Black Friday Sales are a great experience for shoppers and retailers alike. Shoppers get products at massive discounts and retailers smile to the bank due to mega sales. According to an online survey, the average customer is ready to spend N62,250 during the Black Friday sales this year. This is about 58% more than the 26,000 that was spent in 2020.
The survey was conducted by Picodi, an e-commerce platform that provides discount codes for online stores. The company’s platform provides reward-based coupons and vouchers as well as information about various deals that enable e-commerce shoppers to save money and enjoy cheaper shopping.
This year’s Black Friday experience is definitely an improvement from last year’s experience. In 2020, the world was in the thick of a pandemic and shopping for products apart from food was the last thing on peoples’ minds.
Many Nigerians forgot about Black Friday in 2020
Data from the Google Trends platform and online surveys conducted by Picodi show that 28% of consumers actually forgot about Black Friday sales in 2020.
Due to the pandemic, 10% said they preferred not to go to crowded places, 24% said they didn’t need anything on sales, 16% could not afford participation in sales while 9% did not have any interest in the available items on sale.
2020 was indeed a very harrowing year for the world as countries instituted shelters in place to cater to their citizens and protect them from the harsh economic effects of the pandemic. According to the International Labour Organisation (ILO), approximately 255 million jobs were lost as a result of the COVID-19 pandemic.
This colossal job loss led to a sharp rise in poverty around the world. Global labour income fell by 8.3% as the world lost more than 4.4% of its GDP. The number of working people living in extreme poverty also rose by 31 million, bringing the extreme working poverty rate to 7.8%.
It wasn’t surprising then that not a lot of people around the world were looking forward to Black Friday. This is more so in the less developed countries of Africa and specifically in Nigeria where 20% of workers lost their jobs due to the pandemic.
2021 Black Friday
Due to available vaccination against the coronavirus, stores are now open and ready for the influx of shoppers. In the survey conducted, 50% of the respondents are ready to fully take part. 15% rejected the opportunity to participate in the sales, and 35% are still undecided.
Among the factors that would encourage shopping on Black Friday, the possibility of getting a discount on the desired product is most frequently chosen (43%). Better discounts would convince 29% of respondents, and additional cashback, i.e. a return of part of the amount spent, would encourage 13%. However, 15% of Nigerians surveyed would not be convinced by anything.
People have reasons for not participating in Black Friday sales. These reasons include rigged discounts and uninteresting items. For some, however, discounts of any sort are simply too good to pass up. The results of the survey indicate that there is more positive than negative attitude towards Black Friday sales among Nigerians.
According to 41% of the respondents, Black Friday is the best shopping holiday, and 26% say that Black Friday is an opportunity to buy expensive things much cheaper.
There have been instances where it has been discovered that stores hike prices weeks before Black Friday only to slash them back to normal prices and then claim they are offering a discount. Perhaps it is for this reason that 13% of those who participated in the survey said the discounts were unattractive.
Popular sales items
It then begs the question of what exactly people buy during this yearly sale? Shoppers were asked which items they would purchase during this year’s Black Friday event and 49% selected clothing and footwear. Electronics and household appliances came second with 36% and cosmetics and perfume with 23% came third.
Other items that people plan to purchase include underwear, sports accessories, jewellery and groceries.
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