Consumers Hunt for Black Friday Deals As Soon As October…Ready to Launch Early Campaigns?

Black Friday isn’t just a one-day event anymore; it’s practically a whole season! November has turned into the hottest time for holiday shopping, with 32% of consumers snagging bargains already in the days and weeks leading up to Black Friday. So, if you think starting campaigns at the beginning of November is early, you may want to think again.

Forrester revealed that while shoppers are spending more, they’re doing it more carefully and at a slower pace. They’re spreading their spending across several months and jumping on deals as soon as they appear. Plus, since Amazon decided to shake things up by adding a second Prime Day in October, consumers are now expecting those early promotions.

So, let’s not waste precious time and let’s get ready to catch those early birds with early Black Friday Campaigns!

In this blog post, we’re diving deep into last year’s shopping trends, checking out which products topped the charts, and sharing insights from our clients’ November campaigns. Plus, we’ll take a sneak peek at Black Friday 2024 and beyond, sharing some handy tips on how to kick off your campaigns earlier and keep them running longer without cutting into your ROI.

Ready to stay ahead of the game, boost your sales, and meet your customers’ ever-changing needs? Right, let’s dig in!

First of all, let’s have a look at what happened last year to spot trends in consumer behaviour and help shape your 2024 campaigns. In 2023, 52% of UK shoppers leaned heavily into Black Friday deals, shooting sales up to £13.3 billion — a solid 7.3% bump from the year before. And the increase wasn’t just online, where e-commerce sales jumped by 7.5%. Brick-and-mortar stores saw more foot traffic, too (4.6% increase).

Across the pond in the US, the Cyber Five — the period from Thanksgiving through Cyber Monday — made up a hefty 17.1% of the total holiday sales. During these five days, the cash registers didn’t stop ringing: Thanksgiving sales popped up by 5.5%, Black Friday went up by 7.5%, and Cyber Monday by an impressive 9.6%.

But what did consumers buy and where? Adobe reports that electronics were selling like hotcakes in November—25% more than in December. Clothing topped the list of in-store purchases (82%), followed by electronics (73%), beauty products (49%), household appliances (44%), and sports or leisure items (32%). And these product categories were just as popular online, where 79% of shoppers bought clothing and accessories, and 66% went for electronics.

After checking out last year’s numbers, we wanted to see if our clients’ Black Friday and Cyber Week campaigns matched the trends we talked about. And guess what? They totally do! In 2023, we saw a 35% jump in promotional claims for campaigns launched in November.

What’s more, the numbers started climbing in mid-November and really peaked during Cyber Week. In fact, the claims from the two weeks between Black Friday and Cyber Monday made up 18% of all promotional claims we received during the holiday season (November 2023 to January 2024). Most of these claims came from Germany (23.6%) and the UK (18%). On top of that, cashback campaigns were a big hit, making up 88% of all claims. This shows that shoppers are really looking for some financial value when they make their purchases.

Well, Black Friday is shaping up to become the main shopping event of the year, with an expected sales forecast of USD 278,645 million globally. According to data analytics and consumer credit reporting company Experian, consumers will keep making the most of early offers and we’ll also see other familiar trends become more popular:

• Mobile shopping will keep rising: This trend will likely continue, driven by the convenience of shopping on the go. So, make sure your e-commerce website or mobile app is on point, making it easy for customers to shop and pay directly on their phones.
• “Buy now, pay later” options will gain more traction: With inflation squeezing household budgets, flexible payment options make it easier for customers to handle bigger purchases without having to pay for everything upfront.
• People will switch between different shopping channels more often: They might start their product research online, check reviews on their phones, and then make the final purchase in-store. Whatever way customers want to shop, provide a consistent and integrated experience across all channels.

And keep in mind that Black Friday is no longer a big thing in the US and Europe only—this shopping bonanza has gone global, catching on in places like Australia, China, and India. So, it might be the right time to open new markets with targeted promotions.

Down Under in Australia, the Black Friday scene is booming, with a predicted annual growth of 14% from 2024 to 2034. Thanks to online giants like Amazon and eBay Australia, Aussie shoppers are snapping up deals left and right. China isn’t far behind either, expecting an 11.6% growth each year over the next decade. So, yes to exploring new markets but do your homework first. Make sure you tweak your campaigns to resonate with local consumers, respect their traditions, and align with local trends.

We’ve already seen that people are stretching their holiday budgets over a few months to deal with rising inflation and the higher cost of living. So, why not jump on this trend by kicking off your Black Friday deals earlier and keeping them up longer? But here’s the big question: will running longer sales promotions mess with your profit margin and ROI? No, not if you do it right. By picking clever promotional tactics over just slashing prices, you can pull in more shoppers and boost sales without eating into your profit margin.

For example, as our data shows, consumers just love cashback promos during Black Friday! They give them clear and immediate perks that are hard to resist. And while both cashback campaigns and discounts put money back in shoppers’ pockets, not everyone claims their cash back, making it a more profitable way to attract customers, bump up sales, and keep your ROI healthy. You can see the difference for yourself with our Cashback vs Price Discount Calculator.

And let’s talk gift with purchase for a minute. Sure, tossing in a freebie can nibble at your profit margins, so you have to balance the cost of that gift against the return you’re hoping to see. Here’s a tip: why not throw in branded freebies that don’t cost much to your brand but still get shoppers excited? Or, maybe team up with another brand to offer free complementary or seasonal items. This could pull in new customers and spread the word about your campaign even further.

If you’re a consumer electronics or home appliances brand, consider pulling in customers with promotions that make your products look more trustworthy than the competition’s, keep your price steady, and reduce return rates. We are talking buy-and-try campaigns and extended warranties:

• Buy and Try Campaigns make it easier for customers to shop from you by letting them test your products with the possibility to return them and get a full refund. But here’s the trick: when customers use your product in the comfort of their own homes, they’re more likely to stick with it, so hardly anyone sends it back.
• Extended Warranties give shoppers peace of mind by showing them your product is built to last. You’re basically telling them that investing in your tech now means they’ll save money on potential repairs and replacements down the road. Sure, warranties do come with some potential future costs, but they are usually quite low and not everyone will use their extended warranty.

By using these tips, you can kick off your Black Friday campaigns right when customers are ready to buy and keep them running longer without hurting your profit margins or ROI.

To wrap things up, just like we said at the beginning, Black Friday has turned into a whole season, kicking off as early as late October. People are spreading out their holiday spending over several months to cope with inflation and higher living costs.

So, marketers, here are the key takeaways from our deep dive into Black Friday market trends and consumer behaviour:

• Start Early: Stretch out your campaigns by kicking them off in late October to catch those early birds.
• Explore Growing Markets: Plan targeted campaigns to hit new markets like Australia and China.
• Cashback promotions are a huge hit: Whatever your industry, cashback promos really pay off.
• Electronics and home appliances are top buys: Pull in buyers with buy-and-try campaigns and extended warranties that make your product attractive without affecting profits.

By following these data-driven strategies, you can create a powerful Black Friday campaign that will reach your customers at the right time, in the right places, and with the right offers.

And if you need help drafting your sales promotions, drop us a line, and we’ll work together to create a tailored, killer Black Friday campaign.