Black Friday during inflationary times
November 26, 2022
With the general increase in prices in all countries and a new phase, after an almost complete recovery on a social level following the COVID-19 pandemic, we are faced with a debate in the consumer era: what are people looking for, and will it affect purchases?
In this article, we will look at some of the questions that may arise from this year’s peculiar situation in the run-up to Black Friday.
Black Friday is approaching and every year it takes on a more relevant role. Consumption patterns continue to evolve from their beginnings in the USA in the 1960s to the present day, and everything is increasingly moving towards more digital and less face-to-face commerce. Black Friday alone generates 4% of the annual e-commerce volume, which is increasing yearly.
But what can we expect this year from Black Friday, a year marked by rising prices? The statistics contradict each other, on the one hand some say that this year we will consume less on this date, the reason being that despite the convenience of the offers, we do not buy new products if they are not strictly necessary. On the other hand, another section of the population states that they will take the opportunity to bring forward their Christmas shopping or buy higher quality products than the rest of the year. Technology products are also some of the most popular products on this date.
On the other hand, a part of the population is also counting on stopping shopping this year or focusing on environmentally friendly products due to sustainability concerns, which is becoming more present year after year.
More and more brands are participating in this day with big discounts, offers and promotions. It is a good opportunity to reach new customers attracted by the offers or prices, to engage them and subsequently get them to stay, even as a long-term strategy, once they have become familiar with it.
It is important for companies to follow a strategic path that allows them to increase their reach and find new solutions that allow them to execute efficiently, just as it is important to find partners with whom to successfully take on the new challenges of the environment. Connects provides a platform that offers new business opportunities and synergies with Chamber of Commerce companies through the online world.