What does a survey he carried out on 890 people nationwide show
The curtain officially opens tomorrow, Friday, November 25 for the popular discount event of the last week of November (Black Friday), with retailers in a fighting position as inflationary pressures may act as an incentive for consumers to make bargain purchases in the run-up to Christmas.
The offers have already started from the previous weeks and will continue until Monday, November 28in the framework of Cyber Monday. Like every year, the big chains of electrical and electronic goods, cosmetics companies, sports furniture, home goods, clothing, footwear and seasonal goods have already entered the “dance” of the offers, with offers both in their physical and online stores .
Most supermarket chains have also already joined the Black Friday rhythm with advertising campaigns that “run” from the previous weeks offering consumers, in combination with the “household basket”, products at competitive prices. For his part, a large part of consumers declares that they are ready to take advantage of offers and discounts to balance the costs in the context of the overall rise in prices.
As the founder of Ierax Analytix, Haris Lalatsis, says speaking to APE-MPE although Black Friday tends to be a day dedicated to buying mostly electronic devicesthis year will be different, at the mercy of inflationary trends, with consumers preferring offers on supermarket products in order to stock up – mainly on food – for the difficult winter coming for households.
Research carried out by ierax analytix of 890 people nationwide, aged 18 to 60 and with a gender balance, from November 16 to 21 showed that 3 out of 4 consumers want Black Friday from supermarkets. It is noted that last year’s percentage was similar in a survey conducted by ierax analytix.
“The important difference compared to last year is that while in 2021 consumers wanted Black Friday from supermarkets to buy cleaners, wines and products in the run-up to Christmas, this year they want to buy long-life and frozen foods,” emphasizes Mr. Lalatsis. At the same time, 67% of respondents state that they would buy from supermarkets more products than they need to store them, 28% would buy only what they need and 6% would not buy anything.
From the conclusions of the research, according to Mr. Lalatsis, it emerges “the need for supermarkets to actively participate in the annual celebration of Black Friday as consumers, due to intense inflationary pressures and reduced disposable income, take advantage of this period to buy mainly food and basic necessities rather than electronic devices. “The percentage of consumers who want discounts in supermarkets to fill refrigerators and warehouses, shows the fear of the coming winter from consumers,” he notes.
Consumers are looking for big discounts
The same research by ierax analytix investigates the attitude of Greek consumers towards the Black Friday shopping holiday. It is indicative that 8 out of 10 consumers believe that there are no real discounts from the shops. Regarding information about Black Friday, social media remains dominant (89%), while television rises significantly in 2022 to 38% from 22% in 2021. Store websites are at 16%, while in 2021 they were only at 3 %, showing a shift towards online. However, 59% of respondents say they are likely to buy a product during Black Friday. It is noted that in 2021 the corresponding percentage was 72%.
“As we at ierax analytix have been measuring the dynamics of Black Friday since 2017, we have noticed that consumers are unhappy with the fact that they are not seeing big discounts in stores. In particular, they expect to find opportunities like in America with price reductions that reach 70%. But Greece is a different market where commercial companies do not have such margins and like either smaller discounts or product offers (1+gift)”, emphasizes Mr. Lalatsis.
However, according to a survey carried out by the Business and Retail Association of Greece (SELPE), 53% of consumers consider the Black Friday period to be another discount period like any other, with 22% disagreeing. 13% consider it necessary to have this discount period, while 44% disagree and do not consider it necessary.
The reason seems to be that consumers do not see any significant differences between this particular sales period compared to the other sales periods of the year. 6% say that the Black Friday period has better discounts compared to other discount periods, while 61% disagree and consider that there are no practical differences. Despite this, the majority of consumers at a rate of 65%, 2 out of 3, would like the discount duration to be longer and only 10% are satisfied with the current duration.
Regarding the amount of the estimated expenditure for purchases during the Black Friday period for those who choose to buy, this is estimated on average at 146 euros per capita, according to the SELPE survey. This is a cost estimate of more than 120 million euros. 80% estimate that they will spend nothing, 8% up to 50 euros, 6% up to 100 euros, 4% from 101 to 200 euros, 2% from 200 to 500 euros and 1% over 500 euros. A significant share of these purchases concern Christmas shopping.
Specifically, of the 20% who will make purchases during the Black Friday period, 7%, i.e. approximately 1 in 3, will do most of their Christmas shopping during the Black Friday period. The research shows that 1 in 5 consumers will buy products during Black Friday. This percentage is higher in the 18-44 age group and especially in the 25-35 age group where it reaches 32%, i.e. 1 in 3 buyers aged 25-35 will buy this discount period. On the contrary, the percentages for those over 45 are below 18%.
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