Cautious Consumers…
Nothing new—economic conditions are uncertain, and consumer behavior reflects this.
➡️ After peaking at +11.5% last year, inflation is now stagnant at +3.6%.
➡️ Consumer confidence is at its lowest point in 40 years.
➡️ 49% of Western European consumers are restricting or limiting their Christmas season spending.
➡️ 64% of Western European consumers feel little or no holiday spirit this year due to the economic situation.
Source: Eurostat October 2023; OECD 2023; NIQ Holiday Habits Survey UK, FR, SP, DE, IT, Nov 2023
But Increasing Sales Value for this Black Friday
Black Friday 2023 had a lukewarm start: on the D-day, Friday, November 24, sales were more modest than in 2022.
The subdued start can be attributed to a lack of clarity on promotion dates—Is it still just Black Friday, or is it Black Week or Black Month?
Nevertheless, the overall outcome is positive: online sales in Europe increased by 7% in value compared to the 2022 Black Friday edition.
This growth was primarily driven by an increase in the number of active online buyers during the period.
Participation Rates, Average Spending, and Order Numbers in Europe
Germans and Britons were the most engaged during Black Friday, in terms of participation and order numbers. In these two countries, 48% of e-shoppers placed orders during Black Friday.
Germans spent €251 during the period, compared to €178 for Britons.
Belgians were the European consumers who placed the fewest orders: an average of 2.1 compared to 3.6 for the UK.
Categories with the Highest Increase for Black Friday
The appliances, beauty, and high-tech categories have experienced the most significant increase in the last 12 months, especially during Black Friday.
Special mention for floor cleaning products! 🧹
Winners of Black Friday 2023
Amazon narrowly misses the podium!
The top performers align with the three categories mentioned earlier: appliances, beauty, and high-tech – with Roborock, Ninja, and PlayStation in the top 3.
🦊 Watch the Black Friday 2023 webinar replay
Download the Full Study
Find all the insights related to Black Friday 2023 in this study:
- An uncertain economic climate and cautious consumers
- Increased sales value for Black Friday 2023
- Distribution of online sales by buyer type
- Daily online sales value (Q4 2023 vs Q4 2022)
- Participation rates on Black Friday among e-shoppers since 2020
- Participation rates on Black Friday 2023 by gender and age group
- Black Friday 2023 participation rates, average online spending, and order numbers by European country
- Category mix by country in value – MAT 2023
- Winners of Black Friday 2023 vs MAT
- Focus on categories driving sales: fashion, beauty, computers & electronics, home appliances
- The secret recipe of high-performing player
The Secret Recipe of Brands that Succeeded During Black Friday
The most successful players share a deep understanding of their customers and competitors.
➡️ Precise targeting of their customers: In the current economic context, knowing who your best customers are, where they buy, and what they buy online is crucial.
➡️ Well-defined product and online strategies. A data-driven approach that allows them to know:
- If DtoC is relevant for them
- Who the main e-retailers they should partner with are? How their products perform with these e-retailers compared to the competition?
- What strategy to adopt regarding marketplaces? What business models align most with their goals?
- What is the product mix of their competitors?
- What brands and products their customers are buying?
➡️ An assortment and pricing strategy also based on data. This enables them to:
- Focus on specific categories
- Determine if they are gaining market share
- Assess the relevance of opening a marketplace—and if so, which sellers are most strategically important to recruit?
- Identify their best suppliers (brands or sellers) compared to their competitors
- Understand if their customers are buying from their competitors at lower prices?
