Black Friday Trends
Today is Black Friday, a key day in marketers’ diaries which essentially kicks off the Christmas/ Holiday shopping season; where brands go on sale, have an offer, and generally, add a little bit of extra sparkle to their eCommerce offering.
But what about the luxury industry? Luxury brands typically do not discount. This goes with the theme of luxury being exclusive, in low supply, but with high demand. But with the world becoming ever digital, the luxury space has greatly shifted. Luxury brands are no longer as elusive as they once were: behind the scenes and creative vision is shared on social media every day. Yet luxury brands still need to remain aloof, proud, and authentic. So how does this stance sit with a global shopping event as big as Black Friday? We look at some key trends we have seen from luxury brands this year, in the approach to Black Friday.
Gift With Purchase
Rather than discounting the product; some brands like to instead give more around this week. This is not a direct nod to Black Friday; there is no mention of Black Friday; simply the offer is made aware on the website when you go to purchase. Two of our fragrance clients are taking this approach. Clive Christian with their candle set, and Creed Fragrances, with their sample box.
This approach is recommended for special luxury buys which sit at a higher price point. This way, there is no de-valuing of the product, but the customer still feels like they are getting more. Another route in a similar way, is offering complimentary delivery for a short time only.
Green Friday is a newer phenomenon; a number of businesses are using the annual savings event as a force for good. Some are donating a portion of their profits made to charity, while others will use the weekend to raise awareness of social causes and campaigns. Fruity Booty, a premium lingerie brand, is doing just that. For each product bought, they will be planting a tree to help rewild the planet.
A Black Friday “Event”
Black Friday has been getting bigger and bigger in recent years with the growth of eCommerce capability and consumers becoming more comfortable with shopping online. On top of this growth, it has undoubtedly been a very tough year for retail, with the global pandemic of Corona Virus. A lot of premium brands this year are making an “event” from the shopping holiday. This is essentially extending Black Friday deals across the week before. Some brands have taken it even further by offering “pre-black Friday sales” to loyal customers only, so they can be the first to swoop up the deals.
Two luxury brands who have taken to promoting a longer-tail strategy and are discounting for a longer period of time are The Conran Shop (luxury high street shop selling top of the market interiors), and demi-fine jewellery brand, Monica Vinader. Capitalising on the event for a longer period of time is becoming ever more common for the brands who take part.
Black Friday Edits
Another route fashion-led eCommerce brands have been taking is creating a Black Friday Edit; a selection of products that are discounted for the Black Friday event. This is a good way for eCommerce brands with a wide selection of products to sway consumers towards buying a particular product. Our client, Mr. Porter, is a great example of that (below).
What Black Friday?
Black Friday isn’t right for many luxury brands and many choose to ignore this event. For example; often high fashion with heritage typically does not honour Black Friday; nor do fine jewellery companies. The perception of brand is incredibly important for luxury brands and this should be protected. Discounting can devalue the luxury product and in turn brand; should this happen, it’s a long process to recover. Your customers will stay loyal provided your quality and relevancy of product continues; so there should be no pressure to join in this event.