Chicago -- Retailers project a 3.1% increase in sales on Black Friday, according to a survey of top retail chief marketing officers by BDO USA, LLP. This optimism follows last year's modest projection of 1.6% growth, which preceded record sales over Thanksgiving weekend.
In 2011, Cyber Monday marked the biggest online spending day in history, with sales topping $1.25 billion and retailers expect it will be another banner event this year. CMOs anticipate a 4.3% increase in Cyber Monday sales, the largest projected increase in the survey’s history. The optimism surrounding Black Friday and Cyber Monday aligns with retailers' broader positivity heading into the holiday shopping season. However, strong Thanksgiving weekend sales will not come without heavy promotions. A majority of CMOs (66%) expect an uptick in discounts and promotions this holiday season.
These findings are from the most recent edition of the BDO Retail Compass Survey of CMOs, which examined the opinions of 100 chief marketing officers at leading retailers located throughout the country. The retailers in the study are among the largest in the country, including 20 retailers in the top 100 based on annual sales revenue.
Other findings include: