With the Black Friday sales period over many will be keen to snap up any bargains that remain, but has this year been as strong as previous ones? Here we share some data from OrderFlow which indicates that the demand for the holiday sale period may be dropping.
Searches for Black Friday down 52% since 2019
Data from statistica shows that Brits spent a total of £8.71 billion in 2022 on Black Friday and whilst this year will be a significant sales period, there are signs that the curve has started to flatten.
Data from Google Trends and Glimpse show that there are significant peaks for Black Friday searches on Black Friday (as expected) but the data suggests that after the peak of 2019, there has been a consistent dip in search volume over the previous 3 years with the projections for 2023 showing another drop.
Looking specifically at the fashion industry, searches for the term ‘clothing black friday’ have seen a similarly gradual drop over the previous 3 years, indicating that people’s shopping habits may be changing.
What are the reasons for the drop?
Whilst current economic conditions specifically in the UK may mean people are more price sensitive and thus more open to deals on Black Friday, the increasing pressure to save money and reduce waste means second hand stores like vinted have seen a 31% increase in search volume vs 2021. Data from PwC suggests that only 20% of shoppers expect to shop on Black Friday, with only 17% expecting a deal on the day.
This all points to an increasing weariness around the sale period, however the data does suggest that there will still be a big surge in demand and it still does account for a considerable amount of sales for many e-commerce stores.
How WMS software can help you manage the peak
The data shows us that searches for the term ‘WMS’ tend to peak after the sales period in the new year, with many coming out of the season looking for a change and improvement in the way they manage their stock during the quieter periods of the year.