Black Friday 2024: Benefits for Consumers and Retailers

Almost two-thirds of German consumers plan to do their Christmas shopping in November and December. According to the Shopify Retail and Consumer Compass 2024, discounts, price comparisons, and loyalty programs are crucial factors in purchasing decisions and brand loyalty during Black Friday and Cyber Monday.

In 2024, Black Friday and Cyber Monday (BFCM) remain significant for German retail. The Shopify Retail and Consumer Compass reports that 64% of German consumers plan to buy their Christmas gifts in November and December. Many begin planning well in advance: 44% of respondents think ahead, and 16% even start before the end of June.

Birk Angermann, Head of Revenue EMEA at Shopify, emphasizes the importance for retailers to capitalize on this trend early: “With the right incentives, retailers can effectively boost year-end sales.”

Discounts, Price Comparisons, and Loyalty Programs: Keys to Purchasing Decisions

Discounts play a central role for many consumers, with 46% citing them as a key incentive, while free shipping is essential for 40%. In uncertain times, price sensitivity becomes increasingly important. 77% of consumers actively compare prices, and 61% wait specifically for special offers. Loyalty programs also influence purchasing decisions for about 24% of consumers.

Notably, the 18- to 24-year-old generation plans to spend more during BFCM than in the previous year. Additionally, 68% of consumers aged 18 to 34 are influenced by brand recommendations, significantly above the average.

A mix of online and offline shopping is popular. 36% of consumers plan to use both methods, focusing on categories like fashion, electronics, and health products. Smaller, independent brands are also gaining attention, with 21% of respondents preferring them.

Family members have a greater impact on purchasing decisions than influencers: 37% rely on their family for guidance, while celebrities and influencers are only relevant to 9%.

The study identifies various consumer types: 22% are bargain hunters, 20% focus on thoughtful gifts, and 15% are “stockpilers” who complete their shopping well in advance.

Conclusion: The Success Factor of BFCM

For German retailers, Black Friday and Cyber Monday are essential. With targeted discounts and loyalty programs, retailers can maximize the potential of this period. This is especially popular among younger consumers and bargain hunters.