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Black Friday is approaching: Are there particularly strong bargains in the crisis year?

2023-11-22T13:59:56.157Z

Highlights: Black Friday falls on November 24 this year, marking the start of Black Week. For retailers, Black Friday is the most important sales event of the year next to the Christmas business. The German Retail Association expects 5.8 billion euros on Black Friday - that would be an increase of three percent compared to the previous year. The potential is huge. 70 percent of Germans want to look specifically for offers on the days around Black Friday. Men are significantly more willing to buy than women (234 euros)



Status: 22.11.2023, 14:39 PM

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Black Friday is a bargain hunter's paradise - and actually a day of celebration for retailers. But this year, the conditions are bad. Consumers are not in the mood to buy.

Düsseldorf - The countdown is on. Websites like www.blackfriday.de are already counting down the hours until the big day. Black Friday falls on November 24 this year, marking the start of Black Week. But actually, the campaign has long since begun, and in many cases it has long since extended to half of November. Amazon, Otto, Saturn and other retailers have introduced a Black Friday pre-sale and offer reduced prices for game consoles, computers, washing machines and coffee machines and much more a week or two in advance.

Retailers are staging Black Friday as a roaring celebration of consumerism, but the omens are not good this year. The name of the day of action, which commemorates the collapse of the New York Stock Exchange in 1929, is involuntarily topical. Pandemic, wars, inflation: After the difficult years, retailers are particularly dependent on high sales, but many people are not in the mood to buy. Can the campaign still be a success?

Men want to spend more than women

The potential is huge. According to a representative survey by the management consultancy PwC, 70 percent of Germans want to look specifically for offers on the days around Black Friday. According to the survey, they want to spend an average of 281 euros, which is eight euros less than last year. At 331 euros, men are significantly more willing to buy than women (234 euros). According to market researchers at NielsenIQ, consumers in Germany spent more money last year than in France, the UK, Italy or Spain.

Black Friday originated in the USA. There, the bridge day after Thanksgiving, the fourth Thursday in November, marks the beginning of the Christmas business. In 2013, the Black Friday brand was trademarked in Germany, grew continuously and is now firmly established. For retailers, Black Friday is the most important sales event of the year next to the Christmas business, and the fourth quarter is the strongest in terms of sales.

Retail expert: Pressure is on sellers

Retail expert Martin Fassnacht from the WHU business school sees the pressure this year, as well as last year, especially on the side of retailers. He expects particularly large price reductions. "Retailers have to do more convincing because people are a bit stingy right now. That's why the discounts have to be particularly good."

Black Friday: Bargain hunters from all over Germany can probably look forward to particularly big price hits this year. © Axel Heimken / dpa

For retailers, preparations for Black Friday are starting when customers are far from thinking about it. The mail-order giant Otto starts planning in late summer. Together with logistics partners, forecasts are made on a daily basis and order volumes are estimated in order to be able to plan how many vehicles and temporary workers are needed, according to a company spokeswoman. Compared to normal times, four times the storage capacities are required.

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DHL expects eleven million shipments

The discount campaigns provide the parcel industry with full order books. Market leader DHL expects to transport more than eleven million shipments on some days in the week after Black Friday. The shipment volume is therefore 50 percent higher than the weekly average of the year to date.

According to a survey by the retail research institute IFH Cologne, one in three wants to spend less this year than last year. The German Retail Association expects sales of 5.8 billion euros on the days around Black Friday - that would be an increase of three percent. In 2022, sales had increased by 20 percent compared to the previous year. "Retailers can't do without the day. But Black Friday won't be able to save this year. The consumer climate is too bad for that," says retail expert Gerrit Heinemann from the Niederrhein University of Applied Sciences.

For many people, however, the prospect of getting at least some of their Christmas presents four weeks before the holiday is tempting. 71 percent of Germans want to use the bargain days of the PwC survey to do so. According to the survey, electronic devices (40 percent) and clothing (33 percent) are particularly popular. According to the respondents, the discount must be at least 38 percent to be particularly good.

Black Friday: Majority want to buy online

Just before November 24th, it's hard to miss Black Friday. The large video boards on the main roads of the cities have been advertising the bargains for days. Online retail is once again one step ahead this year. According to the PwC study, 74 percent want to go on a shopping spree online, while only 24 percent want to go offline and brick-and-mortar. Nevertheless, traditional retail has its advantages. For example, the consumer advice centre warns of an increased risk of falling for a dubious online shop on the days of the campaign.

Experts see the danger of a buying frenzy effect due to the large number of offers. According to the report, online retailers used red bars, which supposedly indicate melting inventories, or expiring clocks to put pressure on buyers. The consumer advice centre advises you to set price limits, use portals to compare prices and keep a cool head.

However, consumers at least have an advantage on Black Friday. You can simply ignore the bargain day and its hustle and bustle if necessary. This is much more difficult for retailers. They could hardly afford to boycott the action, says expert Fassnacht. (dpa, lf)

Source: merkur

All news articles on 2023-11-22

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