Better Promotions for Thanksgiving and Black Friday
Posted by andrew.mockridge | 13 April
Last year saw a decline in spending over the Thanksgiving weekend with the average shopper spending an estimated $309.95 - a 6.4% drop from the previous year. *** This drop in 2014 spending raises competition amongst brands and retailers this year; it is going to be a very competitive season, with emphasis on new and innovative ways to attract consumers.
Consumer consensus was that sales promotions last Thanksgiving and Black Friday were ‘nothing new’ compared to others throughout the year. Consumers were unmoved by the retailers’ aggressive discounts and extended Thanksgiving store hours; “I wasn’t lured by any new or exciting promotions.” ***
This year, it’s about finding better ways to entice customers to spend over a longer time period. While it may sound like consumers do all their shopping around Thanksgiving and of course Black Friday, the truth is that the entire period from October to December will see some of the highest sales as despite the Thanksgiving slump, there was a rise in overall holiday spending, as well as themed retailer advertising and a significant increase in mobile shopping. This Thanksgiving and holiday period is crucial for retailers, with sales in November and December accounting for about 19 percent of annual revenue. ***
Wal-Mart, Target.com and DollarGeneral had Thanksgiving promotions running from mid-October through to December. Key brands like Coca Cola, Dyson, Hersheys, Xfinity, Pampers and Crest all got on board promoting top categories BBQ Grilling, electronics, refrigerated meats, baking, sodas and candy.
Consumers will be spoon-fed helpings of shopping coupons** and flooded by price cuts and ‘amazing’ discounts that really aren’t so. Brands must recognize that dropping prices is not always best practice. Not all consumers are enticed by the cheapest product, they are looking for promotions that excite and that offer added value.
Contact TLC Marketing on USA@tlcmarketing.com to maximize your ROI and engage your customers this Thanksgiving period.
***Bloomberg- 2014 consumers reduce spending over Thanksgiving weekend
**** Shopper Marketing NXT Book
By Amy Robson