refine their promotion strategies, ensure adequate inventory, and perfect in-store experiences. Cyber Monday, however, has seen its relevance fade, falling out of the top sales days after 2019. E-commerce growth has slowed, and many shoppers feel that they can conveniently shop online anytime, with deals extending beyond the core weekend.”
Category performance across the compete holiday season is expected to vary, with online sales seeing the highest growth, up 5%, while the clothing and accessories segment — which includes jewelry — will increase between 1% and 5%. Furniture and home furnishings will see the largest decrease, falling 5% or more year on year.
Image: Holiday presents under a tree. (Shutterstock)
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