A Black Friday Overview

In 2020 people spent $9 billion online alone. But in 2021 that number was down 28.3% with in store Traffic being up 47.5% compared with 2020 levels. Proving that people want to go out and explore, seek inspiration and hunt for deals. Brick and mortar stores saw a spike in sales as consumers experienced Covid fatigue and wanted a chance to actually go out and experience their shopping first hand.?

“Consumers saw more than 2 billion out-of-stock messages while browsing online in October, according to Adobe Analytics.” which resulted in a slight drop in online sales.

If anything, the past dictates that now is the time people want to get in on the best deals possible. However, in the face of a pandemic, we’ve seen a shift in not only spending habits, but also mindset changes. People want more value and less immediate gratification. This is where brand belief deals worth their time on products that they actually need, combined with an experience that allows for safe shopping they don’t forget comes in.?

Since the introduction of vaccines and people returning to work, spending expectations have increased. As people return to a new normal, they’re feeling safer (albeit a bit more cautious) about spending money during Black Friday sales. Some wait year round for deals they can partake in. People have also started their bargain shopping earlier than usual and brands recognising this, introducing micro sales, all leading up to the main event.?

"Pandemic-related supply chain disruptions have caused shortages of merchandise and most of this year's inflationary pressure," NRF Chief Economist Jack Kleinhenz. This Black Friday saw shoppers expressing a dire need to stock up, due to a pandemic related mentality of produce shortages.?While they were focused on 'stocking up', they were also looking for value added sales from not only their big box retailers, but smaller brands and brands that don't usually offer noteworthy discounts over this period.

“Holiday spending has the potential to shatter previous records,” the National Retail Federation, the industry’s largest trade group

After dealing with a global crisis that threatened job security, health and emotional adaptation, people are now looking for something meaningful to hold onto, something they can experience and take away with them. Which is where retail experience comes in. Big box retailers such as Walmart still take the W as the shoppers preference.?

However, it is also interesting to draw a comparison with shopping smaller brands, who have also jumped on the Black Friday deals, offering consumers an incentive to shop local and luxury brand stores who rarely offer big ticket discounts, seeing the need to adjust their sales strategy and thus seeing a spike in their own sales during this season.?

Another noteworthy trend is the introduction of consumers being more aware of their purchases, over consumption and purchasing things of value rather than the sake of buying. Brands such as Everlane have adopted a ‘giving back’ approach, as they partner with the Surfrider Foundation to donate $250 000 to clean up 20 000 pounds of plastic off beaches (according to Insider). This not only has an environmental impact but brings meaning to a season of shopping that’s usually inundated with consumption and mass purchase.?

It's clear to see that Black Friday is not going away anytime soon but we can expect consumers to be even more conscious of how, where and more importantly what they spend on. Following their spending habits, tracking trends and getting ahead of it, allows us to grow with the consumer instead of after them. It gives us the opportunity to develop experiences they need and will remember, securing long term relationships that essentially bring them back. It’s through thoughtful initiatives and brand building campaigns that make Black Friday successful each year. Changing with the consumer as they become more aware of their shopping habits.?