Finalised your marketing plans for Black Friday yet? If not, don’t leave it any later as new research has confirmed it is one of the top three biggest retail days of the year – beaten only by Easter Monday and Super Sunday (itself, part of the Black Friday weekend).
Money.co.uk business credit card experts have analysed average weekly sales and key retail transaction days over the past year to identify the best months and days for SMEs to focus their marketing efforts for maximum profit. The biggest days of the year, in order, were Super Sunday (26th November), Easter Monday (10th April), and Black Friday (24th November).
Super Sunday saw sales increase 50.38% over the daily average, and 59.51% of retail transactions occurred online. Super Sunday is always the Sunday after Black Friday, so the 2024 date will be 1st December.
Sales on Easter Monday were up 32.7% over the daily average (next Easter Monday will be 5th May 2025), and Black Friday sales were up 32.5% over the daily average (Black Friday this year will take place on 29th November).
Other headlines from the research include: ‘Buy X Get One Free’ type offers are the most attractive to consumers, 82% of 18–24-year-olds are planning to spend 25% of their budget on Black Friday (while 73% of 65-74 year olds won’t be spending at all), and electronics was the sector boasting the biggest Black Friday (43%) and Cyber Monday (44%) discounts overall.
Cameron Jaques, money.co.uk business credit card expert, has the following advice for business owners: “According to a study by Science Direct, ‘Buy X Get One Free’ type offers are more attractive to consumers than ‘Save % on X When You Buy Y’ because they’re easier to think through. Customers are more likely to engage in an offer where they know immediately how much they will save.
“Another study revealed consumers are also more likely to purchase products with precise percentage discounts – ie 7% vs 6.8% – this is likely for the same reason as above – ease of thinking! Finally, advertising shorter discount periods can drive purchases, especially with smaller percentage discounts – ie 5% off for the next two days. These are the discounts to consider if you’re an SME owner looking to make the most sales possible.”
