Retailers everywhere hope to draft behind Amazon’s coming Prime Big Deal Days, and Best Buy is the latest to introduce a holiday kick-off of its own. Experts say that electronics are one of the gift categories most likely to see sizable increases in the coming weeks and months.
Best Buy’s Holiday Sneak Peek offers plenty of big deals, including products from brands like Samsung and Microsoft. Many are special purchase rewards aimed at members of the retailer’s My Best Buy Plus and My Best Buy Total loyalty programs.
For example, members who spend $500 in October can get $50 in rewards to use on Best Buy purchases in December. And instead of waiting until Thanksgiving, Best Buy plans to offer members access to Black Friday deals before Halloween.
The month-long promotional period is slated to begin Oct. 1, preempting the timing of competitors. The Minneapolis-based retailer says it will include in-store, online and virtual experiences that will inspire gifting. Many of the offers will focus on Best Buy’s new and emerging merchandise categories, like e-transportation, including Segway and Aventon; health and wellness, with brands like Therabody and Oura; and outdoor living, including Yardbird furniture and Ooni pizza ovens.
Best Buy says it's the only retailer where shoppers can pre-order Tesla's Universal Wall Connector, the newly announced charging station compatible with all major EVs.
Best Buy’s announcement comes just as Mastercard SpendingPulse predicts better-than-average growth for electronics this season. Overall, it forecasts retail spending gains of 3.7%, in line with other holiday predictions.
For electronics, however, the survey anticipates a sales gain of 6%. In part, that’s because “AI, immersive experiences and digital workspaces continue to evolve the way we work and play,” the report says. But the increase also stems from fortunate timing in terms of replacement cycles, as people look to upgrade the many gadgets they bought during the pandemic.
MasterCard’s other predictions include a small gain in in-store shopping as people rebalance their digital versus brick-and-mortar preferences. It also forecast more substantial increases in restaurants, up 5.4%, outpacing grocery gains.
MasterCard expects a weak 1% rise in apparel sales, typically a favorite gift category, and a small decline in jewelry.