Posthaste: Is Black Friday losing its shine amid discount fatigue?
Only four in 10 Canadians are likely to shop on BlackFriday
this year, compared with approximately six in 10 last year, according to a new survey by Accenture.
It appears that retailers have cannabilized on the big retail days with year-round discounts.
“Amidst this drop in BlackFriday and Boxing Day plans, more than half (54 per cent) of consumers said they now buy their gifts throughout the year due to the rise of constant discounts offered by retailers, including deal websites and promotional sales such as Amazon Prime Day,” according to the report by the management consultancy.
“Retailers have traditionally counted on BlackFriday and Boxing Day to meet their sales targets for the year, but consumers aren’t willing — and don’t need — to wait for deals anymore, as holiday shopping has become a year-long trend,” Robin Sahota, a managing director at Accenture, said in a press release.
The report estimates Canadians will spend around $721, on average on holiday shopping, slightly lower than the $733 spent on average last year.
The new survey comes amid lacklustre growth in retail sales that declined 0.1 per cent in September compared to August, on weaker sales in six of 11 subsectors, representing 47 per cent of retail trade.
There are signs that the retail trend is part of the overall slowdown in the Canadian economy, that moderated from a 3.7 per cent annualized growth in the second quarter to a below-potential pace that Oxford Economics believes will continue through 2020.
“Growth next year will be supported by expected extra federal fiscal stimulus and two Bank of Canada rate cuts,” wrote Tony Stillo, analyst at Oxford Economics. “But constraining the economy are decelerating U.S. and global growth, still-elevated trade uncertainty,and considerable domestic challenges.”
Here’s what you need to know this morning:
Michael Sabia, head of la Caisse, addresses the business community in Montreal
The senior legal officer of the Supreme Court of Canada will give a briefing to members of the media on the judgment in Transport Desgagnes Inc., et al. v. Watsila Canada Inc., et al
Conservative Leader Andrew Scheer to announce his Leadership Team in Ottawa
Canopy Growth unveils its cannabis 2.0 products, including Distilled Cannabis, chocolates, vape cartridges and vape pens in Toronto
Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction will be joined by Vic Fedeli, Minister of Economic Development, Job Creation and Trade and Ernie Hardeman, Minister of Agriculture, Food and Rural Affairs for an announcement in Woodstock, Ont.
Bennett Jones Business Forum in Lake Louise
The struggle for Hudson’s Bay Co. escalated on Wednesday after Catalyst Capital Group Inc. announced intentions to buy the department store chain for $11 a share, outdoing a bid from HBC chairman Richard Baker and his group of investors, writes Jake Edmiston.
The two sides traded public barbs throughout the day, with Baker’s group dismissing the Catalyst offer as “highly conditional” and accusing the private equity firm of attempting to mislead shareholders. Catalyst responded by claiming Baker’s group had achieved “the height of shareholder abuse.”
— Please send your news, comments and stories to [email protected]. — Yadullah Hussain @yad_Fpenergy
With files from The Canadian Press, Thomson Reuters and Bloomberg