{"id":4939,"date":"2024-11-27T17:49:20","date_gmt":"2024-11-27T20:49:20","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/black-friday-e-o-varejo-no-final-do-ano\/"},"modified":"2026-09-29T15:13:31","modified_gmt":"2026-09-29T18:13:31","slug":"black-friday-e-o-varejo-no-final-do-ano","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/black-friday-e-o-varejo-no-final-do-ano\/","title":{"rendered":"Black Friday and end-of-year retail: the importance of the 4th quarter in investment decisions"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A Black Friday, originada nos EUA na d\u00e9cada de 1960 e introduzida no Brasil em 2010, consolidou-se como um dos maiores eventos de compras do pa\u00eds. Impulsionada pelo crescimento do e-commerce, ela se tornou um marco para o varejo, com destaque para produtos como smartphones, roupas, cosm\u00e9ticos e eletrodom\u00e9sticos. Al\u00e9m disso, \u00e9 o pontap\u00e9 inicial da alta temporada de vendas, que, junto ao Natal, concentra mais de 20% do faturamento anual do setor varejista.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As perspectivas para 2024 s\u00e3o promissoras, com a redu\u00e7\u00e3o do desemprego e o aumento na oferta de cr\u00e9dito, que consequentemente fortalece o consumo. Com mais pessoas empregadas e maior acesso ao cr\u00e9dito, h\u00e1 uma tend\u00eancia de alta na demanda por bens e servi\u00e7os, o que deve beneficiar diretamente o varejo neste fim de ano. No entanto, desafios como a infla\u00e7\u00e3o elevada, juros altos e instabilidade econ\u00f4mica, ainda impactam a confian\u00e7a do consumidor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">O 4\u00ba trimestre \u00e9 um per\u00edodo de aten\u00e7\u00e3o redobrada aos investidores, dado que em m\u00e9dia 50% do EBITDA das varejistas tende a se concentrar neste per\u00edodo tornando-o crucial para a apura\u00e7\u00e3o do resultado destas empresas.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 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*\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2><i>Impulsionada pela for\u00e7a do e-commerce, a Black Friday se tornou um dos maiores eventos de compra no Brasil<\/i><\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>A Origem da Black Friday<\/span><\/div>\n      <div style=\"display:grid;gap:16px\">\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:12px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-ic-peru.png\" alt=\"\u00cdcone de peru assado\" loading=\"lazy\"><p class=\"pil-p\" style=\"margin:0\">A Black Friday, surgiu nos EUA na d\u00e9cada de 1960, associada ao intenso movimento no com\u00e9rcio ap\u00f3s o feriado de A\u00e7\u00e3o de Gra\u00e7as (Thanksgiving day)<\/p><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:12px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-ic-local.png\" alt=\"\u00cdcone de marcador de localiza\u00e7\u00e3o\" loading=\"lazy\" style=\"max-width:24px;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0\">Chegou no Brasil em 2010, impulsionada pele ader\u00eancia das grandes varejistas nacionais<\/p><\/div>\n        <div style=\"display:grid;grid-template-columns:44px 1fr;gap:12px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-ic-celular.png\" alt=\"\u00cdcone de celular com carrinho de compras\" loading=\"lazy\" style=\"max-width:28px;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0\">Acelerada pela consolida\u00e7\u00e3o do <i>e-commerce<\/i> como