According to payment giant Barclaycard, Black Friday transactions have exceeded both last year’s levels and those from before the Covid-19 pandemic. As of 17:30 on Friday, there has been a 23% increase in the volume of payments compared to Black Friday 2020 and a 2.4% increase compared to pre-pandemic Black Friday in 2019. These figures indicate a positive sign for retailers, especially since the day started with a significant increase in online spending. Between 00:01 and 09:00, online spending has seen a 5.4% increase compared to 2019 and a 21.4% rise compared to last year.
The uncertainties surrounding this year’s Black Friday were notable due to the heavy impact of the Covid-19 pandemic on last year’s event. However, it seems that shoppers are just as enthusiastic as they were prior to the pandemic, showcasing a high level of pent-up shopping demand. Rob Cameron, CEO of Barclaycard Payments, expressed his delight at this ongoing trend and stated that retailers will be expecting this spending pattern to continue not only throughout the remaining hours of trading and into Cyber Monday but also throughout the rest of the festive season. It is clear that consumers still possess a strong desire to secure a Black Friday bargain, solidifying the event as a staple on the annual shopping calendar.
Once just a US tradition, Black Friday has become a global phenomenon with retailers worldwide offering significant discounts and promotions to entice shoppers. The day, which usually follows Thanksgiving Day, marks the beginning of the Christmas shopping season and has gained popularity over the years. Consumers eagerly await deals and discounts on a wide range of products.
The Covid-19 pandemic significantly disrupted retail and consumer behavior, leading to temporary closures of physical stores due to lockdowns and social distancing measures. This resulted in a surge in online shopping as consumers turned to e-commerce platforms for their shopping needs. Retailers had to adapt and prioritize their online presence to meet the growing demand.
This year’s Black Friday was highly anticipated as it would offer insights into consumer behavior and the recovery of the retail industry. Barclaycard’s report of increased spending volumes compared to previous years suggests that consumers maintain confidence and are willing to spend despite the ongoing uncertainties surrounding the pandemic. This is encouraging news for retailers who have been eagerly preparing for the holiday season.
With the success of Black Friday, attention now shifts to Cyber Monday, another major shopping event known for its online deals and discounts. As online shopping continues to gain popularity, retailers are expected to witness a surge in online sales on Cyber Monday. The extended shopping period leading up to Christmas is crucial for retailers as they strive to regain losses from previous lockdowns and make up for missed sales opportunities.
In conclusion, Black Friday spending volumes have surpassed pre-pandemic levels, affirming a strong recovery for the retail industry. The eagerness of consumers to secure bargains, coupled with the adaptability of retailers to the changing landscape, indicates a successful holiday shopping season. The continued growth of online spending emphasizes the importance of digital strategies for retailers. As the festive season approaches, retailers are hopeful that this positive spending trend will persist, bolstering their sales and bringing much-needed holiday cheer to shoppers and merchants alike.
Useful links:
1. The Decline of the Turkey Day Store Rush
2. Black Friday 2021: Consumer spend up 234%, but transaction volumes fall 6%
