WITH Christmas fast approaching, and the dust settling from the usual spending spree at the end of November, this month I am going to reflect on Black Friday and Cyber Monday 2016 and the early feedback from the various monitoring agencies.
Black Friday & Cyber Monday
Over the last few years these days have quickly become a fixture in both the retailers and the shopper’s calendars.
The craze, originating in America, signals the end of Thanksgiving and the preparation for Christmas.
This, coinciding with the last payday before Christmas, drives shoppers to begin their Christmas shopping, and as such drives retailers to fight for their spending money.
Imported into the UK by Amazon, many retailers now have Black Friday and Cyber Monday deals, recently though we have seen the offers start well before the actual days and extend for weeks after.
There are very mixed opinions from retailers, recent years have seen fighting in shops, but additionally the pressure on retailers to discount to generate sales is often not welcome. The problems for retailers are two-fold. This year in particular has seen a slow pick-up in Christmas shopping because buyers are waiting for the deals out there, and then when the deals come often the discounting means that many retailers can’t compete with some of their larger competitors.
This year it seems that there are a lot of businesses promoting anti-Black Friday messages, however the trend is still very much alive, and it seems to be what shoppers expect.
The figures for 2016
It’s still early days, but the indications are that sales during the Black Friday and Cyber Monday sales this year were almost seven per cent up on the previous year, however this was lower than the double-digit growth that analysts projected.
Interestingly, this year saw the high street really benefit with a rise in footfall (two per cent) over the previous year, this was contrary to the predicted five per cent decrease – an indication that the high streets have worked out how to effectively compete in-store.
The approximate split between online (two thirds) and offline sales (one third) was not expected.
Recently Retail Week suggested that the Black Friday hype could be starting to wear off, mainly because it is not as well supported by retailers as it used to be, but it’s great to see the shopping still being done, just in-store.
Two billion pounds was expected to be spent on Black Friday this year, with over £650m of this going to our high streets, which is a very welcome shift for many businesses.
Do you sell online? – how have your sales been so far, we’d be interested to hear your feedback @ascensor.
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