BUSINESS

Black Friday? More like Cyber Friday

DESPINA KONTI

TAGS: Retail

Almost a week before the actual last Friday of November, known in the world of commerce as Black Friday, Greek consumers do not seem as eager to benefit from the price cuts as in previous years.

According to a survey by the Research Institute of Retail Consumer Goods (IELKA) – conducted before the suspension of the operation of brick-and-mortar stores on November 2-3 – almost three in every four consumers (73%) said they were not planning on going out to acquire anything this Black Friday.

Of the remaining 27% almost two-thirds – i.e. 18% of the sample – said they intended to make purchases online, while just 8% said they would do their shopping at physical stores – which are now shuttered.

The IELKA survey estimated that 2.3 million consumers intend to make purchases this Black Friday, which – as has become customary – is now largely spread over a whole week, at least.

Even those intending to splash some cash this year are determined to spend a rather small amount, as less than one in 10 said they would spend over 500 euros, the survey found. The average spending foreseen by those intending to buy something this time is €140, with one in three (32%) planning to spend up to €50. The fact that only 9% said they would spend over €500 shows that most people intend to postpone any purchases until they find some worthwhile bargains.

Based on all that, IELKA estimates that this year’s Black Friday turnover will run to €280 million, with the lockdown having turned this promotional event into something which might better be dubbed Cyber Friday. Orders made by phone are also expected to soar.

Many large retailers have already started advertising offers in an effort to contain their losses this year from the spring and the November lockdowns. Since Thursday, major chains in the sectors of tech commodities, homeware and DIY, and even cosmetics, have begun offering bargains, slashing prices by up to 60%.

The main reason retailers have extended their promotional period is the shutdown of their physical stores in the midst of the midseason sales and the fact that many consumers intending to make purchases are already doing their Christmas shopping.

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