Black Friday is an annual day of savings that grows in popularity year on year. As we all know nothing about 2020 has been ‘normal’, or how we would usually expect it to go, so what affect will this year have on Black Friday?
A Spike in Online Shopping
Online shopping is set to soar with 67% (£3.7billion) of this year’s Black Friday shopping predicted to be done online, and that was before lockdown 2.0 got in the way. This year has pushed many businesses to move online in order to survive throughout the pandemic, and the drive to shop digitally is set to continue. Year on year we see the mad rushes to shops on Black Friday, and huge crowds forming yet with social distancing introduced this year, nearly a quarter (24%) of consumers scared to go in-store to shop and the shops now being closed for lockdown, it looks like the high-street shopping days are over.
Less Money Spent
Covid-19 has seen a huge impact on job losses as well as the introduction of the furlough scheme and as a result, consumers wallets have been massively affected. With many not wanting (or not physically being able to) spend this year, it’s been forecast by eCommerce consultancy Wunderman Thompson Commerce that spending throughout the Black Friday period will shrink by nearly a quarter (22%) with overall spend predicted to be around £5.5billion.
Longer Sales Periods
It seems to be that every year Black Friday offers are available for longer than ever before. This year, we can certainly expect to see those retailers offering discounts, to do so for much longer than just the weekend. In fact, many have already launched their offers in order to combat the mad rush usually received on Black Friday itself. With many businesses struggling this year as a result of pandemic, longer discounts are likely in order to generate more sales and in turn, more revenue.
Bigger & Better Discounts
Following on from the projection of longer discounts, we can also expect to see retailers offering better discounts this year too. With consumers having less to spend this year, retailers will offer more savings in order to encourage bigger purchases. Many tend to offer ‘in-store’ exclusive discounts, but with retailers now not being able to welcome shoppers into store, we can only imagine these special offers will be available online this year too.
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