Black Friday is a marketing strategy that’s been imported into the UK from America. Struggling American stores regularly went “into the black” with huge profits made after customers went on an indulgent spending spree following Thanksgiving Day. Today, Black Friday is identified as an opportunity for customers to purchase goods at incredibly low prices. And falling at the end of the November, it’s perfect for buying gifts in time for Christmas.
Black Friday UK
In the UK, the Black Friday phenomenon has only existed since 2010 when Amazon introduced it in its online store. Asda launched the event in its supermarkets in 2013 and made massive profits in just twenty-four hours. Such success prompted other retailers to follow suit. Just four years later, Black Friday has become the biggest High Street sales event of the year with shops besieged by massive crowds.
A Long Week
In 2015, 50% of consumers took advantage of the Black Friday event. Their spending power combined with a need to disperse the huge crowds, first prompted retailers to turn it into a long weekend. It’s now followed by Cyber Monday when shoppers can find even better discounts online. To keep the momentum of the event, many retailers are including the days preceding Black Friday to create an exciting build up to the main event. Consequently, the impact of massive profits on the big day itself has reduced by about half as consumers choose to spread their spending across several days. The dynamic excitement created by one day of bargain hunting has taken hardly any time to become a week long feature of UK shopping trends and shows no signs of abating.