Crypto News: A little treat for Black Friday shoppers

It's Black Friday, and even though the origin of the name might not be what you think, Americans are pretty clear on its meaning now: The holiday shopping season is in full swing. Emma Sanchez writes about some of this year's trends. Plus: A luxe gift guide and who's leading a shipping giant. If this email was forwarded to you, click here to sign up.

If there's one thing shoppers are on the lookout for after a long year, it's how to treat themselves. The research company Circana, in an October report, says 28% of people are planning to buy gifts for themselves this holiday season, up 3 percentage points from 2023.

"Without self-gifting, you don't have growth," says Marshal Cohen, chief retail adviser at Circana, which projects holiday spending overall to be up 1.5% to 3% in 2024. "It's when we have the consumer who's willing to buy on impulse. If I see a great item and I get it for you, and I say, 'Ah, wow, I want one of those for myself, too.'"

To drive up impulse purchases, retailers are planning more in-store deals, Cohen says. Such buys are three times more likely to happen if you shop in person. "If I don't know exactly what I want, I can go to a store and see," he says. "It's much easier to do that" in person than online.

Swifties on the hunt at a Target in Jersey City. Photographer: Dave Kotinsky/Getty Images

Target hopes it can catch some of that self-gifting desire, with the lure being one of the world's biggest pop stars. Its stores today will sell an exclusive book tied to Taylor Swift's The Eras Tour and an extended version of her album The Tortured Poets Department: The Anthology on CD and vinyl. A limited supply will be available online starting Saturday.

Last week the company slashed its full-year profit forecast after another quarter of flagging sales and a big earnings miss. Target has been competing for dollars with lower-cost retailers including Walmart, which lifted its expectations for the year in its latest earnings report.

Target Corp. has an opportunity to turn the disappointment around with its Black Friday sales. Stores opened at 6 a.m., and the retailer said guests are limited to four copies of the book each. The hype has been building on social media, with one Reddit post likening it to the Hunger Games.

Cohen sees the promotion as the best of the weekend. "I'm already declaring the win on that one," he said. "They'll be sold out in minutes."

If that's not reason enough to spark some shopping anxiety, there's another matter: There are fewer days between Thanksgiving and Christmas this year compared with last. So if you're not among the 45% of shoppers who Circana says have already started gift-buying, you might want to get going.

Retailers are waiting, with many starting their deals earlier. "I call it Black November," Cohen says. Many stores "wanted to be the early bird that caught the worm."

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Photographs by Joanna McClure; prop styling by Sonia Rentsch

When you're unsure of what to give a loved one, your best bet is to return to tried-and-true treasures. A beautiful piece of jewelry, a sought-after bag, a timepiece that will last a lifetime—they're all classics for a reason, guaranteed to bring cheer year after year. For 2024, our friends at Bloomberg Pursuits have gathered a host of inspiring options that fit into traditional categories, but with a twist. Each is a new or unconventional spin on a beloved item that they're sure will enchant your loved ones and become an enduring classic of its own.

You can find them here: The Best Gifts of 2024

The US presidential election was the story that eclipsed almost everything else in November. This week we're looking back at some features Businessweek published that you might've missed. Devin Leonard and Kiel Porter wrote for the December print issue about FedEx and its CEO, Raj Subramaniam, who has the complicated job of reorganizing the company after its legendary founder stepped aside (sort of).

Subramaniam finds himself in between FedEx founder and long-time CEO Fred Smith and his son, Chief Operating Officer Richard Smith. Photo Illustration by 731; Photos: Smith: Memphis Commercial Appeal/USA Today Network (2). Subramaniam: Photograph by Joseph Ross for Bloomberg Businessweek

In February, Bret Baier, the dour host of Fox News' Special Report, opened his show with clips of US President Joe Biden assuring the public that wages were rising and inflation was down. Then he introduced a guest to say that, actually, all wasn't well with the US economy. "Over the last couple of years, we've simply been borrowing from our grandchildren and living beyond our means," said Frederick Smith, founder of FedEx Corp., in his let's-cut-out-the-nonsense Southern drawl.

Smith had struck many of the same gloomy chords a month earlier in a chat with Fox's Brian Kilmeade, the host of One Nation With Brian Kilmeade, who introduced his guest as "one of the world's most successful entrepreneurs ever."

"Well, Brian, we're not paying much attention to the fiscal posture of the United States," Smith said, a mildly pained look on his face. "It's really incredible to me."

It was all quintessential Fred Smith. A Yale University-educated, decorated former US Marine captain, Smith all but created the overnight delivery business when he founded FedEx at the age of 27 in 1971. Now 80, and worth $6 billion according to the Bloomberg Billionaires Index, he still relishes opportunities to promote policies that he argues would help the country. Some would clearly also benefit FedEx—particularly the abandonment of protectionist policies instituted by former President Donald Trump, perpetuated by Biden and now likely to be escalated with Trump's return to the White House.

Only fleetingly mentioned in these appearances was the man actually running FedEx: Raj Subramaniam. Since taking over as chief executive officer in 2022, Subramaniam has had the job of restoring Wall Street's confidence in the company—confidence that had largely dissipated during Smith's final years in the job. Investors had become jaded with his relentless quest for growth, dizzyingly successful though it had been, with revenue soaring from $1 billion in 1983 to $93 billion in 2022. What they demanded now was better shareholder returns.

Keep reading: FedEx's CEO Is Charting His Own Path—in the Smith Family's Shadow

75%

That's how much the token Ether is up this past year, a period in which Bitcoin has more than doubled. The Ethereum blockchain faces pressing questions over its direction as a rejiggered user experience saps activity and fees. Read more.

"It's cold here, there are mountains, long distances to drive. There are so many reasons EVs shouldn't have been a success here, and yet we've done it."

Yngve Slyngstad

The former head of Norway's $1.8 trillion sovereign wealth fund

Norway is on the cusp of becoming the first market in the world to all but eliminate sales of new combustion-powered cars.

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