The Sherman Show: Special Research Note

Gain valuable insights into how Black Friday and other key sales events shape the retail industry.

In this insightful video, Chief Economist Dr Sherman Chan discusses the vital role Black Friday and Christmas play for retailers.

She explains that both events are equally important, with Black Friday in 2023 being the busiest week of the year and December contributing 10.3% of total retail sales. Leading up to Black Friday last year, both online and in-store sales saw a 37% boost, with in-store shopping seeing a 54% increase the week before Christmas.

Dr Chan also highlights the growing importance of online retailing, urging local businesses to embrace digital transformation. With more consumers shopping online, having a strong digital platform is essential for retailers to capitalise on these busy periods. She also encourages shoppers to support local businesses during these peak times.