Black Friday, which used to be a sign of huge sales and shopping excitement, experienced a sharp drop in the UK in 2024. Despite early holiday promotions like Black Friday, studies indicate that overall retail sales volumes fell 3.9% in December, indicating a more difficult trading climate. We polled our followers on social media to find out how many of them nabbed a deal during this year's Black Friday bargains. A staggering 82% of followers said "no," which indicates to us that Black Friday's appeal has weakened. Or maybe the deals are just not that good.
The change in consumer behaviour is one of the main causes of the decline. In order to spread out their Christmas shopping and control prices in the face of persistent inflation pressures, many consumers took advantage of early November discounts. This trend, together with a growing dependence on internet shopping, diminished the customary Black Friday high.
Another factor was the difficult economic situation in the UK. Many customers were more frugal with their discretionary spending after the government's recent budget measures increased household expenses. During what used to be a very lucrative season, retailers in a variety of categories, including apparel, electronics, and luxury products, reported weak sales.
Brick and mortar retailers saw a decline in foot traffic during Black Friday week, while online shopping saw a little increase of 18.5%. This is indicative of larger shifts in customer tastes, where conventional shopping experiences are being replaced by ease and internet interaction.
For retailers, the drop in Black Friday sales presents both opportunities and challenges. In order to draw clients, many are reassessing their approaches and concentrating on customised offers and distinctive experiences. It could be time to reconsider the value of major sales events in their current format as retail dynamics change.
Black Friday's fading influence highlights how the retail sector is changing due to economic concerns and changing consumer behaviour. To succeed in this new era, retailers will need to adjust by striking a balance between strong promotions and long-term, year-round engagement tactics.
