Unless you’ve been living under a rock – or have absolutely zero interest in ever grabbing a 42″ TV at a bargain price – you are probably aware that this Friday (24th November) is the retail world’s busiest day of the year: Black Friday. But is the day, designed to offer shoppers an array of pre-Christmas bargains for a limited time, still a big deal for consumers across the globe?
Black Friday in the USA
In recent year’s Black Friday, which originated in America and is now held annually all over the world the day after Thanksgiving holiday, has been a crucial day for the economy as around 30% of annual retail sales occur between Black Friday and Christmas.
In terms of 2017 sales, consumer spending in the USA over the entire weekend is expected to increase by an incredible 47% from the same period in 2016, equating to an average spend of $743 per shopper. That figure is up from an average of $505 over the same weekend last year.
Black Friday in the UK
UK shoppers are expected to spend £3bn this Friday alone, representing a 4% increase from 2016. Combined with Cyber Monday – the Monday after Black Friday that offers similarly attractive deals online only – total sales for the weekend look to hit £4.5bn, meaning Black Friday weekend will account for over 10% of the total spend in the final quarter of the year.
In-store vs. Online – where do Black Friday consumers shop?
In the States the Black Friday in-store shopping trend is still strong. 101.7 million people braved the crowds during last year’s Black Friday (compared to 74 million in 2015) while 137 million people visited stores over the four-day Black Friday weekend period – a 30% increase over 2015. However online is really where consumers prefer to spend their time shopping over the weekend, as online sales in 2016 hit $3.34bn (a 22% rise from 2015) and the combined online sales from Thanksgiving, Black Friday and Cyber Monday came to $12.8bn – a 15.2% rise from the same period in 2015. British shoppers are very much following suit: according to a survey compiled by GoCompare 49% said they expect to shop online and only 21% will visit the physical store.
The most impressive and fast growing trend is undoubtedly mobile shopping. In 2016 history was made when Friday 25th November was declared the first day to generate over a billion dollars in online sales from mobile devices ($1.2bn, which equated to 36% of total sales for the day). This trend goes inline with the growing popularity of Cyber Monday as consumers opt for a more convenient online shopping experience, devoid of the traditionally stressful in-store Black Friday experience! In 2016 consumers in the States spent an incredible $3.45bn in the online-only sale, which experts predicting $3.81bn in sales this year. Mobile sales will look to account for $1.24 billion of that Cyber Monday total – over 30%!
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November 20, 2017 | Blog