However, despite it being a major opportunity, its significance for the annual retail calendar is shrinking as consumer habits evolve.
While last year’s sales were driven by the Fifa World Cup, figures are expected to stabilise in 2023 as shoppers now tend to spread out their purchases throughout the year rather than splurge on November mega-sales.
Top categories for this Black Friday
For the first time, this year fashion sales are bound to overtake electronics in the region, according to Redseer.
Traditionally, electronics lead the sales thanks to deep price cuts, but the presence of year-round deals has diminished its appeal on Black Friday.
On the other hand, highly competitive fashion prices are compelling shoppers to prioritise apparel and accessories during promotions.
This shift indicates profound changes in the Black Friday retail landscape as well as regional consumer behaviour.
How brands can eep up with evolving consumer preferences
Rapidly transforming consumer preferences necesitate an evolution in brand strategies. Redseer pointed out the emergence of a strong preference for experiences over purchases alone.
As regional shoppers increasingly prioritise value all year round, Black Friday’s influence is fading, the report said.
To stay relevant, retailers should be attuned to customers’ growing demand for quality engagement and personalised offers tailored to their preferences.
Hence, the success of future retail campaigns will largely depend on expanding experiential focus.