Keep An Eye On These 4 Trends This Black Friday
2022’s day of frenzied consumerist pandemonium is close at hand as November 25th will mark the climax of the now annual Black Friday mania. Naturally, with retail’s most valuable day so important to retailers and consumers alike, an enormous amount of energy and effort has been devoted to predicting the most predominant trends that could dictate consumer behaviour in 2022. Accordingly, here at AYKO, we have identified four potential trends to keep an eye on this year…
The Cost of Living Crisis - The UK’s current titanic cost of living crisis will undoubtedly have a profound impact on consumer behaviour this Black Friday. As the attritional war on disposable income continues, with the price of food, petrol, and utilities soaring, it is impossible to imagine the means, nor the appetite, for a great Black Friday splurge. With this in mind, retailers’ best bet perhaps is to try and lure savvy consumers in with discounts that promise a cheaper outlay at Christmas and throughout the expensive month of December.
The Supply Chain Crisis - When the Coronavirus pandemic shook the global supply chain many retailers must have hoped that by the end of 2022 there would have been a full recovery. However, the situation in the UK and elsewhere continues to be deeply troubled - exacerbated by Russia’s invasion of Ukraine, a shortage of HGV drivers, a scarcity of fuel and China’s continued draconian lockdowns. The retailers who have the most resilient supply chains, able to supply the usual cornucopia of products, and at a reduced price are best placed to succeed this Black Friday. The others may simply miss out.
The Extended Black Friday Period - Like Christmas, Black Friday seems to get earlier and earlier each year. Now a seemingly months-long event, there is a real risk of apathy among consumers who are overwhelmed by its sheer longevity. Moreover, the day comes within an extended period of relentless sales and consumer events that now includes Singles Day (Nov 11th), Cyber Monday (Nov 28th), the pre-Christmas scramble (Dec), the Boxing Day sales (26th Dec) and finally the New Years’ Sales (Jan 1st-). Is retailers’ voracious appetite for more sales finally turning consumers off?
The ‘Green Friday’ Backlash - Founded in 2015 the ‘Green Friday’ campaign urges responsible consumerism, promoting environmental awareness and condemning the ‘needless spending’ of Black Friday. The movement very much taps into the zeitgeist of the 2020s with the increasing desire for more sustainable consumption and production. Far from a fringe movement, the campaign is gathering pace with huge retailers such as Scandinavian furniture giant IKEA cancelling their Black Friday events across Europe in favour of the greener alternative. Assessing just how far the green backlash has permeated its way into Black Friday will be a fascinating trend to asses in 2022.