Is Black Friday Still a Holiday Shopping Juggernaut in 2024?

People wait in a queue to enter the Lego store during Black Friday shopping in New York, New York, USA, 29 November 2024. (EPA)
People wait in a queue to enter the Lego store during Black Friday shopping in New York, New York, USA, 29 November 2024. (EPA)
TT

Is Black Friday Still a Holiday Shopping Juggernaut in 2024?

People wait in a queue to enter the Lego store during Black Friday shopping in New York, New York, USA, 29 November 2024. (EPA)
People wait in a queue to enter the Lego store during Black Friday shopping in New York, New York, USA, 29 November 2024. (EPA)

After weeks of pushing early deals, retailers in the United States and some other countries tried to seduce customers with promises of bigger discounts on Black Friday, the sales event that still reigns as the unofficial kickoff of the holiday shopping season even if it's lost some luster.

Department stores, shopping malls and merchants — big and small — see the day after Thanksgiving as a way to energize shoppers and to get them into physical stores at a time when many do the bulk of their browsing and buying online.

Enough consumers enjoy holiday shopping in person that Black Friday remains the biggest day of the year for retail foot traffic in the US, according to retail technology company Sensormatic Solutions.

“Black Friday is still an incredibly important day for retailers,” Grant Gustafson, head of retail consulting and analytics at Sensormatic, said. “It’s important for them to be able to get shoppers into their store to show them that experience of what it’s like to browse and touch and feel items.”

At Macy’s Herald Square in Manhattan, a steady stream of shoppers early Friday found some shoes and handbags priced half-off, special occasion dresses marked down by 30%, and 60% off the store's luxury bedding brand.

Keressa Clark, 50, and her daughter Morghan, 27, who were visiting New York from Wilmington, North Carolina, arrived at 6:15 a.m. at the store that served as the setting for the 1947 Christmas movie “Miracle on 34th Street.”

“We don’t have a Macy’s where we are from. I am actually shocked to see so many Black Friday deals because so many things are online,” Morghan Clark said.

Clark, who works as a nurse practitioner, said she was feeling better about the economy because of President-elect Donald Trump’s pending return to the White House and plans to spend $2,000 this holiday season, about $500 more than a year ago.

She said she would not mind if prices are higher next year as a result of the tariffs on foreign-made goods Trump has pledged to implement. “Anything that can encourage production in the US I am all for it,“ Clark said.

In the US, analysts envision a solid holiday shopping season, though perhaps not as robust as last year’s, with many shoppers cautious with their discretionary spending despite the easing of inflation.

At many stores, the frenzied crowds of Black Fridays past never returned after the coronavirus pandemic. Early Friday morning, a Walmart in Germantown, Maryland, had only half of the parking spots filled. Some shoppers were returning items or doing their routine grocery shopping.

Bharatharaj Moruejsan, a 35-year-old software engineer, said he typically doesn't shop on Black Friday but decided to check out the deals at Walmart because he was jet-lagged after returning from a month-long family vacation to India. He scored an iPad for his 1-year-old daughter for $250 compared to the original $370 price tag.

“That’s a good deal,” Moruejsan said.

Retailers are even more under the gun to get shoppers in to buy early and in bulk since there are five fewer days between Thanksgiving and Christmas this year.

Target had an exclusive book devoted to Taylor Swift's Eras Tour and a bonus edition of her “The Tortured Poets Department: The Anthology” album that it said would only be available in stores on Black Friday. Customers can buy them online starting Saturday.

Best Buy has introduced an extended-release version of the doorbuster, the limited-time daily discounts that for years were the rage and sometimes sparked brawls. The United States’ largest consumer electronics chain has released doorbuster deals every Friday since Nov. 8 and planned to continue the weekly promotion through Dec. 20.

Impulse purchases and self-gifting were potential areas for big sales growth, said Marshal Cohen, chief retail advisor at market research firm Circana. Shoppers are three times more likely to buy on impulse at a physical store than online, according to Circana research.

Tara Rutherford, 53, headed straight to Macy's Herald Square to shop for herself after finishing her overnight nursing shift at a Manhattan hospital. A newlywed, Rutherford said she rarely shops on Black Friday because of her work schedule but was “feeling festive.”

“This is all about me," she said, eyeing boots that carried a 40% discount.

Black Friday no longer is an American-only holiday event. Retailers in Australia, Canada, France, Germany and the UK also appealed to holiday shoppers looking to save money.

In India, about 200 Amazon warehouse workers and delivery drivers, rallied Friday in New Delhi, some wearing masks of Amazon chief Jeff Bezos, to demand better wages and working conditions. Similar protests were planned in other countries.

Camilla Bjorkqvist, 48, and her friend Tessa Goosens, 48, were visiting New York from the Netherlands to spend the Thanksgiving weekend with friends and to shop at Macy’s. Even though Black Friday has become a commercial event in The Netherlands, the women said it's not the same.

“Macy’s is special. It’s iconic,“ said Goosens, who bought a Samsonite suitcase and a suit for work on sale.

The National Retail Federation predicted that shoppers would increase their spending in November and December by between 2.5% and 3.5% over the same period a year ago.

Vivek Pandya, the lead analyst at Adobe Digital Insights, said more shopper interest in bargain-hunting this year would drive what sells and when.

For example, Thanksgiving Day is the best time to shop online to get the deepest discount on sporting goods, toys, furniture and appliances, according to Adobe's analysis. But Black Friday is the best time to buy TVs online. People shopping for televisions earlier in the season found discounts that averaged 10.8%, while waiting until this Friday is expected to yield 24% discounts, Adobe Digital Insights said.

Cyber Monday, however, is expected to be the best time to buy clothing and gadgets like phones and computers online.

Across the board, Black Friday weekend discounts should peak at 30% on Cyber Monday and then go down to around 15%, according to Adobe’s research.



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
TT

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
TT

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
TT

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.