Instant Alert: Black Friday sales are surging — and it reveals an ominous reality about the retail industry

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   Black Friday sales are surging — and it reveals an ominous reality about the retail industry by Hayley Peterson on Nov 24, 2017, 9:01 AM Advertisement Shoppers have already spent more than $1.52 billion over the Thanksgiving holiday. Sales are soaring in part because discounts have never been steeper. Nearly half of the US apparel market was discounted on Thanksgiving, with an average promotion of 47% off the full price Black Friday sales are soaring with shoppers already spending more than $1.52 billion online on Thanksgiving evening — a 17% increase over last year, according to Adobe Analytics. "Thanksgiving is shaping up to be a record-breaking shopping day," declared Mickey Mericle, vice president, Marketing and Customer Insights for Adobe. The strong sales are a positive sign for the struggling retail industry. But a closer look reveals a far more ominous reality: retailers had to drop prices lower than ever to get shoppers to spend money.  Discounts are hitting record highs this year, according to Edited, a retail technology company. Nearly half of the US apparel market was discounted on Thanksgiving, with an average promotion of 47% off the full price.  Accessories are the most discounted category, accounting for more than 35% of reductions, followed by tops (21.7%) and footwear (13.3%).  Luxury handbags are also steeply discounted, with an average discount of 40%-50% off, up from 30%-40% last year. Items like puffer coats and quilted jackets have an "astronomic" discount of 60%-70% off the full price, Edited said. Discounts on technology are slightly lower, but still strong.  Average promotions include 24% off televisions and tablets and 18% off appliances, according to Adobe Analytics.  Cyber Monday will have the highest discounts off of toys, at about 19% off regular prices, Adobe said.  Overall, shoppers are expected to spend $107.4 billion online this holiday season, representing an increase of nearly 14% over last year, according to Adobe. Cyber Monday will be the largest online shopping day in history, with $6.6 billion in sales.   Share the latest business news with your network:    Email sent to: nguyenvu1187.love5@blogger.com   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011