What Will Happen on Black Friday in 2022?

 

With the coming of shopping season, Black Friday is a permanent topic for merchants and consumers to think about. And how will it show this year, especially in a post-pandemic world? Let’s take a look.

 

According to a survey conducted by UserTesting and OnePoll, nearly one-third of consumers expect to spend more on Black Friday in 2022 than previous years. There are 63% shoppers in the U.S. regard in-store Black Friday shopping as a tradition. And 42% think offline shopping is more important than it was before the pandemic.

 

NRF forecasts continuing a trend that began over the past few years, major retailers kicked off the holiday shopping season early by hosting special buying events in October rather than waiting for Black Friday. This may lead to early spending, but deals and promotions are likely to continue in November and December. Consumers will still do most of their holiday shopping then, but extending the season can provide more shopping time and potentially lead to more overall spending.

 

A survey conducted by NRF on the factors affecting consumers’ Black Friday purchases shows that during the Black Friday period, about 49% of consumers focus on free shipping, 36% pay more attention to promotions/limited-time sales, 21% care about the ease of use of websites or APPs, and 20% of people prefer BOPIS.

Although inflation lasts a few months, with supply chain pressure easing at the beginning of the year, retailers are expected to be able to spend the holidays safely. A KPMG survey of retail executives found that 80% of executives surveyed last year were somewhat or very concerned about a holiday stock shortage in 2021, but only 11% said they expected a severe shortage this year, compared with more than 50% (59%) expect only minor shortages. It can be seen that the retail industry has a positive view on the turnover of holiday inventory this year. Nancy Vanden Houten, lead US economist at Oxford Economics, said in a research reported by TKer, "As shipping bottlenecks are removed, input shortages diminish, and Americans return to the job market, we should see better supply side news.” 

 

But in any case, brands should be prepared, or plan for the worst. Be sure to give yourself enough wiggle room to deal with shipping delays and have a backup plan in case consumers don't receive the product in order to attract more consumers in the competition.

 

2022-11-15

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 Natalie Warb