What We Know About Black Friday 2023
Black Friday has evolved into the largest shopping event of the year, and has been for the last few years. It’s also grown past people barging into physical stores to grab that heavily discounted TV and is now dominating the ecommerce space. This has made it the most crucial period of time on most businesses and marketer’s calendars, with this event being deal-breakers for some brands.
Although Black Friday is always filled with people looking for a bargain, data shows that Black Friday shoppers this year are going to be more frugal than ever. The Cost of Living Crisis this year has led to price points being more crucial than ever as people have their purses squeezed. It’s also led to shoppers being less loyal to brands if they can find a more cost-effective option.
This doesn’t meant that there will be less demand this Black Friday. Instead, people will be hunting and comparing deals across multiple brands to find the best deal possible. According to Google, the average shopper looks on 6 different websites before they purchase during non-peak times. This could easily double during Black Friday.
It’s also crucial to know that Black Friday no longer lasts for a single day. Over the last few years brands have took advantage of the demand and launched their campaigns and offerings 2-3 weeks before the official Black Friday date. This means they’re also running their campaigns for longer, sometimes stretching into the first week of December. Keep this in mind when planning your launch strategy.