Black Friday Trends, Takeaways and Inspiration for Retailers

Black Friday 2023 set new records for consumer engagement, with 53% of UK and 49% of German shoppers participating. Financial pressures and the desire to maximise holiday savings drove this surge, attracting both lower-income households seeking essential discounts and higher-income consumers making planned purchases.

UK sales data during the Black Friday 2023 event rose by 7.6% compared to 2022, hitting a new record of £13.3 billion. Already a pivotal moment in the UK retail calendar, last year’s event saw heightened activity as bargain hunters responded to ongoing cost of living challenges.

As Black Friday 2024 approaches, we highlight key retail trends and strategies from 2023 to help retailers meet consumer expectations and make the most of Black Friday. By leveraging these insights, retailers can drive immediate sales while building long-term brand loyalty.

In the UK, over half of consumers expressed concerns about the negative environmental impact of overconsumption during Black Friday, and almost half of German consumers say that sustainability is an important factor when purchasing technology devices. Retailers can ease this anxiety by blending greener shopping habits with promotional offers. A number of retailers embraced ‘Green Friday’ initiatives, such as recycling schemes and sustainable product options, to align with consumer eco-values and differentiate themselves from traditional discount strategies. This trend shows continued future potential, as two-fifths of consumers surveyed reported trading in or donating products in exchange for additional Black Friday discounts.

There is a significant level of distrust among consumers regarding Black Friday promotions, particularly among younger shoppers. Nearly three-fifths of British 16-34-year-olds reported avoiding a retailer during Black Friday due to a perceived lack of trustworthiness. To overcome this, retailers need to ensure transparency in pricing and deliver on promotional price promises. Building trust not only encourages immediate sales but fosters long-term loyalty. In fact, 8 in ten UK consumers surveyed say they would shop with a retailer again if they had a positive Black Friday experience. Black Friday is an opportunity for businesses to focus on their consumers’ loyalty and lifetime value, rather than short-term gains.

In Germany, online channels continued to dominate Black Friday sales in 2023, driven by a strong perception among 8 in ten online shoppers that the best Black Friday promotions are found online. This trend underscores the importance of digital platforms in Black Friday shopping.

However, while Black Friday is primarily an online event, in-store shopping saw notable growth in 2023. Nearly half of UK consumers made Black Friday purchases in physical stores, highlighting the importance of in-person retail events in driving this year’s success. Retailers can capitalise on this trend in 2024 by offering more engaging in-store experiences. Creating a fun, positive atmosphere while shopping is crucial to fostering long-term customer loyalty. Retailers have an opportunity to innovate their promotions to make them more entertaining, such as through pop-up events and discovery areas, to attract foot traffic and make shopping more enjoyable.

Black Friday can be used to foster the discovery of new brands and exclusive product ranges. Retailers can use the event to highlight new brand listings or the launch of exclusive collections, generating excitement among consumers. Creating dedicated spaces in-store or online to spotlight new arrivals allows shoppers to engage with products more interactively, adding an extra dimension to Black Friday promotions.

In Germany, some retailers have successfully differentiated themselves by customising Black Friday events to align with their brand identity. For instance, the fruit brand Buah rebranded the event as “Fruity Friday”, creating a playful and memorable shopping experience that also encourages customers to explore new brands. This kind of creative tailoring can enhance brand discovery and leave a lasting impression on shoppers.

Retailers can leverage technology during Black Friday in several ways to enhance the shopping experience, attract more customers, and streamline operations. To align with one-third of Germans who found Black Friday deals on products they’re interested in on comparison sites, several German retailers have begun partnering with smart comparison tools. This enabled them to stay relevant and attract tech-savvy consumers who use these tools to find the best deals. This strategy can enhance the shopping experience and drive engagement.

Additionally, there is also ample opportunity to stand out by incorporating technologies such as virtual reality (VR) and wayfinding. VR can provide immersive shopping experiences, allowing customers to explore products in a virtual environment, while wayfinding technology can help guide customers through physical stores, enhancing their shopping experience.

In conclusion, Black Friday has evolved from a US-centric event into a global retail phenomenon that shapes consumer expectations and drives retail trends worldwide. As Black Friday 2024 approaches, retailers have a prime opportunity to refine their strategies by embracing sustainability, fostering trust and transparency, and creating engaging in-store experiences. This event also plays a pivotal role in brand discovery, making it essential for retailers to leverage technology and innovative approaches to stay competitive.

Understanding and adapting to the needs of the global consumer is more important than ever, as Black Friday continues to shape the future of retail.

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