Is Black Friday Still Relevant in 2024?
For years, Black Friday has marked the official kick-off of the holiday shopping season, with retailers preparing for a surge in consumer spending by increasing recruitment, particularly with seasonal staff. However, shifting consumer behaviours and economic factors in recent years have raised the question: Is Black Friday still relevant, and should companies continue to ramp up recruitment for the occasion?
The Changing Face of Black Friday
While Black Friday remains a significant retail event, consumer attitudes towards it continue to evolve and change. Over the past five years, Google Trends data indicates a gradual decline in searches for "Black Friday." However, this may not necessarily indicate declining interest but rather a maturing familiarity with the event. Shoppers know when Black Friday falls and what to expect, eliminating the need for searches.
Despite this, reports from outlets like The Guardian suggest that consumers are delaying purchases in October, potentially holding out for Black Friday deals. This indicates that while the hype has shifted, consumer anticipation for bargains remains strong.
Consumer Insights: Polls and Spending Trends
Recent polls offer valuable insight into shopper sentiment ahead of Black Friday 2024. A significant 46% of consumers plan to participate in Black Friday this year. Of these, 34% anticipate spending more than they did in 2023, while 18% plan to spend less.
Key trends shaping the shopping landscape include:
● Shift to Online Shopping: E-commerce continues to dominate, with more consumers opting for online purchases over in-store visits.
● Buy Now, Pay Later Growth: Payment options like Klarna and ClearPay are gaining traction, reflecting a shift in how consumers manage spending during the holiday season.
● Spending Distribution: While overall consumer participation is rising, individual spending is decreasing. This reflects economic pressures such as inflation and the cost-of-living crisis, making Black Friday discounts increasingly vital to families across income brackets.
Seasonal Recruitment: Still a Necessity?
Given these shifting dynamics, seasonal recruitment remains essential, but businesses must adapt their strategies to align with modern shopping behaviours.
● E-commerce Prioritisation: With online shopping on the rise, companies should focus on bolstering warehousing operations and hiring delivery drivers to manage higher volumes of smaller orders.
● In-Store Staffing: Although physical store traffic is declining, it hasn’t disappeared entirely. High streets will still see a surge in holiday shoppers, keeping the demand for in-store seasonal staff alive.
The Verdict
Black Friday is far from obsolete. Its role in the retail landscape has shifted, reflecting broader changes in consumer habits and economic realities. For businesses, understanding these changes is key to leveraging the shopping season effectively. Strategic seasonal recruitment, prioritising roles that support e-commerce operations while maintaining sufficient in-store staff, will help companies thrive in the ever-evolving Black Friday landscape.