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Black Friday; Green Friday; Kaleidoscopic Tuesday?
Did you invest in that much desired item last week? Did you succumb to temptation and treat yourself? Were you being weak in the face of exploitative marketing, or simply being smart and taking the opportunity to save some money?
Contrary to widespread belief, Black Friday was not so-called back in the 1950s because it is the day that retailers’ balance sheets become ‘in the black,’ but due to the black fumes of the traffic when frenzied Philadelphia shoppers flooded to stores the Friday after Thanksgiving (Bond 2022). Black Friday has become a monumental mega moment in the retail calendar and signifies the start of the Christmas shopping period.
According to the British Retail Consortium (2021), last year overall retail sales saw a 5% uplift, and the High Street was strongly boosted by Black Friday sales. Retailers build buzz around this event by offering money-off vouchers, free delivery, and personalised loyalty incentives. During this ‘Golden Quarter,’ retailers make up to 35% of their sales anyway (Richter, 2022) and it makes sense for them to capitalise on the accentuated consumer desire to spend on themselves and on gifting.
Today, Black Friday seems bigger than ever, stretching over weeks, not days (Dickinson, 2021). It is the subject of much media hype and eager anticipation. But despite its tight grip on the retail calendar, increasingly, Black Friday is the subject of intense scepticism and mistrust. It presents retailers with a conundrum. Its aggressive marketing antics seem contradictory to today’s sustainability messaging that we should buy less and behave more responsibly, and they conflict with retail’s new set of values. The Cost-of-Living Crisis is squeezing customers’ pockets, so is it ethical for retailers to be encouraging extravagant spending? These coupled with the growing fatigue around sales and discounting, mean that retailers either need to do Black Friday differently or not do it at all. One-size fits-all does not work for Black Friday and the most successful retailers are approaching it differently as an opportunity to differentiate and articulate brand messaging.
Ikea, instead of participating in classic Black Friday tactics has created ‘Green Friday,’ with an extra 50% off buy-back deals. 51,000 pieces of furniture have been given new life earning on average £20 for customers returning them. John Lewis have decided to go earlier and longer with their Black Friday offers but puts the focus on helping loyal shoppers spread the cost of Christmas. Customers can pay in monthly interest-free instalments for selected items. Additionally, they can receive free delivery on orders over £50. Chatty Feet socks donate 20% of Black Friday proceeds to charity. Barnes and Noble uses Black Friday as an opportunity to showcase limited signed copies of books. And the Reuse Network, in 2017 launched ‘Buy Nothing New Day’ to encourage the public to spend their pounds in charity shops on second hand goods, to make a difference to the planet and all the shops’ various causes (Burnett, 2021).
Black Friday can be whatever you want it to be. Retailers who decide to take part should design initiatives which fit their brand. Black Friday may be a cynical marketing ploy to some, or a clever opportunity to others, but it seems to be here to stay. The most inventive retailers are implementing it with increasing amounts of creativity and playing to their brand values.
References
Bond, C (2022) Black Friday History: The Dark True Story behind the name. Contrary to popular belief, it is not the day retailers are ‘in the black’ Here’s how Black Friday got its name. https://www.huffingtonpost.co.uk/entry/black-friday-history-why-is-it-called-black-friday_l_5d951322e4b02911e1154386
British Retail Consortium (2021) Black Friday Sales Return to Boost Retail Spending. Dec 7. Available from: <https://brc.org.uk/news/corporate-affairs/black-friday-sales-return-to-boost-retail-spending/>. Accessed 29/11/22
Burnett, V (2021) Buy Nothing New Day – Black Friday. YouTube.
Dickinson, E (2021) British Retail Consortium. Black Friday Sales Return to Boost Retail Spending. Available from: https://brc.org.uk/news/corporate-affairs/black-friday-sales-return-to-boost-retail-spending/. Accessed 29/11/22.
Mintel (2022) IKEA will not participate in Black Friday deals. Available from: <https://reports-mintel-com.leedsbeckett.idm.oclc.org/sinatra/oxygen/display/id=1114763?fromSearch=%3FcontentType%3DConsumer%2520Trend%252CNews%26freetext%3Dblack%2520friday%26resultPosition%3D4> Accessed 29/11/22.
Mintel (2022) John Lewis launches early Black Friday sales. Available from: <https://reports-mintel-com.leedsbeckett.idm.oclc.org/sinatra/oxygen/display/id=1166483?fromSearch=%3FcontentType%3DConsumer%2520Trend%252CNews%26freetext%3Dblack%2520friday%26resultPosition%3D1> Accessed 29/11/22.
Richter, F. (2022). How Important is the Holiday Season for Retailers? Statista. Statista Inc. Accessed: November 29, 2022. https://www.statista.com/chart/11979/holiday-season-retail-sales/
Wisestamp (2022) Creative Black Friday marketing ideas for irresistible campaigns. Available from: https://www.wisestamp.com/blog/black-friday-marketing/. Accessed 29/11/22.
Dr Esther Pugh
Senior Lecturer in Business and Marketing with a focus on retail marketing and consumer behaviour. Research lead on retail and consumer behaviour. Specialist in visual merchandising and the retail experience.
