It was less than five years ago when Black Friday was introduced in the UK, the latest retail import from the US. But since this time it has grown - not only in terms of the number of retailers offering discounts, the levels of discounts available but also how long it lasts…. It really is no longer just Black Friday - more Black Friday/Cyber Monday, the weekend in between and for many retailers much of November leading up to it!
Having analysed data from the 150+ high street stores featured in the Mallzee app covering hundreds of thousands of products we here at Mallzee Insights discovered that over Black Friday weekend (23-28th November 2017) 62% of all fashion items were offered at a discount, a rise from 60% last year (24th-29th November 2017). Whilst the volume of discounted goods may have only increased slightly the amount of the discount has risen dramatically; going from an average of 31% in 2016 to a whopping 38% in 2017.
Mallzee Insights CEO, Mr Cally Russell, says; “UK fashion retailers are undoubtedly facing cash flow pressures but embracing such an aggressive discounting strategy is simply setting longer term consumer expectations. We are seeing many retailers offering pretty much permanent discounts to attract buyers rather than maintaining profit margins and putting their efforts into closer aligning product to consumer wants."
“I fear that with such an aggressive discounting approach in continuing uncertain times we haven’t seen the last of the retail casualties this year.”
Even without the Black Friday effect, 2017 is already the year of the discount - with 56% of all high street fashion being discounted compared to only 35% in 2016.