- Kristopher Fraser |
This year has been a tough one for retail, but they weren't letting themselves stand defeated. With America's e-commerce spending surpassing 100 billion dollars this year, and more consumers shopping online that in department stores, retailers are hoping Black Friday will help them close the year strong.
According to a reported by EDITED, a retail technology company, after analyzing 3.5 million items in real-time data with their artificial intelligence technology, 46 percent of the U.S. apparel market is already discounted, which is up from 38 percent a week ago on November 14. The average advertised discount amount in 47 percent off, and this number is expected to grow further over the shopping weekend. Accessories account for the biggest discounted category making up 35.5 percent of reductions. Tops and footwear come in second and third place at 21.7 percent and 13.3 percent.
Black Friday discounts steeper than usual for retailers
Black Friday has proven the best time to buy a discounted designer bag. Sales on designer handbags are typically low year round, as that makes up a core of many luxury brands and department stores businesses, but during Black Friday the most common reduction bracket is 30 to 40 percent off according to Katie Smith, EDITED's retail analysis and insights director.
Brands including Fendi, Balenciaga, Tom Ford and Prada are going for 40 to 50 percent off. For the sneakerheads, Black Friday is also a great time to shop. 57 percent of sneakers are discounted by an average of 34 percent off. The percentage is expected to climb to 40 percent over the next few days. Top sellers include the Balenciaga Speed Trainer, Nike Air Max, Puma Blaze of Glory and the Adidas Iniki Runners.
This year, discounts on puffer coats and quilted jackets are even high compared to previous years. Thanks to a late start to fall and a rumored warm winter in America, retailers have put discounts on the coats to try and push product. Discounts on these products are as high as 60 to 70 percent.
Perhaps retail's year of discontent could be saved by Black Friday sales.photo: via Barneyswarehouse.com