principal meio de com\u00e9rcio varejista, o evento anual de compras ganhou muita for\u00e7a nos \u00faltimos anos<\/p><\/div>\n      <\/div>\n      <div class=\"pil-card\" style=\"margin-top:18px;padding:0;overflow:hidden\">\n        <p style=\"margin:0;background:#c4161c;color:#fff;padding:6px 14px;font-size:14px\"><b>g1<\/b> <span style=\"margin-left:40px\">ECONOMIA<\/span><\/p>\n        <p style=\"margin:0;padding:12px 16px 16px;font-size:20px;font-weight:700;line-height:1.3\">61% dos brasileiros compram mais pela internet do que em lojas f\u00edsicas, aponta estudo<\/p>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Itens com maior procura para 2024<\/span><\/div>\n      <div role=\"img\" aria-label=\"Nuvem de palavras dos itens com maior procura para 2024, com Smartphone em maior destaque, seguido de Roupas e acess\u00f3rios, Perfumes e cosm\u00e9ticos e Eletrodom\u00e9sticos; tamb\u00e9m aparecem Compras de mercado, M\u00f3veis, Cal\u00e7ados, Computador, Utilidades dom\u00e9sticas e Eletr\u00f4nicos\" style=\"display:flex;flex-wrap:wrap;gap:4px 14px;justify-content:center;align-items:baseline;text-align:center;color:var(--navy);font-family:'Courier New',monospace;line-height:1.1;padding:20px 0\">\n        <span style=\"font-size:18px;color:var(--blue)\">COMPRAS DE MERCADO<\/span>\n        <span style=\"font-size:30px;color:var(--blue)\">ROUPAS E ACESS\u00d3RIOS<\/span>\n        <span style=\"font-size:48px;font-weight:700\">SMARTPHONE<\/span>\n        <span style=\"font-size:26px;color:var(--blue)\">PERFUMES E COSM\u00c9TICOS<\/span>\n        <span style=\"font-size:28px\">ELETRODOM\u00c9STICOS<\/span>\n        <span style=\"font-size:18px;color:var(--blue)\">M\u00d3VEIS<\/span>\n        <span style=\"font-size:22px;color:var(--light)\">CAL\u00c7ADOS<\/span>\n        <span style=\"font-size:18px\">COMPUTADOR<\/span>\n        <span style=\"font-size:18px;color:var(--blue)\">UTILIDADES DOM\u00c9STICAS<\/span>\n        <span style=\"font-size:24px\">ELETR\u00d4NICOS<\/span>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: G1; Statista; Globo \u2013 Panorama do Consumo 2024.<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2><i>A Black Friday marca o in\u00edcio da alta temporada do varejo. Somado ao Natal, concentra mais de 20% das vendas do ano<\/i><\/h2>\n  <div class=\"pil-sub\"><span>\u00cdndice de Volume de Vendas \u2013 Varejo Ampliado<\/span><\/div>\n  <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-grafico.png\" alt=\"Gr\u00e1fico de linhas do \u00cdndice de Volume de Vendas do varejo ampliado de 2004 a 2024 (base 100 em 2004), com o \u00edndice e o \u00edndice ajustado. Destaques: picos de volume na alta temporada (meses de novembro e dezembro) e in\u00edcio da recess\u00e3o de 2014 \u00e0 2016. Quadro com o fator de sazonalidade trimestral (jan\/04 a ago\/24), m\u00e9dia: 1Q 0,97; 2Q 0,98; 3Q 1,02; 4Q 1,11\" loading=\"lazy\">\n  <div class=\"pil-src\">(1) Sazonalidade ajustada pelo m\u00e9todo multiplicativo.