In 2019 the British public spent a whopping 8.6 billion pounds over the Black Friday weekend. What used to be an American phenomenon of consumers elbowing one another to the floor for a reduced TV has rapidly taken over the UK. Thanks to endless shopping guides, marketing emails and advertising, itâs no surprise that Britain is Europeâs highest spending markets when it comes to the annual occasion. However, in a year like no other, was Black Friday still an opportunity for brands to shift product or was a different approach needed in 2020?
As the above statistics state, consumers are willing to spend, and spend big, at Black Friday. We have become a nation of savvy shoppers and now expect brands to provide discounts. We are also very aware of those which do and do not introduce sales. During a year of tightening our belts, consumers are looking for savings more than ever and year after year, Black Friday is the perfect opportunity for Christmas shopping to be done and dusted. Many shoppers will have held off on making purchases and therefore the bumper weekend is a crucial calendar date for brands which have become renowned for their Black Friday sales. For those with seasonal offerings, such as Pantherella or Proportaâs Ted Baker collection, the cyber weekend was more important than ever this year to sell through product to consumers who have been frugal with their cash.
However, as a nation has our approach to Black Friday changed?
Unless you were living under a rock last week (because letâs face it, you werenât out getting up to much) youâll have seen the controversy around Pretty Little Thingâs Black Friday weekend. The fast fashion retailer was offering up to 99% off for four days, reducing products down to as little as 8p. Not only did this pose the question as to how much those who produced the garments were being paid but also promoted grossly unsustainable consumption.
Whilst these outrageous discounts may have gone under the radar previously, in a year that weâve become less materialistic and more conscious what matters, how keen are we to rush out and purchase for purchasingâs sake now?
With the population doing little else but scrolling through the Internet and social media, Black Friday was a difficult one to avoid and those who werenât getting involved in one way or another became irrelevant for the weekend. However, selling as much product as possible doesnât fit with every brandsâ business model or messaging and nor should it. Some of those who cut through the noise this Black Friday were those with alternate offers and stances. Deciem went as bold as to stop trading for the weekend to promote sustainable consumption whereas we were proud to represent The Cotswold Companyâs unique offer which planted a tree for every mattress sold over the course of the weekend.
The commercial weekend is unavoidable, however can be a savvy one for businesses to still tap into without always needing to discount their offering. With shoppers willing to part with their money for the weekend but many now aware that 85% of products arenât their cheapest on Black Friday, it can present a perfect opportunity to build consumer loyalty. The actions taken at a time when brands are directly competing against one another are bound to resonate with shoppers and those providing something a little different are likely to cut through the endless â20% offâ noise.
Regardless of whether itâs fulfilling buyersâ expectations with impressive discounts or implementing an alternative activity for the weekend, Black Friday is an essential time for brands to be present. Portraying whether youâre all about keeping up with trends through discountable seasonal stock or putting your messaging into practice, the four-day period is prime time to convey to your audience exactly who you are and in turn, capture their loyalty and reap the rewards on the remaining 364 days of the year.
