Marketing Automation 101: Streamline Your Business for Success
Black Friday used to be a physical rush of shoppers through retailer doors, leading to scenes in the media of consumers fighting over giant TVs – and a significant bump in profits for those stores that engaged with it. But this year, given the impact of the pandemic, the rising cost of living and the uncertainty that many people face over the coming year, is Black Friday marketing still worth it?
We should start by saying that there is no doubt that the current financial climate will have an impact on shoppers this year. Black Friday spending is expected to drop by around 18% compared to last year. However, despite that statistic, the total spends being forecast on Black Friday for 2022 comes in at £3.95 billion across both Black Friday and Cyber Monday. The average spend per person is predicted to be around £189.
As the cost of living crisis starts to have a real impact, consumers are increasingly looking to make savings on spending – and also to get more value for their spending. The percentage of people who are now shopping the sales has risen by 6% to 39% and more and more people are looking to make purchases at a discount so that their money goes further. The spike in the number of people planning to shop during Black Friday and Cyber Monday this year could make this a particularly vital time for any brand looking to sell to existing customers, and connect to new ones.
Many consumers will focus on getting their Christmas shopping done during the Black Friday sales this year. However, it’s not just about buying gifts etc. Kitchen appliances are the category likely to be most purchased with 22% of consumers already eyeing up items in this range. Games consoles and home decorations are also going to be incredibly popular.
There are some generational differences when it comes to participation in Black Friday this year. Gen Z, for example, is where the largest proportion of individuals come from who are intending to shop the sales this year. 65% are already planning what to buy. 51% of millennials are also going to be targeting Black Friday for deals, as well as just over a third of Gen X. So, for those marketers keen to forge contacts with younger generations, Black Friday deals could be a key way to do this. Gen Z is also the most likely to shop in-store during Black Friday. Interestingly, men are likely to spend more during Black Friday than women – an average of £205 compared to £174.
Black Friday could be particularly important for many people this year given the economic challenges that many faces. While there might be lower spending than last year, it’s clear that this has the potential to be a profitable time for brands, which means Black Friday marketing is still worth it.
Iconic Digital is a full-service digital marketing agency in London helping brands achieve digital marketing success. To find out more about Iconic Digital & award-winning digital marketing services get in contact today on 020 7100 0726.