Spending habits around the world differ due to necessity, access and also gross income of a nation. Black Friday is a free-for-all tradition where prices are cut drastically in light of holiday spending syndrome – the need to contribute to a consumer market in preparation of gifting season.
There’s nothing like opening a beautifully wrapped present on Christmas morning, the nostalgic feel of childhood, the longing to see what lies underneath the wrapping paper – it’s all part of the cheer that Christmas spreads. Black Friday enables consumers to benefit from slashed prices, while giving their family and friends the Christmas gift they were expecting.
But according to statistics carried out by Black Friday Global, gifts are not the most popular go-to on Black Friday. The top three products that are most in demand on Black Friday globally are, clothes, electronics, shoes, followed by cosmetics, home appliances and then gifts in sixth place. Understanding how people spend their money on Black Friday, or otherwise, allows marketing experts to target the right people at the right time. It also allows retailers to better serve their customers’ needs.
While brick-and-mortar shops still attract a lot of attention during these massive sales, online retailers seem to be performing better and better each year – in 2018, a recorded 34.55 per cent chose to shop solely online, while 49.35 per cent chose to shop both online and from the physical store. With COVID-19’s huge impact on our general lifestyle practices, the numbers will most definitely soar in the online sector. But the true question here is how much do consumers actually spend on Black Friday?
Black Friday in the UK
Compared to a regular Friday in the year, consumers in the UK spend 1,500 per cent percent more on Black Friday – ranking up 62 per cent on their average save. Brits know when it’s time to spend; working their way around big sales and price cuts that hit the market periodically, Black Friday included. Some of the biggest retail outlets to offer good discounts include Vodafone, Amazon and Three.
With 95 per cent of the population aware of the offers available on the market during Black Friday Week, the majority of sales still take place on the Friday itself. The UK’s most in-demand items are clothing, cosmetics, perfumes, jewellery, shoes and electronics.
Black Friday in the US
In the US, the increase in sales on Black Friday compared to any other Friday reaches 2,103 per cent – most probably due to the fact that a ratio of three in four Americans take part in Black Friday, each spending an average of $515 on the day.
With price cuts of up to 90 per cent off, the logic is spending your money on Black Friday in the US does make sense, especially since big retail outlets actively participate in such deals. KMart, Walmart, Sears and JC Penny’s are only a few of the big-brand examples that contribute greatly to the record spend per person on Black Friday.
Black Friday in Pakistan
Shockingly in Pakistan the increase margin is a massive 11,525 per cent. This was the highest recorded according to 2018 statistics. The sales here may differ slightly from other nations, with big discounts being offered by GoDaddy, HostGator and Emirates. Clothing, electronics and shoes also contribute to the average spend per consumer.
Black Friday in Germany Germany beats both the UK and the US in increased spendings on Black Friday, with a staggering 2,106 per cent. Their biggest focus on the day is definitely Clothes; resulting in an average of €211 per person. 54.12 per cent of the German market spend online on Black Friday.
Black Friday in Thailand
The lowest contributor to the Black Friday tradition is Thailand with a low increase percentage of 46 per cent. Only one in three Thais know about Black Friday, and that’s quite unfortunate since savings of up to 65 per cent off can be gained both online and in store.
Locally, in the same year, Black Friday statistics shops offered discounts ranging from 15 per cent to 70 per cent off, breaking local retail records entirely. Black Friday in Malta sees most of its spending directed towards the electronics niche, clothing sector and hotel and restaurant industry.