Black Friday may be losing its magic
New research has revealed British consumers think they can get equally good deals all-year-round, regardless of the popular Black Friday deals, with the scale of the event putting many off altogether.
According to fresh findings from The QT, a consumer tracking study conducted by the7stars, Black Friday is losing its allure among shoppers in Britain.
Although the numbers suggest a growing presence of Black Friday within our retail culture – sales have been predicted to reach £10.4bn this year – the allure could be starting to wane.
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Some 81% of survey respondents believed they could find good sales and promotions throughout the year if they looked hard enough. Almost half felt that a dedicated day to sales was too overwhelming and often don’t know where to start.
Meanwhile, two in five believe the US tradition has ‘no place’ in the UK.
The influence of Black Friday on our Christmas shopping is also stuttering. Only 13% of shoppers claimed to buy their Christmas presents on Black Friday, marginally up from 10% two years ago.
Young people aged 18-24 years old were one group remaining loyal to Black Friday, with a third holding off buying items until after the event, compared to just 5% of the 65+ demographic. Younger shoppers also preferred Black Friday to the more traditional January sales.
Commenting on the findings, Frances Revel from the7stars said, “Black Friday is often referred to as the biggest shopping day of the year, but it’s clear from our research that sentiment is changing and the ‘magic’ of previous years is really starting to wear off.
“Instead of being seen as a one-off chance to find lots of amazing deals, the Black Friday marketing period is now considered confusing to consumers, a largely American tradition that makes little sense here in the UK, and a practice that is encouraging already troubled retailers here to engage in a ‘race to the bottom.’
“In an insecure political climate, with the value of the pound fairly volatile, this might be the first year we see the tides begin to turn on Black Friday from both a shopper and retailer perspective.”