More people shop on Black Friday and Cyber Monday than any other time of year. This growing trend first emerged in the early 1990s when retailers believed they would reach profitability or be in the “black” rather than see a loss or be in the “red.” Since high-volume shopping on Black Friday and Cyber Monday is now the norm, here are some interesting facts about America’s purchasing behavior during this mega shopping extravaganza!
According to SquareTrade’s 2019 Black Friday Study, 86% of Americans are planning to shop on Black Friday and Cyber Monday this year. Of those confined shoppers, 66% are planning to shop for electronics compared to last year.
Any guess on what the most popular item on the list is? If you guessed laptops you would be right — with 44% planning to make this purchase this year. Also a favorite is the beloved smartphone and Smart TV, coming in a close second.
If you take anything away from last year’s shoppers, be forewarned, research shows that 20% of people who purchased an electronic item on Black Friday or Cyber Monday in 2018 had it damaged sometime after their purchase.
This equates to 18.6 million Americans or 7% of the country’s population with 72% of the damage occurring within 3 months! Consumers confessed that 37% of damaged items were replaced while 33% were kept and used, in spite of the damage.
As Black Friday and Cyber Monday remain the most popular time of the year to purchase your favorite items, consumers are wise to consider protection options. The high volume of electronics, large appliance and furniture purchases are still hefty purchases and if it’s worth buying, it’s worth protecting.