Black Friday 2022: After Covid, cost of living crisis to dampen sales? Here’s what experts predict

Synopsis

Retail experts expect that the cost of living crisis will weaken this year’s Black Friday sales rush.

Agencies

As customers face the cost-of-living crisis, Black Friday might be weak this year. This is the first holiday season without Covid regulations in three years, therefore the number of people shopping is projected to be higher than in 2021. However, budgets will be tighter as prices rise at the fastest pace in 41 years. The stakes are high for retailers today as they strive to get customers to spend with a barrage of Black Friday deals.

Experts predict a “Bleak Friday” this year since the cost of living crisis means customers will refuse bargains on new devices, homeware, apparel, and the like.

According to retail analyst Richard Lim, Black Friday will be a “muted affair”, with sales down from the previous year.

Despite being one of the biggest shopping days of the year, this year’s Black Friday is also competing with the Football World Cup.

Black Friday sale! Miniso, Amazon, Myntra offer huge discounts

Black Friday sale! Miniso, Amazon, Myntra offer huge discounts

‘Electronics, where retailers focused heavily on TVs for watching the World Cup, were still down -9.4%, against -14% for the same week in 2021, so that feels like a disappointing response from shoppers’, Andy Mulcahy, an analyst at IMRG said.

Amazon said that it will give discounts throughout the holiday season as well as throughout the year. John Boumphrey, Amazon’s UK national manager stated, “We are extremely conscious of the cost challenges consumers are now experiencing”.


FAQs:

  1. What are the objectives of Black Friday sales?

    It usually symbolises the start of the Christmas shopping season. Many retailers advertise heavily-reduced bargains and often open early, sometimes as early as midnight, or even on Thanksgiving.
  2. What is the duration of Black Friday?

    Black Friday comes to an end as soon as Cyber Monday starts. The greatest deals are generally only available on these two days (and the weekend between them.

Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.

(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

moreless

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Eid-ul-Fitr moon sighting highlights: Saudi Arabia, India may mark Eid same day

Eid-ul-Fitr 2022 moon sighting highlights: There is a wafer-thin chance that Muslims…

As Washington ramps up efforts to bring India on board with sanctions against Russia, U.S. treasury official on visit to Mumbai and Delhi

U.S. Assistant Secretary to discuss Russian oil purchases by India, rupee-rouble trade…

सड़क, रेल, 5G… अरुणाचल बॉर्डर से सटे तिब्‍बत में क्‍या-क्‍या गुल खिला रहा चीन, सेना ने सब बताया

Edited by दीपक वर्मा | भाषा | Updated: May 17, 2022, 1:08…

India Shelves ₹35,000 Cr Plan To Upgrade Su-30 Fighter Fleet Amid Russia-ukraine War | Mint

NEW DELHI : Several factors have shelved the Indian Air Force’s plan…