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Black Friday 2022 – The Decline in Consumer Spend & Marketing

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发布日期: 2022年11月24日

Before 2019, it seemed as if the hysteria around Black Friday Sales was limited to the US only. The past two years saw a surge in Black Friday marketing within the UK and the public’s interest peaked. Effective ad campaigns resulted in consumer spending amplifying, initiating an increasing number of retailers following onto the seasonal sale trend, rightfully so. Given the current financial crisis looming over the country, the question is then raised:

Is 2022 going to be the year we see a drastic decline in consumer spending around this period; and if so, are retailers opting for more sensitive advertising techniques?

As expected, the majority of consumers research deals and bargains beforehand, depending on what they are looking to buy every year. In 2021, “consumers researched deals and products, then followed through [1]”; suggesting that there was a minimal difference between consumers’ planned purchases as opposed to their actualised purchases. Despite anticipating a fall in planned purchases this year, “participation in the Black Friday sales is set to increase, rising from 33% (17 million) of Brits in 2021 to 39% (20.8 million) in 2022 [2]”. While this may sound surprising at an initial read, it appears as if consumers having less disposable income to spend this year is essentially encouraging them to search for tactical ways of battling the financial crisis, by securing bargains within their necessary purchases. This indicates that “this year may see more considered consumption instead [3]”. Nevertheless, although intended purchases are set to increase this year, actualised consumption is yet to be confirmed.

Where does this leave retailers? From a brand’s perspective, there is, of course, a huge opportunity for increased revenue through Black Friday marketing. Planned purchasing habits are still at an all-time high, as shoppers search for their essential products at a fraction of their original prices. This means, brands still have an elevated prospect to advertise their discounted rates during this period in order to generate an overall higher revenue for them. However, “a more sensitive approach to marketing is required [4]”. Given the current socio-economic climate that the UK is in, it seems as if brands are aiming to come across as less obvious, direct and demanding in their marketing techniques to ensure consumers aren’t made to feel pressured to buy their products.

A case study which sets the bar high for Black Friday ad campaigns is this year’s Amazon campaign; which is now known as the famous ‘yeti commercial’. One out of a sequence of creatives within the Yeti series; this simple, yet effective, 20 second slot gets the message of discounted prices across through a dancing yeti, whilst being subtle and remaining light-hearted. The absence of product placement within the creative itself ensures that consumers aren’t feeling pressurised into overconsumption, while gently reminding them that Amazon is still taking part in this year’s seasonal sales.

Evidently, it is clear to see that there has been a decline in Black Friday marketing this year, and instead, it has been minimalistic. The buzz around the usually-hyped weekend has consistently stayed at a steady pace over the past couple of weeks, as well as the week leading up to the weekend. Previous years saw immense marketing from retailers; both smaller, independent businesses and larger chain brands. In contrast, this year sees subtle, sensitive and considered campaigning in light of the country’s current cost of living crisis. Given this pre-mediation, a shopping comparison site; finder.com, has discovered that consumers are estimated to spend ￡850M less this year on Black Friday sales. Whether or not this anticipated statistic will become a reality remains an unanswered question up until this Black Friday weekend runs its’ course.

Saniya Saleem