The report discusses the evolution of large promotional events worldwide, particularly focusing on the Black Friday phenomenon. The Black Friday concept originated in the United States, where it was associated with the start of the Christmas shopping season following Thanksgiving. The event gained popularity in other countries including China, Mexico, and Brazil, each with their unique versions and dates.
In China, the 'Double Eleven' or '11.11' event started as a celebration of single individuals before being adopted by e-commerce giant Alibaba to promote sales online. Initially successful, it experienced a decline in growth after a decade, leading to the creation of new events to attract customers. In the US, the focus shifted from physical stores to online platforms, leading to the emergence of 'Cyber Monday'.
In Europe, the Black Friday phenomenon has seen significant growth, especially in countries like Germany, France, and the UK, where it accounts for about 5% of online sales during the holiday season. In the US, however, there is a trend of stabilization, with growth rates dropping significantly since 2020. This has prompted retailers to re-evaluate their strategies, incorporating elements such as sustainability and customer engagement.
The report also analyzes the changing consumer behavior in these markets, noting that while Black Friday remains a significant event, its dominance is being challenged by other promotional days, such as Amazon's Prime Day. The shift indicates a move towards more frequent, smaller-scale promotions throughout the year.
In Brazil, the Black Friday experience has been marked by fluctuating sales trends, influenced by factors such as inflation, political events, and global pandemics. The report suggests a need for retailers to adapt their strategies based on their brand values, focusing on profitability and creating alternative promotional days outside of traditional Black Friday.
Overall, the report highlights the evolving nature of promotional events globally, driven by technological advancements, changing consumer preferences, and market dynamics. Retailers must continuously innovate and adapt their strategies to stay competitive and meet consumer demands.