<br>Fonte: IBGE; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2><i>Apesar da baixa confian\u00e7a do consumidor, a queda do desemprego e a maior disponibilidade de cr\u00e9dito trazem boas perspectivas para 2024<\/i><\/h2>\n  <div class=\"pil-grid3\">\n    <div class=\"pil-box\" style=\"border-radius:0 0 10px 10px\">\n      <h3>Emprego<\/h3>\n      <div style=\"padding:12px\">\n        <div class=\"pil-sub\"><span>Taxa de Desemprego<\/span><\/div>\n        <span class=\"pil-unit\">%<\/span>\n        <div class=\"pil-cagr\" style=\"margin-left:66%;width:34%\"><span>-14,7%<\/span><\/div>\n        <div class=\"pil-bars\" style=\"height:180px\" role=\"img\" aria-label=\"Taxa de desemprego, %: 2019 12,0; 2020 14,8; 2021 12,6; 2022 8,3; 2023 7,5; 2024 6,4. Queda de 14,7% de 2023 para 2024\">\n          <div class=\"e\" style=\"height:81.1%\"><span>12,0<\/span><\/div>\n          <div class=\"e\" style=\"height:100%\"><span>14,8<\/span><\/div>\n          <div class=\"e\" style=\"height:85.1%\"><span>12,6<\/span><\/div>\n          <div class=\"e\" style=\"height:56.1%\"><span>8,3<\/span><\/div>\n          <div class=\"e\" style=\"height:50.7%\"><span>7,5<\/span><\/div>\n          <div class=\"e\" style=\"height:43.2%\"><span>6,4<\/span><\/div>\n        <\/div>\n        <div class=\"pil-years\"><span>2019<\/span><span>2020<\/span><span>2021<\/span><span>2022<\/span><span>2023<\/span><span>2024<\/span><\/div>\n        <p class=\"pil-p\" style=\"font-size:13px;margin-top:12px\">\u2605 Com menos desempregados, aumenta a tend\u00eancia ao consumo, consequentemente gerando mais demanda por bens e servi\u00e7os<\/p>\n      <\/div>\n    <\/div>\n    <div class=\"pil-box\" style=\"border-radius:0 0 10px 10px\">\n      <h3>Concess\u00e3o de Cr\u00e9dito<\/h3>\n      <div style=\"padding:12px\">\n        <div class=\"pil-sub\"><span>Concess\u00e3o de Cr\u00e9dito Pessoal<\/span><\/div>\n        <span class=\"pil-unit\">R$ bi<\/span>\n        <div class=\"pil-cagr\" style=\"margin-left:66%;width:34%\"><span>+26,8%<\/span><\/div>\n        <div class=\"pil-bars\" style=\"height:180px\" role=\"img\" aria-label=\"Concess\u00e3o de cr\u00e9dito pessoal, R$ bilh\u00f5es: 9M19 238; 9M20 270; 9M21 300; 9M22 279; 9M23 268; 9M24 340. Alta de 26,8% de 9M23 para 9M24\">\n          <div class=\"e\" style=\"height:70%\"><span>238<\/span><\/div>\n          <div class=\"e\" style=\"height:79.4%\"><span>270<\/span><\/div>\n          <div class=\"e\" style=\"height:88.2%\"><span>300<\/span><\/div>\n          <div class=\"e\" style=\"height:82.1%\"><span>279<\/span><\/div>\n          <div class=\"e\" style=\"height:78.8%\"><span>268<\/span><\/div>\n          <div class=\"e\" style=\"height:100%\"><span>340<\/span><\/div>\n        <\/div>\n        <div class=\"pil-years\"><span>9M19<\/span><span>9M20<\/span><span>9M21<\/span><span>9M22<\/span><span>9M23<\/span><span>9M24<\/span><\/div>\n        <p class=\"pil-p\" style=\"font-size:13px;margin-top:12px\">\u2605 Mais pessoas usufruindo do benef\u00edcio do cr\u00e9dito, impulsiona o consumo e por consequ\u00eancia as vendas do varejo<\/p>\n      <\/div>\n    <\/div>\n    <div class=\"pil-box\" style=\"border-radius:0 0 10px 10px\">\n      <h3>Confian\u00e7a do Consumidor<\/h3>\n      <div style=\"padding:12px\">\n        <div class=\"pil-sub\"><span>\u00cdndice de Confian\u00e7a do Consumidor<\/span><\/div>\n        <span class=\"pil-unit\">%<\/span>\n        <div class=\"pil-cagr\" style=\"margin-left:66%;width:34%\"><span>-7,7%<\/span><\/div>\n        <div class=\"pil-bars\" style=\"height:180px\" role=\"img\" aria-label=\"\u00cdndice de confian\u00e7a do consumidor: 2019 121,3; 2020 111,7; 2021 112,0; 2022 122,8; 2023 133,5; 2024 123,2. Queda de 7,7% de 2023 para 2024\">\n          <div class=\"e\" style=\"height:90.9%\"><span>121,3<\/span><\/div>\n          <div class=\"e\" style=\"height:83.7%\"><span>111,7<\/span><\/div>\n          <div