Black Friday, Cyber Monday biggest discount shopping days in US history
Data reporting service Edited has released a recap revealing that 2017's Black Friday and Cyber Monday were the largest volume discounting sales days in US shopping history. Cyber Monday sales alone totalled $6.6 billion.
Walmart topped the list, discounting almost 200K products by 60% or more. Bluefly was the second highest discounter, offering 51K products at 60% or more off. Macy's, Kohl's and Boohoo rounded out the top five highest volume discounters. Calvin Klein, Lauren Ralph Lauren and Vince Camuto were the deepest discounted brands.
Edited reports that almost half of the US online apparel market was discounted by an average of 45% off, compared to 36% off from last year. Sales began the week before Thanksgiving with retailers stocking 11% more product than last year. Product sell outs reached 102% more than last year.
Regardless, the numbers indicate Thanksgiving weekend was not as lucrative as retailers had hoped with retailers adding to their sales after Cyber Monday. Walmart added 40% off jewelry and watches on Tuesday. Forever 21 added 185 tops to its sale on Tuesday. Meanwhile, Saks Off Fifth added leggings to its sale and Bluefly added 131 more dresses to its sale.
Edited found the US consumer needs a cheaper price point, with the median price of product this year declining from previous years. This year's $48.70 price beat out last year's $50 median. Two years ago, the median price of product sold was $57.
The US economy is to blame when looking at sales numbers globally. While manufacturers increased their supply of goods in anticipation of holiday shopping, American disposable incomes have not increased, meaning the US consumer is shopping heavily for a discount price.
Another piece of data Edited's report revealed was the impact of a first discount and whether retailers are discounting their product too much to convert to sales. Bags were the leading category of discounted goods to sell out after the first markdown.
Edited found while consumers are responding to discounts, there was 105% growth in sell through of full price items over the weekend. Edited said, "That shows that promos are driving customers to shop, but it’s the product which connects that will makes them part with money if its perceived to represent true value."
Comparing the US to the UK, the UK saw only a 35% discount on its products. The UK put 18% more products out on the market yet saw a 10% reduction in holiday sell outs. Edited reports this indicates the UK economic situation is not as dire as in the US.
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