We are 44 days away from Black Friday, the official kick-off of the spending craziness for the Holiday season. Reports published Monday state that Macy’s will open some stores for the first time ever on Thanksgiving. In Macy’s 155 years in business, they have never opened during the Holiday. It’s likely Macy’s will open between 8-9PM on the night of Thanksgiving, similar to other retailer who extended black Friday hours into Thanksgiving evening. Here’s a current rundown of stores that will be open on Thanksgiving:
Wal-Mart – 8 p.m.
Sears – 8 p.m.
Target – 9 p.m.
Toys “R” Us – 9 p.m.
The “Holiday Creep” is what some are calling this growing retail trend to open early, cutting into a traditional Holiday and family gathering for so many. This news may not mean a Happy Holidays for everyone this year.
The extended hours offer move deals for consumers and more hours for retailers to add to typically the single biggest revenue day over the Holiday season. The drawback is for the employee’s, which now need to work on a day that they typically had off and begins a long stretch of extended hours. Employees have gone as far as starting online petitions to protest the change in hours, but have been unsuccessful so far. Retailer’s policy varies on who is scheduled to work on Thanksgiving. Some ask for volunteers, others just schedule employees and if you fail to show you could face termination. Still, some retailers like Costco do not open for Holidays and are proud of it, posting so for the recent Labor Day Holiday on their Facebook page. It will be difficult to find the proper balance to keep all involved happy. Based on a recent Accenture survey the 2013 shopping season looks to be a busy one. Here are some of the highlights:
- Shoppers will be spending more – up 11% in total dollars compared to 2012 ($646 versus $582); 62% plan to spend the same; 20% will spend more than last year – with 20% of those planning to spend $500 more.
- Consumers will be shopping across channels with just as many people planning to web shop as they will showroom. For example, consumers will be comparing prices on their mobile phones while in store and they’ll be making purchases online, but picking up in store to avoid shipping costs.
- Gift cards still number one on consumer’s shopping list – primarily purchased at the supermarket – with 40% for discount retailers and 34% for restaurants.
- Black Friday is still a huge lure, in fact, at a 5 year high. 41 percent indicated that they will be out shopping between 6 PM Thanksgiving Day and 5 AM on Black Friday. With ‘doorbusters’ being the main draw.
The good news for you in all of this is that there is still plenty of time to get organized for the Holidays. Going into the Holidays with a plan will help save time and money.
- Make a list – included everyone you need to buy for, budget amount, and gift idea
- Research – use the internet to do your homework, compare prices, products, and sign up for rewards.
- Avoid the Rush – Shop during off-hour early or late night, if you need to ship gift remember to do this early in the season.
- Save Money – by making gifts, Photo books or some type of photo gift would be perfect for family members.
- Receipts – ask for gift receipts and keep all original receipts.
Keeping these tips whether you’re shopping on Thanksgiving night or last minute late in December should server you well.
Do you agree or disagree with retailer’s decision to open earlier on Thanksgiving? How do you approach Holiday shopping?
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.