During Black Friday, retailers once again entice customers with deals. According to a survey, even more people are looking for deals this year than in 2023. One in five wants to spend less.
Dusseldorf.
This year, German customers are particularly demanding in the days surrounding Black Friday, according to a study. Only discounts of at least 50% are considered a good offer, as a representative survey by business consultancy PwC shows. For this purpose, 2000 people in Germany were interviewed. Last year, items with a 38% discount were perceived as bargains. This year Black Friday falls on November 29th.
“Consumers have become more demanding,” said Christian Wulff, retail expert at PwC. Due to high inflation, people save more, consumers pay close attention to prices and look for particularly advantageous offers. “Black Friday and similar occasions for large-scale discount campaigns are actually gaining prominence right now.”
Men spend more than women
According to a survey, this year in Germany 83% of Germans want to take advantage of Black Friday and look for bargains. That’s more than a year ago, when it was at 70%. Those interested in purchasing are planning to spend the same amount they spent last year. They want to spend on average 277 euros (2023: 281), men are more willing to spend than women. Many customers take advantage of promotional days to receive Christmas gifts. Electronic and technology products continue to be the most popular.
However, some are taking it a little easier this time around Black Friday. One in five people want to shop more cautiously than last year. The reasons are similar to those in 2023: those affected say they have less money available or buy less due to rising prices. According to the survey, only one in six people is not interested in discount campaigns.
The sales days around Black Friday are among the most important of the year for retailers in Germany, along with the Advent Saturdays. In recent years it has been claimed that retailers offer special offers in the days and weeks leading up to it.
Interview with Christian Wulff, Retail Expert at PwC, on Black Friday Shopping Trends
Time.news Editor: Welcome, Christian! It’s great to have you with us today. With Black Friday just around the corner, there seems to be a notable shift in consumer behavior this year compared to last. Can you start by sharing what the data indicates?
Christian Wulff: Thank you for having me! Indeed, our recent survey reflects a significant change in consumer expectations. This year, shoppers in Germany are much more demanding; 50% discounts are now the benchmark for a “good offer.” Last year, a 38% discount sufficed to grab attention. This escalation underscores how inflation is impacting spending habits.
Time.news Editor: That’s fascinating. You mentioned inflation impacting consumer spending. How is that affecting the overall approach to shopping events like Black Friday?
Christian Wulff: Consumer behavior has shifted towards greater scrutiny of prices. High inflation rates mean people are more cautious about their spending. They are actively searching for the best deals and only willing to engage when they feel they are getting significant value for their money. This shift seems to have amplified the prominence of sales events like Black Friday.
Time.news Editor: It sounds like customers are becoming more strategic about their purchases. Are there any particular demographics more likely to embrace this cautious approach?
Christian Wulff: Interestingly, our data shows that men are expected to spend more than women this Black Friday. While 83% of Germans plan to participate in the sales, the spending patterns reveal that men typically allocate larger budgets for shopping compared to women.
Time.news Editor: So, what kinds of strategies should retailers consider to appeal to this increasingly discerning consumer base?
Christian Wulff: Retailers will need to align their discount strategies with consumer expectations. Offering substantial discounts, showcasing price comparisons, and emphasizing limited-time offers can create urgency. Additionally, leveraging omnichannel sales and personalizing customer experiences can enhance engagement and ultimately drive conversions.
Time.news Editor: With so many retailers competing for attention during this time, what does the future hold for shopping events like Black Friday?
Christian Wulff: The landscape is certainly evolving. As consumers become more sophisticated and informed, we might see a shift towards more personalized and experience-driven retail. Retailers must innovate not just with their offers but also in how they connect with customers. While Black Friday will remain a significant event, its strategies will need to evolve to maintain relevance.
Time.news Editor: Thank you, Christian. Your insights are invaluable, especially as we navigate these changing consumer dynamics. It seems there’s much more to Black Friday than just discounts!
Christian Wulff: Absolutely! It’s all about understanding consumer behavior and adapting to meet their needs. Thank you for having me.
Time.news Editor: Always a pleasure. We look forward to seeing how this Black Friday unfolds!