Phenomenon Black Friday has become an integral part of the holiday shopping season. Interestingly, this year's Black Friday has a twist - there are only 27 days between Thanksgiving and Christmas. This creates additional excitement due to the shortened window for holiday shopping.
The history of this phenomenon is quite unexpected. Black Friday appeared back in the 1950s in the USA., but not at all like a day of crazy discounts. The term Black Friday was originally coined by Philadelphia police to describe the traffic chaos on the Friday after Thanksgiving. Retailers realized the commercial potential of the day only in the 1980s, starting to associate it with big profits (because in accounting, black traditionally meant profit).
This tradition is relatively young in Ukraine – it appeared only in 2014. However, its popularity is growing rapidly. According to analysts, in 2023 Ukrainians made 46% more purchases compared to 2022, and total spending increased by 35%.
Interestingly, 88% Ukrainians know about Black Friday, and almost a third of them (30%) planned to participate in the sales. The average check per buyer in 2023 was 4,785 hryvnias, and on weekends it even exceeded 5,000 hryvnias.
Consumer priorities have also changed. If in Generators, power banks, and charging stations were the top sellers on Black Friday 2022, then in Smartphones, TVs and beauty products take first place in 2023Given the current situation, it can be predicted that the trends of 2024 will be more similar to 2022.
But should you really trust the loud statements about "discounts up to -70%" on Black Friday?
Statistics say otherwise. On average discounts in Ukraine are 64%, but there is one caveat. According to analytical platforms, about 60% “discounts” actually exist manipulation: sellers artificially raise prices a few weeks before Black Friday, only to “lower” them later. In Ukraine, this is especially noticeable in the electronics and clothing segments.
However, the biggest problem is not even the “pseudo-discounts.” Global statistics show that during Black Friday, shoppers spend an average of 30% more than planned, and approximately 20% of these purchases turn out to be unnecessaryThat is, every fifth thing purchased is an impulsive purchase that later turns out to be unnecessary.
How to avoid falling into the trap of Black Friday sales?
We suggest following a few simple rules:
- Make a list of things you REALLY need in advance and stick to it strictly when shopping.
- Set a clear spending limit and allocate a specific amount for sales. Also, remove the credit limit on your cards, at least during sales. This will prevent you from accidentally going into debt.
- Compare prices on aggregators such as Hotline.ua, Price.ua, etc.
- Use discounts wisely: this is a great opportunity to buy something useful - books, courses, gadgets for self-development
- Support local brands by choosing Ukrainian
- And the saved funds can be used for a good cause – donate to support the Armed Forces of Ukraine or invest in military bonds.
So what could be the ideal plan: a book from a Ukrainian publishing house on a special offer + saved funds directed towards military bonds = self-development + support for a local manufacturer + assistance to the state and army + profitable investment. Sounds like the perfect plan for smart shopping during Black Friday 2024.
Don't thank me.