Black Friday came into our lives to stay. Or so we’ve seen it since 2012. It’s been ten years since we embraced this tradition in North America.
As reported by National Geographic, Black Friday arrived in Spain in 2012 at the hands of the German network MediaMarkt. At first it seemed frivolous and the reception was not very enthusiastic as I began to study the publication. However, a year later, in 2013, El Corte Inglés and Amazon encouraged their sales with this consumption trend.
Since then, more and more stores and stores are celebrating Big Sale Day. In 2015, more than two million Spaniards bought that day, spending an average of almost 300 in a day. However, this number has decreased with the epidemic and the current crisis, however, the average per capita expenditure is at least 200 euros. Very high budget if we think about other countries like Turkey (71€) or Brazil (72€), but low if we compare with Americans or British.
However, the Black Friday expansion isn’t the only thing that has changed. also its shape. What started as a day of deep discounts in the tech industry has become a day of sales for every business. Even in supermarkets. There is no longer anyone who can resist the celebration of Black Friday, even those companies that did not have a relevant role in this celebration have already located a niche for them, as in the tourism and hospitality sectors. That no one abandons the celebration of consumption day par excellence.
The Rise of Black Friday and the End of Traditional Sales
For Ariadna Casasos, an associate professor of economics and business studies at the University of Oklahoma, “the liberalization of the sales calendar by the Spanish government” had a major impact on the standardization of Black Friday. In fact, this initiative marked the beginning of the end of our sales, which take place every year after the Kings and in the summer.
And while this regulation hurt small merchants, it was an opportunity for large e-commerce companies, tired of respecting the national calendar, to increase their profits, constantly offer promotions and encourage consumerism.
However, the emergence of Black Friday, El 11 del 11 or Cyber Monday is also due to a change in consumption patterns. For more than a decade, consumers have been anxiously waiting for discount periods to buy those clothes they didn’t buy during the season because of the price or because the fact of selling was a social and personal act of satisfaction in taking advantage of the offers.
Black Friday is the Prelude to the Christmas Campaign
The international success and massive acceptance of Black Friday, despite being an American tradition, is largely due to the time when it takes place. “When it is celebrated at the end of November, it marks the beginning of Christmas shopping around the world”, explains Casasus, one of the most important moments for any business.
In fact, many consumers take advantage of this day to start their Christmas shopping list. According to Deloitte’s latest consumer survey, this November discount campaign will target 15% of planned Christmas purchases. Savings accumulated in households’ portfolios increase the illusion of the possibility of purchasing at competitive prices.
As Neus Soler, professor of economics and business studies at the University of Oklahoma, explained in an October report Christmas: Why Brands Campaign?, Christmas 2022 is eagerly awaited. “It’s the first without commitment, despite inflation, there will be more moments to meet and with him present”
Another important point in the growth of this festival in Spain, recalls Casasus, is the digitization of companies that “invested a lot during the COVID-19 epidemic, when digital sales were the only option to reach consumers”.
Tourism Enters Black Friday
And while tech products remain the top sellers on Black Friday, more and more industries are opening up to them.
According to data from Casasus, technology currently accounts for 40% of sales, followed by fashion and accessories, which accounted for 34% of sales last year. Despite this, entertainment and travel are not far behind, and last year this accounted for “almost 10% of sales”, recalls the expert.
Behind the increase in demand is a marketing campaign. “With the pandemic, these actors have been hit hard and need measures to stimulate their consumption. In addition, the euphoria of Black Friday is a very good opportunity to take advantage of it.”
Also, traditionally for these companies, November and December are slow months. “Consumers are more focused on Christmas, buying tangible products such as electronics, toys or jewelry”, says Casasus. Therefore, adopting Black Friday meant attacking these low demand months and recovering the money lost in times of Covid-19. And it seems that investing in tourism on these dates already has a following. As mentioned in the Brain Trust Tourism Barometer, 40% of travelers plan their trips in advance, which is why Black Friday has become an important and attractive day for all travelers who don’t want to pay more than they should.
Don’t Fall for Scams
And while the mass euphoria of Black Friday is a good incentive to get sales, Casacus points out, it’s not always successful: “It can also be a risky time if it’s not strategically planned and executed.”
Casacus warns of the danger of running into a fake campaign caused by a network hoax. An exercise that could damage the company’s reputation. “A few days ago, it was reported that Iberia is giving away 5,000 Iberia tickets to European destinations and that was incorrect,” he explains. Although it was a hoax, regardless of its invention. To participate in the ticket draw, I had to pay €2.90 for the alleged management fee. In addition, the link had to be redirected to five other contacts in order to leave the scammers with new victims of the scam. It didn’t take long for Iberia to deny this farce in a statement and on its social networks, but unfortunately for many, the damage has already been done.
Will Inflation Affect Black Friday?
However, with inflation expectations, the consumer goods sector is holding its breath in the face of prevailing inflationary expectations. But will this affect Black Friday? For Casasus, there is no reason. “Now, more than ever, shopping will be planned in advance to take advantage of the Black Friday offer moment to enjoy shopping at a better price”, notes the expert. In fact, according to the Reseller, 55.7% of Spaniards will make a purchase on Black Friday.
According to Cassos, it is increasingly demanding, so it is important that companies offer “promotions that are interesting, that add value and make a difference”, he concludes.