More than a quarter of shoppers (28%) said the two days had made it a critical shopping period because of price increases. 42% also admitted to purchasing fewer gifts while almost a quarter (24%) said they were focusing on buying from lower-priced retailers while pre-owned gift buying is also expected to be on the rise.
“To remain competitive, retailers must position sales and promotions throughout the season and consider personalized deals that are tailored to consumers’ preferences,” said Brittany Steiger, retail and e-commerce analyst at Mintel.
“Our research shows the most popular retail promotions are percentage-off discounts, Buy one Get One deals, gift card offers and free gifts with purchase. While direct communications and social media will have the farthest reach, partnering with third parties such as shopping portals can be a great way to consolidate deals into one place, making it easier for consumers to shop by deal,” added Steiger.
The influence of holiday ad spend
And in the battle for cosumers’ dollars, advertising remains the main weapon in every brand’s armory to stand out against in the frenzied crowd of offers from seemingly every retailer and brand.
According to Sitecore’s US Holiday Report, consumers were exploring various strategies to make the season more affordable, including cutting back on expenses and subscriptions, taking on side jobs and selling personal items to earn extra cash.
It also found that two in five said holiday ads influence them to decide what and where they purchase gifts. TikTok and Instagram are the most popular channels for inspiration.
Black Friday is the “holy grail for Brandformance campaigns,” said Daisy Domenghini, Managing Director of VaynerMedia EMEA. She said the Golden Quarter is an opportunity for companies to combine their performance marketing tactics alongside current societal interests.
It’s vital that brands and sellers leverage advertising tools from now until the end of the year to ensure they harness their influence.
Upasana Gupta, general manager of eBay Ads U.K.
“Attention builds during the year, but the extended Black Friday period is quickly turning Black Friday into the next Super Bowl,” she said. “Connecting with culture and building your brand through insights built on social media is the best way to cut through the noise. It’s the difference between customers choosing your product or not.”
The comparison to the Super Bowl is no coincidence with ad inventory for Amazon’s first Black Friday NFL game having sold out. The same was also true of Thursday’s games.
