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RetailNext estimates Black Friday brick-and-mortar retail store traffic was down 48% year over year, while sales were off by 30%. Adobe estimates online sales were up 22% year over year.
It’s no secret that the pandemic has been rough on traditional retailers. For years it’s been widely noted that many brick-and-mortar retailers were just one bad holiday season away from a dire financial situation. For those that have squeaked by so far, that one bad season could be here. The situation could be exasperated by targeted lockdowns in December, as it gives consumers a limited ability to spend at traditional retailers and furthers the shift to online shopping. Spending in categories such as entertainment and restaurants and bars is starting to roll over, as physical distancing restrictions are once again being mandated.
Source: Bank of America. Total card spending includes total Bank of America card activity which captures retail sales + services paid with cards. Brick & mortar retail means retail purchases at the store. Card not present is largely online but could include purchases made by phone. Dates shown are November 11, 2020 through November 21, 2020. This chart is being provided as a general source of information for education purposes only, and is not intended as a recommendation to purchase, sell or hold any specific security or to engage in any investment strategy.