Black Friday and Singles' Day: sales outstrip Christmas business
In 2018, one in three consumers in Switzerland took advantage of "Black Friday". GfK expects this year's Black Friday sales to be exceeded.
This year, Black Friday falls on November 29, 2019. Not only do many consumers receive their salary before this day, but it is also only around three weeks before Christmas. A well-chosen date, therefore. GfK assumes that sales on this year's Black Friday will exceed previous records.
In the UK, France, Germany, Italy, Spain, Poland and Brazil, sales generated during the Black Friday week already exceed those of Christmas sales. In China, on the other hand, Singles' Day is the most important shopping event of the year. It generates three times the sales of a normal week. The second most important shopping event, "618.JD", which took place in the middle of the year, also generated good results for retailers.
"Both Black Friday and Singles' Day are well-established promotional weeks for retailers worldwide. Our studies show that, regardless of where they live, consumers are always open to good offers as long as they really deliver added value - in other words, an honest price reduction," says Anja Reimer, GfK expert in the field of consumer behavior. "Both events respond to consumers' desire not to miss out on good deals and to get hold of higher-quality branded items at the best possible price. In addition, consumers around the world are always looking for ways to make their lives easier. According to our GfK FutureBuy study, 43% of consumers in Switzerland agree with the statement that there is simply too much choice in many categories. Retailers can offer real added value by reducing the number of offers, making it easier for consumers to find and buy the products they want this November."
Consumers inform themselves more before buying
Today's consumers are smart and are spending more time than ever before on thorough research before making a purchase. According to the GfK study FutureBuy almost half of consumers in Switzerland (48%) say that they compare prices more often today than they did a year ago. The fact that the Black Friday shopping event has been portrayed negatively in the media in some markets in the past has led to many consumers taking offers, discounts and promotions with a grain of salt and spending even more time comparing prices before making a purchase.
In terms of multimedia products, the promotions on and around Black Friday had a strong impact in 2018. Compared to the first Black Friday four years ago, sales even doubled in more saturated categories such as smartphones, tablets, computers, televisions and cameras. Compared to the previous year, the volume for the same product groups in Black Friday week rose by over 25%, or from 60 million to 75 million Swiss francs.
The trend is moving away from low-cost to higher-quality products in the range
This year, a trend towards higher-quality products is emerging. With the right offers, premium brands can turn more product enthusiasts into buyers than in other weeks. According to the GfK Consumer Life study, 38% of Swiss consumers would prefer to own fewer but higher-quality items. 47% state that it is important to them to treat themselves regularly and indulge themselves.
Reimer summarizes: "The successful concept for the coming promotion weeks will be to match the right premium products with consumer demand. If this happens within a manageable framework of honest offers, consumers will easily make a purchase decision this year."
About the study
The GfK FutureBuy study is a global survey in which 35,000 consumers (aged 18 and over) in 35 markets worldwide report on their shopping habits in areas including FMCG, technology and consumer durables. 3
GfK Consumer Life has been recording consumer trends in more than 25 countries every year since 1997 and provides data and insights into how the daily lives of consumers (aged 15 and over) are changing.
