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Money Posthaste: Is Black Friday losing its shine amid discount fatigue?

09:40  29 november  2019
09:40  29 november  2019 Source:   financialpost.com

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Good Morning! Only four in 10 Canadians are likely to shop on BlackFriday . This year, compared with approximately six in 10 last year, according to a new survey by Accenture. It appears that retailers have cannabilized on the big retail days with year-round discounts .

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a sign on the side of a building: Black Friday is now competing with year-round retail discounts.© SAMEER AL-DOUMY/AFP Black Friday is now competing with year-round retail discounts.

Good Morning!

Only four in 10 Canadians are likely to shop on BlackFriday this year, compared with approximately six in 10 last year, according to a new survey by Accenture.

It appears that retailers have cannabilized on the big retail days with year-round discounts.

“Amidst this drop in BlackFriday and Boxing Day plans, more than half (54 per cent) of consumers said they now buy their gifts throughout the year due to the rise of constant discounts offered by retailers, including deal websites and promotional sales such as Amazon Prime Day,” according to the report by the management consultancy.

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That would appear to leave the door open for a cut, but there’s another concern. “While the Bank’s inflation forecasts make a convenient excuse, it’s pretty clear that the real reason why the Bank hasn’t cut interest rates is its fears Posthaste : Is Black Friday losing its shine amid discount fatigue ?

Posthaste : Is Black Friday losing its shine amid discount fatigue ? The global adjustment makes up more of a household electricity bill than the price of power, and its costs have ballooned.

“Retailers have traditionally counted on BlackFriday and Boxing Day to meet their sales targets for the year, but consumers aren’t willing — and don’t need — to wait for deals anymore, as holiday shopping has become a year-long trend,” Robin Sahota, a managing director at Accenture, said in a press release.

The report estimates Canadians will spend around $721, on average on holiday shopping, slightly lower than the $733 spent on average last year.

The new survey comes amid lacklustre growth in retail sales that declined 0.1 per cent in September compared to August, on weaker sales in six of 11 subsectors, representing 47 per cent of retail trade.

There are signs that the retail trend is part of the overall slowdown in the Canadian economy, that moderated from a 3.7 per cent annualized growth in the second quarter to a below-potential pace that Oxford Economics believes will continue through 2020.

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“Growth next year will be supported by expected extra federal fiscal stimulus and two Bank of Canada rate cuts,” wrote Tony Stillo, analyst at Oxford Economics. “But constraining the economy are decelerating U.S. and global growth, still-elevated trade uncertainty,and considerable domestic challenges.”

Here’s what you need to know this morning:

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  • Big Oil sinking $4 billion into a deepwater hunt for Newfoundland’s next monster project
  • Hudson’s Bay Co takeover battle heats up as Catalyst tops Richard Baker’s $1.9 billion bid
  • World stocks stall as U.S.-China tensions flare again
  • Canadian dollar edges lower as attention shifts to GDP data
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  • ‘It’s all about beds and sheds’: How e-commerce is fuelling a real estate revolution  Posthaste: Is Black Friday losing its shine amid discount fatigue? © Provided by PostMedia Digital
a close up of text on a white background  Posthaste: Is Black Friday losing its shine amid discount fatigue?
  • Michael Sabia, head of la Caisse, addresses the business community in Montreal
  • The senior legal officer of the Supreme Court of Canada will give a briefing to members of the media on the judgment in Transport Desgagnes Inc., et al. v. Watsila Canada Inc., et al
  • Conservative Leader Andrew Scheer to announce his Leadership Team in Ottawa
  • Canopy Growth unveils its cannabis 2.0 products, including Distilled Cannabis, chocolates, vape cartridges and vape pens in Toronto
  • Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction will be joined by Vic Fedeli, Minister of Economic Development, Job Creation and Trade and Ernie Hardeman, Minister of Agriculture, Food and Rural Affairs for an announcement in Woodstock, Ont.
  • Bennett Jones Business Forum in Lake Louise   Posthaste: Is Black Friday losing its shine amid discount fatigue? © Provided by PostMedia Digital

The struggle for Hudson’s Bay Co. escalated on Wednesday after Catalyst Capital Group Inc. announced intentions to buy the department store chain for $11 a share, outdoing a bid from HBC chairman Richard Baker and his group of investors, writes Jake Edmiston.

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Posthaste : Is Black Friday losing its shine amid discount fatigue ? Stuff you need to know. The global adjustment makes up more of a household electricity bill than the price of power, and its costs have ballooned.

Posthaste : Is Black Friday losing its shine amid discount fatigue ? Stuff you need to know. The global adjustment makes up more of a household electricity bill than the price of power, and its costs have ballooned.

The two sides traded public barbs throughout the day, with Baker’s group dismissing the Catalyst offer as “highly conditional” and accusing the private equity firm of attempting to mislead shareholders. Catalyst responded by claiming Baker’s group had achieved “the height of shareholder abuse.”

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— Please send your news, comments and stories to yhussain@postmedia.com . — Yadullah Hussain @yad_Fpenergy

With files from The Canadian Press, Thomson Reuters and Bloomberg

a screenshot of a cell phone© Provided by PostMedia Digital

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