The concept of Black Friday sales has been replaced with a holiday shopping season that started in October, according to SW Retail Advisors Stacey Widlitz.

"The deals have been really good and probably pulled forward," she said. "Maybe today is a lot less important than usual."

Multi-Month Event? By some measures, consumers started shopping for the holiday season way back in June, Colliers International's Anjee Solanski also said on CNBC. Specifically, Pinterest Inc (NYSE:PINS) said holiday-related searches rose 77% year-over-year in April.

Consumers were buying presents in the summer months and this trend will likely continue into the future. But during the Black Friday period, consumers are emphasizing the convenience of buying online and picking up in stores because it is "more nimble for them."

Related Link: 3 ETFs For Black Friday In The Age Of COVID-19

Black Friday Is Still Important Bottom line, Black Friday remains important in the minds of consumers but "not like it was in the past," Telsey said. However, it could prove to be difficult to quantify this thesis since foot traffic in stores has to be severely limited for health and safety reasons.