Over the past 10 years, Black Friday has become one of the most anticipated seasonal events in the retail calendar. For businesses, it offers the opportunity to boost their sales in the final quarter, while for consumers it is a chance to begin their holiday shopping early and take advantage of attractive deals.
Previously known for chaotic crowds and in-store shopping, in recent years many retailers have shifted to offer digital sales to accommodate the rise in online shopping and the continual death of the high street.
In preparation for the upcoming event on Friday 24th November, this article provides 30 crucial insights that every business needs to know to help inform their Black Friday strategies.
To learn more about how Embryo can play a part in your digital marketing strategy, get in touch with our team by phone at 0161 327 2635 or email [email protected].
The Background to Black Friday in 6 Stats
- Black Friday was first created in the USA in the 1950s. (NBC) Amazon was the first retailer to introduce Black Friday offers to UK customers in 2010. (Insider)
- Traditionally Back Friday falls on the first Friday after Thanksgiving, however, the start and end dates are no longer well-defined, with deals beginning as early as October. (Tech Advisor)
- Although it is an American tradition, it has become one of the biggest dates in the retail calendar in the UK in terms of sales. (Statista)
- Retailers often offer discounts of around 30-50%. (Gitnux)
- Electronics and technology are the most popular items to purchase during the event. (Money)
- As larger retailers are known to cannibalise Black Friday, the founder of Not On The HighStreet, Holly Tucker, introduced ‘Colour Friday’ in 2021 to promote independent retailers and get customers to shop locally during the sales. (Simply Business)
8 UK Black Friday 2022 Stats
- Last year, total sales reached an estimated £12.3 billion, up 8.3% from the previous year. (Mintel)
- The percentage of Brits shopping the sales rose to 39%, a 6% increase from 2021. (Finder)
- Footfall to retail stores jumped 4.6%, while home delivery demand was down. (Retail Gazette)
- The financial squeeze in 2022 heightened the role of the event, with 63% of consumers agreeing that financial concerns made Black Friday promotions more important to them. (Mintel)
- Consumers were scammed out of £15.3m during the sale period from purchasing from sites they hadn’t used before. (Independent)
- 56% of UK adults agreed that they were disappointed with promotions on offer, (Mintel) showing growing concerns about whether shoppers get real deals during Black Friday. Research from Which? revealed that, in 2020, 98% of discounts advertised were available for the same price or cheaper during the six months after Black Friday. (Which?)
- There were more than 615K Tweets about Black Friday in the UK alone. (Twitter Business)
- Amazon was the top retailer choice for consumers for Black Friday shopping. (Mintel)
Black Friday Buyer Behaviour in 10 Statistics
- Gen Z had the biggest proportion (65%) of their population taking part in Black Friday, followed by millennials (51%), generation X (35%), baby boomers (24%), and the silent generation (8%). (Finder)
- Research over the past 3 years has found that men tend to spend more than women during Black Friday. Men will spend £205 on average, while women will spend around £174. (Finder)
- 79% of online traffic on Black Friday came from mobile devices. (Sale Cycle)
- The event sees lower abandoned cart rates which demonstrates consumers want to complete their purchases before the sales expire. (Fit Small Business)
- Most shoppers only buy one item during Black Friday promotions. (Mintel)
- 51% of Black Friday shoppers bought impulse purchases. (Mintel)
- Younger age groups generally seek higher discounts, with 18-24 and 25-34-year-olds most likely to be convinced by discounts between 41% and 50%. (Money)
- Over half of people delay a purchase ahead of Black Friday. (Mintel)
- Discounts on exclusive products tend to entice low-income consumers. (Mintel)
- Black Friday sees 3x the traffic of a normal October day (Queue It) meaning businesses need to ensure a robust server infrastructure.
6 Black Friday 2023 Predictions
- Buy Now Pay Later companies saw a major jump in online sales during the week of Black Friday in 2022, up 68% compared to the previous week. (Forbes). Due to this, we expect there will be a surge in customers using Buy Now Pay Later services such as Klarna, ClearPay and PayPal Credit in 2023. (Tech Advisor)
- With TikTok being a source of shopping inspiration for 58% of customers after the rise of TikTok shopping this year, many brands will be focusing on this platform to promote their Black Friday sales. (Influencer Marketing Hub)
- To compete with Amazon Prime and its free next-day delivery service, more retailers will be offering competing free next-day delivery offers. (Tech Advisor)
- As click and collect saves customers from queuing in-store and saves waiting for delivery, click & collect has seen an increase YoY on Black Friday, and is expected to grow in 2023. (Tech Advisor)
- More than half of all UK adults (53%) say the current rise in cost of living makes them more keen to seek a bargain, (Lloyds Banking Group) which might make them more inclined to shop during the sales.
- Three-quarters of Gen Z plan to spend money during Black Friday this year. (Simply Business)
Need Help Ensuring Your Black Friday Is the Best Ever?
If you’d like to learn more about how Embryo can help you with your Black Friday marketing strategies or any of our other services, reach out to us by phone at 0161 327 2635 or email [email protected].