The battle of the bargains is on, but which sales event - Black Friday and Boxing Day - will take the top spot?
The end of the year is the biggest part of every retailer’s calendar and for a good reason. From Click Frenzy to Boxing Day, the quantity of sales events provides the perfect opportunity for retailers to capture new audiences and increase their product offering.
A report from Retail Doctor has found that one in four Australian shoppers purchased online during Black Friday. In contrast, one in four shoppers said they would shop less in the Boxing Day sales as a result of the Black Friday sales events.
Furthermore, it’s safe to say that Boxing Day sales have dropped significantly in impact compared to its counterpart. More than half (51 percent) of consumers saying they are planning to spend less in the Boxing Day sales compared to last year.
Thirty-six percent of Millennial shoppers said they were likely to spend less during this time than during Black Friday, and 76 percent of shoppers aged over 55 said they would also be spending less than last year.
So, how can retailers make sure that consumers are still interested and willing to snag a bargain during the sales event? “Retailers should review their product mix and sales campaign for boxing day to offer a fresh and different sales offer from other events to attract consumer attention and participation,” the report suggested.
According to the report, 27 percent of consumers have pre-planned the products they wish to purchase during the sale and are willing to wait for the Boxing Day date.
Forty-seven percent of Australian shoppers said the amount of discount is a driving factor for making a purchase in 2020, compared to 36 percent in 2019.
Does this mean that Boxing Day sales are becoming irrelevant? Not exactly – retailers need to understand the customer’s needs, and stay in tune to the products they are keeping in their wish lists. This way, retailers can offer fresh and new items on discount to attract a new customer base.
Which sales event will win the battle of the bargains? With Black Friday becoming increasingly more popular with Australian shoppers, our money is on Black Friday and Cyber Weekend. Let us know your thoughts below.
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