class=\"e\" style=\"height:83.9%\"><span>112,0<\/span><\/div>\n          <div class=\"e\" style=\"height:92%\"><span>122,8<\/span><\/div>\n          <div class=\"e\" style=\"height:100%\"><span>133,5<\/span><\/div>\n          <div class=\"e\" style=\"height:92.3%\"><span>123,2<\/span><\/div>\n        <\/div>\n        <div class=\"pil-years\"><span>2019<\/span><span>2020<\/span><span>2021<\/span><span>2022<\/span><span>2023<\/span><span>2024<\/span><\/div>\n        <p class=\"pil-p\" style=\"font-size:13px;margin-top:12px\">\u2605 A instabilidade pol\u00edtico-econ\u00f4mica, altos juros e infla\u00e7\u00e3o ainda s\u00e3o uma barreira significativa \u00e0 confian\u00e7a do consumidor<\/p>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: IBGE\/PNAD; Banco Central do Brasil; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2><i>O investidor de varejo deve ter aten\u00e7\u00e3o especial no 4\u00ba trimestre. Em m\u00e9dia, 50% do EBITDA das varejistas est\u00e1 concentrado neste per\u00edodo<\/i><\/h2>\n  <div class=\"pil-sub\"><span>Composi\u00e7\u00e3o trimestal do EBITDA de quatro grandes varejistas nacionais<sup>(1)<\/sup><\/span><\/div>\n  <span class=\"pil-unit\">R$ mi<\/span>\n  <div class=\"pil-tw\" style=\"margin-top:8px\"><table class=\"pil-table\">\n    <thead><tr><th>Empresa<\/th><th class=\"n\">EBITDA<\/th><th class=\"n\">1T<\/th><th class=\"n\">2T<\/th><th class=\"n\">3T<\/th><th class=\"n\">4T<\/th><\/tr><\/thead>\n    <tbody>\n      <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-logo-magalu.png\" alt=\"Magalu\" loading=\"lazy\" style=\"max-width:90px\"><\/td><td class=\"n\"><b>1.663<\/b><\/td><td class=\"n\">18%<\/td><td class=\"n\">8%<\/td><td class=\"n\">23%<\/td><td class=\"n\"><b>51%<\/b><\/td><\/tr>\n      <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-logo-natura.png\" alt=\"Natura\" loading=\"lazy\" style=\"max-width:60px\"><\/td><td class=\"n\"><b>2.363<\/b><\/td><td class=\"n\">12%<\/td><td class=\"n\">33%<\/td><td class=\"n\">14%<\/td><td class=\"n\"><b>42%<\/b><\/td><\/tr>\n      <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-logo-cea.png\" alt=\"C&amp;A\" loading=\"lazy\" style=\"max-width:60px\"><\/td><td class=\"n\"><b>421<\/b><\/td><td class=\"n\">-30%<\/td><td class=\"n\">32%<\/td><td class=\"n\">10%<\/td><td class=\"n\"><b>88%<\/b><\/td><\/tr>\n      <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4939-logo-riachuelo.png\" alt=\"Riachuelo (RCHLO)\" loading=\"lazy\" style=\"max-width:90px\"><\/td><td class=\"n\"><b>752<\/b><\/td><td class=\"n\">-2%<\/td><td class=\"n\">32%<\/td><td class=\"n\">24%<\/td><td class=\"n\"><b>47%<\/b><\/td><\/tr>\n    <\/tbody>\n  <\/table><\/div>\n  <div class=\"pil-src\">(1) EBITDA 2022<br>Source: Companhias; CapitalQ; An\u00e1lise \u00c1rtica.<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A Black Friday, originada nos EUA na d\u00e9cada de 1960 e introduzida no Brasil em 2010, consolidou-se como um dos maiores eventos de compras do pa\u00eds. Impulsionada pelo crescimento do e-commerce, ela se tornou um marco para o varejo, com destaque para produtos como smartphones, roupas, cosm\u00e9ticos e eletrodom\u00e9sticos.<\/p>","protected":false},"author":1,"featured_media":4934,"template":"","meta":[],"class_list":["post-4939","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/4939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/4934"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=4939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}