Black Friday & Peak Season 2024: the key time for end-of-year shopping
Black Friday is a shopping event held the day after Thanksgiving in the United States, the fourth Thursday in November. Although it started in the United States, it has spread globally, becoming one of the most important dates for retail in many countries, including Europe.
This year, Black Friday, which is on November 29, is shaping up to be one of the most significant shopping events of the year, with a considerable impact on the global economy and consumer behaviour. As the date approaches, expectations are skyrocketing, among both consumers and retailers.
Peak Season spans from Halloween to New Year's Eve, and refers to the busiest shopping period. However, the real peak of the discount season spans from Black Friday to Cyber Monday or Cyber Week, and has gained in popularity in recent years. This period is characterised by an explosion in demand for electronics, fashion, home appliances, and luxury goods, driven by discounts that often exceed 50% of the original price.
Online shopping with high expectations for Black Friday 2024
This year's trends indicate that online shopping will continue to dominate, with a substantial share of e-commerce platforms and mobile apps. Online sales are expected to reach a new record, driven by the convenience, variety of options and speed of delivery offered by digital stores. Major retailers such as Amazon, Walmart, and Alibaba have already begun to advance some of their offers, generating a frenzy of advance purchases.
On the other hand, physical stores are not far behind. Despite online competition, many offer unique experiences, such as exclusive events, early access to deals, and limited products to attract customers. This could translate into long lines and a significant surge of shoppers during Black Friday.
In addition, retailers' marketing strategy, which combines anticipation of deals and a sense of urgency, has led consumers to plan their purchases weeks in advance. Many make detailed lists of gifts, monitor prices, and wait for the exact moment to click through and complete their purchases. This behaviour reflects a shift in consumer mindsets, which now see Black Friday and Peak Season as the official starting point for holiday shopping.
A key factor driving consumers to buy Christmas gifts during Black Friday is the possibility of getting much lower prices than at any other time of the year. With inflation affecting prices and the rising cost of living, buyers want to maximise their savings by taking advantage of exclusive promotions during this period. In addition, the fear of shortages of certain products or shipment delays encourages many to get ahead of time, thus ensuring that they will have their gifts in time for the holidays.
More online shoppers participated in Cyber Week 2023
Foxintelligence conducted a comparative analysis of participation in Cyber Week between 2022 and 2023. Taking 2022 shoppers (100%) as a reference, it was observed that 39% did not participate again in 2023, and 61% purchased again in 2023.
In addition, 44% of new buyers who had not participated in Cyber Week 2022 did so in 2023. As a result, the total online shopper engagement rate reached 105% during Cyber Week 2023.
Top products sought after by Europeans during Black Friday 2023
According to Statista, European shoppers claimed to be mainly looking for electronics during the Black Friday sales. The results of a 2023 survey indicate, after electronics, clothing and accessories, as well as home appliances and décor, were the three most popular categories in which European consumers were interested.
According to EcommerceDB, 23% of the products purchased by European consumers during Cyber Week belonged to the fashion category. It was closely followed by electronics, which accounted for 22% of product categories sold during the period.
As for electronics, Spain was the market where this category was sold the most during CyberWeek, with 30%.
Black Friday vs. a normal shopping day
Compared to a normal shopping day, Black Friday represents an increase in sales that varies depending on the country analysed. For example, according to Google Trends, Germany increased its sales on Black Friday 2021 by 2418% compared to a common sales day. In Great Britain the figure was 1708% and in Spain 706%.
Budget is an essential part of the business for consumers participating in this trade event. According to a recent survey, the average budget for Black Friday 2023 among consumers in Spain amounted to around 273 euros. In Italy, the average budget was 238 euros, while in France the highest budget was about 309 euros.
Which countries buy the most and least on Black Friday?
According to data from Black Friday Global, the top 5 countries in the world spending during Black Friday are: United States; Canada; Great Britain; Ireland; United Arab Emirates
On the other hand, the five countries where the least is spent on Black Friday are: India; the Philippines; Nigeria; Kazakhstan; Pakistan.
Setting up for success on Black Friday and Peak Season 2024
Black Friday and Peak Season represent an invaluable opportunity for both consumers and businesses. With the growing trend towards online shopping and market competitiveness, it is crucial for e-commerce businesses to prepare in advance, ensuring that their digital platforms and logistics are ready to handle the increase in demand.
Streamlining shipping processes, offering attractive promotions, and maintaining transparency in customer communications are key aspects of standing out in this highly competitive environment. Additionally, understanding the buying preferences in each market can help adjust strategies and maximise sales.
At Spring GDS, we understand the importance of efficient logistics adapted to the needs of each company, especially at crucial times such as Black Friday. With our expertise and end-to-end solutions, we're here to help e-commerce expand their reach and ensure their products reach consumers quickly and seamlessly.