Black Friday Craze hits Canada good this year
The term “Black Friday” made its first appearance in the U.S. in 1869. At the time, the term had nothing to do with shopping, and was used on Sept. 24 when the gold market plunged. American invention “Black Friday” sales event was for many years mainly American shopping craze. Not so any more! Black Friday has become the big annual sales event all over the World, including Canada. For decades, well known British invention “Boxing Day Sale” was Canada’s number one sale event, but it looses its support due to overwhelming Black Friday.
Year 2022 is the prime example of how this shopping advertisement wonder has spread around the country. Every department store, every e-commerce site, matter how big or small takes advantage of Black Friday.
To excitement of many retailers, global inflation and recession scare has not effected buyers much this year, in contrary, consumer spending went up. According to a report by Deloitte, consumers were expected to spend $448 on average during this five-day period in US alone.
Trying to avoid shopping on Black Friday is a bit like trying to resist drinking Tim Hortons coffee: both treats are Canadian favourites. Consumer research has shown that buying something at a price that’s lower than usual, or lower than the standard price, is satisfying. People see Black Friday deals as better than they really are because of marketing tactics In reality, but consumers love it and react positive to it. Even though sales happen all year around, big Black Friday banners doe the trick to lure more shoppers into the stores.
Black Friday, a sales bonanza heralded by a flurry of promotional emails, online ads and paper flyers has arrived and Canadians seem to love it. After years of restrictions for in-store shopping, in 2022, in-store shopping has made a full come back. Shopping malls are packed again, Christmas present shoppers are fully motivated to find the perfect gift for their loved once and e-commerce is braking sales records. A good push for the economy for sure.
A survey of 982 Canadians conducted from late October to mid-November found 90 per cent of respondents plan to spend time in shopping centres.
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As the big sales unfolds, gift-buying budgets are expected to be down 13 per cent as Canadians spend more money on basics like rent, groceries and gas. Meanwhile, many retailers have more inventory on hand than expected, this could drive the prices down this year or enable bigger savings for shoppers.
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