In recent years, Black Friday has firmly established itself in the UK, evolving from an American oddity into a staple of the British retail calendar. What started as a single day of deals has grown into a weeks-long event, with some retailers launching sales as early as 1st November and extending them well into December. This extended shopping period is reshaping how UK consumers approach their Christmas shopping, creating opportunities (and challenges) for businesses.
For retailers, Black Friday is no longer about slashing prices for a single day. Instead, it’s become a strategic, multiphase sales period that demands a deep understanding of modern consumer behaviours. From the rise of "Fake Friday" to the growing popularity of Buy Now, Pay Later (BNPL) options, Black Friday reflects an ongoing shift in how people shop and spend during Q4.
In this article, we’ll explore the evolution of Black Friday in the UK, uncover emerging consumer trends, and share strategies to help businesses maximise performance this Q4. Whether you’re refining your approach or diving in for the first time, this guide will help you stay ahead in one of the busiest shopping periods of the year.
Why Black Friday Matters to UK Businesses
For UK retailers, Black Friday represents one of the most significant sales opportunities of the year. With discounts that are often the best of the year, it’s a period of intense consumer spending. The event’s timing (just after payday for most!) further amplifies its potential, as shoppers are more inclined to spend on big-ticket items and irresistible offers.
This year, Black Friday falls on 29th November 2024, with Cyber Monday shortly following on 2nd December 2024. However, the rise of Fake Friday and evolving shopping behaviours are reshaping how and when consumers spend, creating new opportunities for retailers to attract early-bird shoppers.
The Rise of "Fake Friday"
The term "Fake Friday" refers to the Friday before Black Friday, which has become an increasingly important shopping event in its own right. This year, Fake Friday falls on 22nd November 2024, a week before Black Friday. With Black Friday landing late in the month, close to December, Fake Friday is expected to draw even more consumer interest as shoppers look to grab deals earlier.
In 2023, Fake Friday achieved 87% of Black Friday's demand, driven by its proximity to payday and well-timed promotional campaigns. With a shorter shopping window between Black Friday and Christmas this year, businesses are leveraging Fake Friday as a key moment to capture early sales and boost revenue.
Even major players like Amazon are leaning into the trend, running extended promotions from 21st November through 2nd December to ensure they capture maximum consumer attention. Retailers who strategically plan for both events stand to benefit from increased engagement and sales.
Cyber Monday and the Blurring of Lines
Cyber Monday, a term coined in 2005 in the US, was originally designed to spotlight online shopping after Black Friday’s focus on in-store deals. However, in our post-Covid world where online shopping dominates, the line between the two has all but disappeared. Black Friday now spans both in-store and online channels, with the promotional event naturally spilling over into Cyber Monday.
For UK businesses, this seamless blend of online and in-store activity represents a chance to create integrated campaigns that capture consumer interest across platforms.
Shopping Trends to Watch in 2024
1. Flexible Payment Options
Flexible payment options like Buy Now, Pay Later (BNPL) are revolutionising how consumers shop. In 2023, BNPL revenue surged 47%, with online order volumes climbing 72% in the week leading up to Black Friday. Klarna reported a 30% increase in Black Friday orders, with 8 out of 10 shoppers finding instalment options useful.
For businesses not yet offering BNPL, it’s a powerful tool to consider. Flexible payment options not only drive higher-value purchases but also appeal to budget-conscious consumers looking to spread costs during the holiday season.
2. Credit Card Confidence
Despite rising credit card interest rates, consumers are increasingly comfortable using credit for higher-value purchases. This trend could drive spending throughout Q4, as shoppers balance their festive budgets while taking advantage of seasonal promotions.
3. Mobile Wallets and Digital Payments
Digital payment methods are growing rapidly, with mobile wallets like Apple Pay seeing a 54% rise in usage during 2023’s Cyber Week. Offering diverse checkout options, from BNPL to mobile wallets, can significantly improve the customer experience and drive conversion rates as consumer preferences evolve.
To wrap it all up
The dynamics of the Black Friday period present a wealth of opportunities for UK businesses. With the shopping period between Black Friday and Christmas shorter than it has been since 2019, early campaigns and flexible payment options will be critical to capturing consumer interest.
Retailers who adapt to evolving consumer behaviours, offer convenient payment solutions, and strategically plan for peak shopping dates can secure significant gains during this crucial retail period. Whether it’s embracing the Fake Friday trend or refining Cyber Monday promotions, businesses that innovate stand to thrive during the busiest shopping season of the year.
Dates For Your Marketing Calendar:
22nd November 2024 - Fake Friday
29th November 2024 - Black Friday
2nd December 2024 - Cyber Monday
