Topic of the week - Unwrapping the Success: Black Friday Weekend 2023
The chilly November air carried with it the anticipation of Black Friday Weekend, and the retail landscape was poised for a spectacle. The buzz began with predictions forecasting UK retail sales to hit £8.74bn over the Black Friday Weekend. Consumers were gearing up to dive headfirst into the shopping extravaganza, eager to snag the best deals in the run-up to Christmas. The VoucherCodes.co.uk report, titled "Shopping for Christmas 2023: Black Friday Weekend," foresaw a marginal 0.4% increase from the £8.71bn recorded in 2022.
As the weekend unfolded, a strategic shopping trend emerged. The data hinted that consumers were playing a waiting game, reserving their purchases for Cyber Monday to ensure they were capitalising on the most enticing deals. The wait-and-see approach certainly added a layer of suspense to the retail narrative.
When Cyber Monday arrived, it proved to be the climax of the shopping saga. Showcasing a noteworthy 2.7% year-on-year increase - RBC. The digital realm buzzed with activity as consumers seized the online realm for their late-breaking purchases.
Despite the backdrop of rising living costs and economic challenges, consumer confidence stood resilient. A remarkable 40% of consumers expressed their likelihood to make a purchase over the Black Friday/Cyber Monday Weekend. It was a testament to the enduring allure of Black Friday deals, proving that, even in uncertain times, the thrill of a good bargain remained a powerful motivator.
Online spending data from Adobe Analytics last week showed a 5.6% year-on-year increase during Black Friday and the immediate days after. Separate figures from Barclays on Tuesday showed consumer spending on payment cards rose by 2.9% year-on-year in November, compared to 2.6% in October, helped by extended Black Friday sales. Barclays said consumers turned more optimistic about economic pressures, with concerns about inflation and the cost of food prices reaching the lowest level since December 2021. However, Jack Meaning, chief UK economist at Barclays, said it was unclear if this would boost sales volumes next year. "The key question for the UK is what happens after the holiday period. It will take more than a festive bounce to keep consumers spending in 2024," he said.
Drawing from the playbook of 2022, certain retailers opted to extend their Black Friday promotions over a two-week period. This strategic move allowed them to harness the shopping momentum and capture an extended window of consumer attention.
As the curtain falls on Black Friday Weekend 2023, the narrative that unfolds is one of resilience, strategic shopping, and the enduring allure of a good deal. Consumers navigated the landscape with precision, retailers adapted their strategies, and the retail saga played out against the backdrop of economic challenges.
The success of the weekend not only lies in the impressive figures but in the collective experience – the thrill of finding the perfect deal, the strategic planning, and the community that comes together in pursuit of the ultimate shopping experience. As we unwrap the events of Black Friday Weekend 2023, the echoes of success resonate, setting the stage for future retail sagas to come.
In other news
Amazon is increasingly using rail and sea transportation in Europe, with a 50 percent growth in utilization this year. According to the company, rail and short sea routes are not only more environmentally friendly but often more efficient and even faster.
Amazon is opting for trains or boats more frequently in and around our continent, and less often for trucks on the road. The company is collaborating with European carriers such as Cargo Beamer, Viia, the Mercitalia Group, Grimaldi, Stena Line, and DFDS to transport products through over 100 rail lanes and more than 300 sea routes, leading to nearly a halving of carbon emissions.
eCommerce Market Stats
See some statistics relating to this week’s topics in the eCommerce market below.
eCommerce Stats
- The average spend per person on Black Friday 2023 was predicted to be £113, 40% less than in 2022 and 59% less than in 2021.
- 55% of consumers bought online in 2023, compared to 55.3% in 2022, meaning more people opted to shop in-store.
- U.S. ecommerce sales reached $1.03 trillion in 2022, according to a Digital Commerce 360 analysis of U.S. Department of Commerce figures released Friday. That marks the first time ecommerce revenue has topped the $1 trillion level.
- 51.2% of Black Friday purchases predicted to come through mobile devices in 2023
*All statistics sourced from Statista, digitalcommerce360.com and techtarget.com
That’s all for this week…
If you would like to read more industry related news and insights, check out our articles below, or get in touch to discuss our services!
