Over a third of the purchases made during Black Week were earmarked for Christmas gifts
The most recent E-barometer conducted an extensive examination of both Black Week and the Christmas retail landscape. The report highlighted promising outlooks for online shopping leading up to the holiday season. Post-Black Week analysis revealed 34 percent of sales during the event were attributed to purchases intended as Christmas gifts.
Nevertheless, the economic conditions have exerted influence. Consumers are increasingly price-sensitive, prioritizing value when purchasing Christmas gifts.
For the first time, the e-barometer quantifies the magnitude of sales during Black Week, providing a valuable benchmark for future assessments. Data from Prisjakt and Svea Bank indicates a 2.2 percent decrease in overall sales throughout Black Week, contrasted by a 2.4 percent increase on Black Friday alone. This underscores consumers' price consciousness, as many opted to wait until Friday in anticipation of deeper discounts.
The gender disparity in consumption habits persists during Black Week. On average, men consistently spend more than women, largely due to their inclination towards purchasing higher-priced items like consumer electronics.
The results of Black Week indicate a heightened level of price consciousness among consumers. The substantial number of Christmas presents purchased during this period underscores consumers' anticipation, which is greater than ever before.
Increased package volume despite a cooler Black Week
As evidenced by previous E-barometers, Black Week has solidified its status as a consistent tradition in recent years. In 2023, over a third of consumers expressed their intent to participate in Black Week shopping, aligning with measurements from previous years.
Regarding e-commerce expectations, Black Week sales generally met the anticipated outcomes for most companies. However, a notable portion, nearly one in three companies, reported that their sales fell short of expectations, coming in lower than anticipated.
Despite many Swedish e-tailers experiencing sales below expectations, the Parcel Index reveals an 8.5 percent increase in the number of packages purchased by Swedish consumers compared to the same period last year. This suggests that although there may have been more packages traded during Black Week, they likely had a lower average price. Additionally, there's a noticeable trend of consumers purchasing more goods from abroad, with a staggering 30 percent increase in the number of overseas packages during this year's Black Week period.
The primary reason for the surge in volumes from abroad is the emergence of international low-cost giants focusing on the European market this year. One such player, Temu, significantly ramped up its advertising efforts ahead of Black Week and initiated campaigns offering already exceptionally low prices.
The detailed description of the low-price trend is explored further in the report. However, it likely left an impact on this year's Black Week. Coupled with consumers' underlying economic circumstances, it contributed to slightly lower-than-expected results for several Swedish e-tailers.
Source: E-barometer 2023
