New Canaan, Conn. -Count on Customer Growth Partners president and CEO Craig Johnson to provide a refreshing break from the standard Black Friday forecast. Here’s his take on the top 10 retail-related holiday myths of 2014:
1. Well, at least Black Friday is still the biggest shopping day. Wrong. Black Friday has been hollowed out, with the big specials at Walmart, Best Buy, Target and others also pushed forward to Thanksgiving evening, if not a week earlier. The last Saturday before Christmas, Dec. 20, as consumers continue to buy closer to need, particularly luxury and online shoppers will be biggest.
2. Thanksgiving will remain a treasured American tradition. Not after dinner. Mom is now shopping the stores online, dads brave the crowds for the hourly deals, kids have made the evening and midnight shopping a social occasion, and Black Friday madness is now spreading to England, Japan and China.
3. Falling gasoline price are boosting Holiday sales. Gas prices are 9% below last year, saving consumers about $5 billion this season—but that decline is more than offset by food costs which are up about $10 billion from 2013.
4. “Cyber Monday” is the biggest online day. Cyber Monday is a creation of the e-Retail trade association. Dec. 20, the last day for Amazon Prime Christmas arrival, will be the big day.
5. The “Christmas Lull” is itself a myth. In fact, the growing Black Friday hype, now into earlier November, pulls demand forward from December into November—without boosting total sales.
6. Opening on Thanksgiving will increase sales. No. Expanding your opening hours during the Black Friday weekend does not increase the demand pool—it simply shifts it forward.
7. The interval from Thanksgiving to Christmas can alter total sales. Poorly performing retailers use late Thanksgivings as an excuse, but November-December always has 61 days.
8. Toys are passé as kids as switch to electronics. Wrong. At least for girls, “Frozen”s various incarnations, notably talking or singing Elsa’s, are routinely sold out online and in-stores.
9. Apple iPhone 6 will be the most common gift. Wrong again. Year-in and year-out, sweaters remain the most frequently gifted item.
10. There is no “must-have” Holiday gift this year. Wrong. Apple’s iPhone 6 Plus model remains very hot, and even Apple stores typically sell out by noon on days shipments arrive.