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)
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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.



Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”


Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.


Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.