What can we expect from Black Friday?

Despite mixed forecasts about how inflation will impact the purchasing behavior of consumers during Black Friday, the shopping event taking place tomorrow is long awaited by many players in the pet industry.

Sensormatic Solutions forecasts it will be the busiest holiday shopping day in 2023 in the US, though in-store traffic is expected to drop at most 3.5% from 2022. The holiday is also predicted to be among the top 5 busiest retail days for Brazil, Canada, Colombia, Singapore and South Africa.

Pet supplies

Toys, clothing and electronics are expected to drive sales this Black Friday. At the same time, pet supplies are also ranking high. 

A survey carried out by Adobe concludes that 29.1% of consumers are willing to spend on pet items, such as food, toys, treats, bedding and more. The study forecasts discounts to fall as much as 35% through the weekend from Black Friday until Cyber Monday.

Drive Research’s Black Friday Consumer Report shows similar findings and concludes that 30% of Americans are expected to purchase discounted pet items on Friday, 24 November. 

The data shows that 2.5 more consumers in the US are expected to shop for deals online than in person. Additionally, 78% are forecast to spend the same or less than they did in 2022.

According to Nielsen IQ, clothes, shoes and accessories were the most purchased categories (53%) on Black Friday 2022. These were followed by electronics (49%), toys (35%), beauty and personal care (28%) and groceries (26%). Most shoppers in 2022 (51%) felt they found better deals than 2021.

Millennials in the lead

Another recent study by public opinion and data company YouGov found that more than half of Americans (52%) plan to abandon Black Friday this year, believing they won’t find genuine discounts at this time of the year or that they could find better deals at other times of the year.

According to the conclusions, a meager 10% would be first-time Black Friday shoppers, and 33% would be returners who have previously shopped for Black Friday deals.

Millennials make up the largest group of returners, and most repeat shoppers would be willing to pay for luxury brands.

In October, YouGov interviewed 1,200 adults, with 46% of Black Friday shoppers owning a dog and 34% owning a cat. Furthermore, 6% of shoppers admitted purchasing pets as gifts during the shopping event.

The impact of inflation

With high inflation worldwide and a year of reduced discretionary spending, consumers – and pet parents – are looking for discount opportunities to make their purchases.

Market analysis firm Mintel concluded that 25% of British consumers wait for promotions like Black Friday before buying gifts.

“This environment lends itself well to Black Friday promotions, and the earlier launching of deals and the scale of retailers already engaging in the event mean all signs point to the event being as large as ever,” says Nick Carroll, Category Director of Mintel Retail Insights.

The report forecasts a year-on-year (YoY) drop in global sales by volume of 2.9% despite a 3.6% rise in sales by value in November and December due to the current inflationary environment.