Learn
Newsletter
Offers
Podcast
About
Pay My Rent
  Back
~
1
min read
· Posted on
February 21, 2024

Retailers making Black-Friday-hay while the sun shines because who knows what next year will bring?!

Shoppers said they were relying on Black Friday sales to help them save money on Christmas shopping.

What's the key learning?

  • Accounting platform MYOB found that 63% of consumers intend to shop the sales over the weekend, which happens to be up from 50% last year.
  • More than 40% of shoppers said they were relying on these sales to help them save money on Christmas shopping, and this is good news for retailers stuck with a lot of stock.
  • In 2020 and 2021, the general problem for retailers was not enough inventory to meet enormous online demand - so Black Friday and Cyber Monday is an opportunity to get inventories humming again.

👉 Background: Black Friday started in the US as the day after Thanksgiving back in the 1800's. Some say the name comes from the idea that businesses are "in the red" until the day after Thanksgiving sales.

👉 What happened: Now, MYOB, the accounting platform, found that 63% of consumers intend to shop the sales over the weekend, which just so happened to be up from 50% last year.

👉 What else: Interestingly, more than 40% of shoppers said they were relying on these sales to help them save money on Christmas shopping. And this is good news for retailers stuck with a whole lot of stock.

What's the key learning?

💡In 2020 and 2021, the general problem for retailers was not enough inventory to meet enormous online demand. Then, in 2022, the problem has been too much inventory as some demand has slowed down.

💡But now, as we approach the end of the year and silly season, retailers are experiencing a perfect combo.

  1. Improved global supply chains
  2. Increased demand.

💡For retailers, Black Friday and Cyber Monday is an opportunity to get inventories humming again. As cost of living continues to increase next year, retailers may be going extra hard this year to make hay while the sun shines.

‍

Ready to win at money?

Sign up for Flux and join 100,000 members of the Flux family

Sign Up
A button to App StoreGoogle Play store button
Excellent  4.9 out of 5
Star rating
© 2024 Flux Technologies Pty Ltd and Flux Media Pty Ltd
All rights reserved.
Explore
HomeLearnPodcastAboutNewsletterFlux at Work
Offers
Home LoansSavings AccountsBank AccountsShare TradingCar LoansCredit Cards
Support
CareersContact usPrivacy PolicyTerms of Use
Disclaimer: Flux Technologies Pty Ltd (ABN 86 634 507 172) is an authorised representative (Representative No. 525288) of Mozo Pty Ltd who is the holder of AFSL No. 328141. We also provide general advice on credit products under our own Australian Credit Licence No. 530103. The product information presented does not constitute an offer and we are not recommending or suggesting any particular product. Any product advice presented is of a general nature only, and is not to be taken as any sort of advice as it has not taken into account your personal circumstances, objectives, financial situation or needs. Flux may not cover all products available to you. Check out our Credit Guide and Financial Services Guide for more information.

All information contained in the Flux app, www.flux.finance, www.joinflux.com, app.flux.finance and any podcast of Flux Media Pty Ltd (ABN 27 639 804 345) is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. Flux Media Pty Ltd is the owner of the registered trade mark, 'What the Flux'. While we do our best to provide accurate information on the podcast, we accept no responsibility for any inaccuracies that may be communicated.