Why do TVs still rule Black Friday?
Published 12:00 am Saturday, November 24, 2018
- TVs remain a popular Black Friday item. (123rf)
Shoppers are in the mood to shop this holiday season with a level of consumer confidence not seen in 20 years.
Front and center in the Black Friday ads this year was the same item that stores such as Best Buy, Target and Walmart have been featuring for 15 years: the flat-panel, big-screen TV.
They’ve become such a hot commodity on Black Friday that Best Buy instituted a number system for limited-quantity doorbusters about a decade ago to minimize the chaos.
Even retailers not known for selling electronics often include them in their Thanksgiving Day circulars.
Why do retailers still count on TVs to seize shoppers’ attention when they aren’t one of Black Friday’s biggest sellers?
“They’re just plain eye-catching. They’re big and imposing and make a visual statement,” said Carol Spieckerman, a national retail consultant and strategist. “Retailers play on our fear of missing out on the latest technology. It’s all about the latest and greatest technology.”
The number of TVs sold, according to NPD, is expected to continue declining as consumers’ video viewing habits continue to migrate to computers, phones and tablets. Despite lower overall sales, retailers aren’t concerned.
“This year even more TVs than usual are being offered,” said Paul Gagnon, executive director of technology, media and telecom and IHS Markit in California. “It’s an indicator that it’s still a hot category.”
Consumers find TVs easy to shop for because they know a good price when they see it. Such doorbuster prices have conditioned shoppers to wait until Black Friday to buy TVs, said Gagnon. The attractiveness of the TV for retailers is that even if a store makes little or no profit, it can recoup on accessories.
Retailers are counting on a stellar holiday, with sales expected to increase nearly 5 percent, according to the National Retail Federation. It will be the best sales increase in a decade if the estimates are met.