Black Friday: Black Friday is an annual shopping event that takes place on the Friday following Thanksgiving Day in the United States, which falls on the fourth Thursday of November. It marks the beginning of the holiday shopping season and is known for its deep discounts and promotions offered by retailers both in-store and online.
Cyber 5: Cyber 5 refers to a five-day period of online shopping deals and discounts that starts on Thanksgiving Day and continues through the following Monday, known as Cyber Monday. During Cyber 5, consumers can find significant discounts on a wide range of products from various online retailers, with Cyber Monday being the focal point of the event.
Black Friday and Cyber 5 are important and popular with consumers because they offer significant discounts and deals on a wide range of products, making it an ideal time to save money on holiday shopping.
Behavioral Audience:
The Black Friday and Cyber 5 market in 2023 is set to experience significant activity, building on the trends of 2022. Last year, over 155 million Americans participated in Black Friday, generating a record-breaking $9.12 billion in online sales alone, a 2.3% increase from 2021. The overlap in consumer groups, from those seeking discounts advertised through social media and online platforms, is substantial. For 2023, Black Friday and Cyber 5 are expected to be the largest ever, with predictions of each Cyber 5 shopping day exceeding $5 billion in sales and Black Friday and Cyber Monday topping $10 billion.
Here are some buyer personas:
Deal Hunter: This shopper is always on the lookout for the best deals and discounts. They are well-prepared, often researching sales in advance and subscribing to newsletters from their favorite retailers. They are likely to start shopping early, even on Thanksgiving Day, and continue throughout the weekend. They focus on getting the most value for their money and might buy in bulk if the deal is right.
Holiday Shopper: This shopper is focused on buying gifts for the holiday season. They are looking for a variety of items for friends and family and are more open to suggestions and impulse buys. They are likely to shop both online and in-store, looking for gifts across various categories like toys, clothing, and personal care items.
Tech Enthusiast: Interested in the latest gadgets and technology, this shopper is well-informed about tech trends and new releases. They wait for these events to purchase high-ticket items like laptops, smartphones, and gaming consoles. They might also be interested in emerging tech like smart home devices.
Practical Shopper: This persona is all about practicality and necessity. They shop for items they need rather than want. They are likely to focus on household items, appliances, and everyday essentials. They might also look for deals on groceries and personal care products.
Last Minute Shopper: Typically procrastinates and ends up shopping at the last minute. They are less likely to plan and more likely to make spontaneous decisions. They are active mainly towards the end of the Cyber 5 period, often catching the tail-end deals or making quick decisions based on what’s still available.
Organizations/Businesses: This persona represents organizations or businesses looking to purchase items in bulk. They might be small businesses, schools, or other entities seeking to capitalize on bulk discounts for office supplies, electronics, or other relevant products. Bulk buyers are strategic and planned. They have a clear list of items needed and focus on retailers offering the best bulk purchase deals. Their primary interest lies in office technology, furniture, and supplies. They might also look for corporate gifts during this period.
Market Analysis:
Millennials/Gen X Online shoppers: Historically, 67% of millennials and 56% of Gen Xers prefer shopping online to shopping in stores. This could of course be contributed to Covid-19, which saw many shoppers change their habits from shopping in stores to shopping online. However increased advertising through social media also contributed to this trend.
Men are significantly more likely to make mobile purchases (22% to 18%). Men are also more likely to make impulse purchases for larger items such as electronics, whereas Women are more likely to impulse buy smaller items like makeup or shoes.
Parents are nearly 25% more likely to shop online at Walmart than opt for the brick-and-mortar experience compared to households without children.
Gen X is most likely to spend $1,000 or more on holiday shopping
Amazon accounted for 17.7% of all revenue on Black Friday 2021.
Millennial top brands: Sony, Google, Adidas, Target, Samsung, Amazon, Walmart, Nike, Apple.
Gen X top brands: Nike, Walmart, Xbox, Samsung, Ford, Disney, Jeep, Netflix, Amazon, Apple.
Families/Parents with Children: Toy sales were up 285% on Black Friday compared to the average October day. Salesforce reported “toys and learning sales were the third highest performing vertical globally, up 10% year over year.” Families with children are a large target demographic that can be advertised anything from toys to clothing to video games.
Shoppers with children aged 18 and under are 20% more likely to scour for Black Friday deals 2-3 weeks out.
Most Popular items: Nintendo Switch, AirPods Pro, Apple iPad,
Most Popular Toy Brands 2022: Lego, Bandai Namco, Fisher-Price, Barbie, Nerf, Dragon Ball, Hasbro, Hot Wheels, Pop!, My Little Pony.
Most Popular Children’s Clothing Brands 2023: Cat & Jack, Wonder Nation, Primary, Carter’s, Janie and Jack, Jumping Beans, Old Navy, Zara, Crewcuts, H&M.
The Black Friday and Cyber 5 events in 2023 are projected to set new records, continuing the trend of increasing online sales and diverse consumer participation. The distinct shopper personas identified, ranging from deal hunters to tech enthusiasts, demonstrate the varied interests and shopping habits that businesses need to cater to. With a notable preference for online shopping among Millennials and Gen X, and specific trends observed in different consumer segments, there's a clear shift towards digital platforms and personalized marketing strategies.
Recommended Marketing Tactics:
1. Targeted Marketing: Develop marketing campaigns tailored to different consumer personas. Use data analytics to understand the preferences and shopping patterns of each group.
2. Enhance Online Presence: Invest in optimizing websites and mobile apps, ensuring they can handle increased traffic and provide a seamless shopping experience.
3. Personalized Deals: Offer personalized deals and discounts based on consumer preferences and past purchase history, especially for tech-savvy and deal-hunting shoppers.
4. Social Media Engagement: Increase engagement on social media platforms to reach Millennials and Gen X consumers. Utilize influencers and targeted ads to drive traffic.
5. Bulk Deals for Businesses: Offer special deals for bulk purchases to attract organizations and businesses looking for office supplies and corporate gifts.