The promotions at the end of November, which culminated on Friday with Black Friday, did not fully meet the expectations of the retail industry. Revenues turned out to be below traders’ hopes.
Black Friday provided less revenue, with a 5% drop in the volume of card and mobile payment transactions compared to the 2023 edition. However, analysis of the figures suggests an explanation: purchases were more spread out. Thus, in the preceding days, spending reached unprecedented levels, according to data from Monitoring Consumption Switzerland and Twint compiled by AWP.
Many stores extended the promotional period over the week preceding Black Friday, this year, from November 25 to December 1 and the operation was successful. Revenues were up 10% compared to the “Black Week” of 2023. Compared to a normal week in 2024, transactions were up 92% for online commerce and 44 % for stores.
If Black Friday is well known to Swiss customers and popular with Swiss merchants, the 2024 edition nevertheless ended with mixed results.
“With the exception of consumer electronics, Black Friday sales were disappointing, particularly in fashion as well as furniture and decoration. Consumers are in attendance for the event, with a significant increase online searches and in-store attendance, but do not always complete their purchases. We clearly feel that purchasing power is decreasing,” explains Jérôme Amoudruz, consultant and director of the Blackfriday.ch platform. He explains that between purchasing intentions and reality, a difference of around 20% less is observed.
Stores benefit from the event
While the importance of e-commerce has grown uninterrupted for several years, card and Twint payment data show that in 2024 the penetration rate of e-commerce transactions during the week of Black Friday has decreased by around 1% compared to 2023. “Online purchases seem to be gradually reaching a sort of glass ceiling. This year, it was stationary commerce which benefited more from the event. Perhaps due to its proximity to Christmas and the holidays,” explains Mr. Amoudruz.
Monitoring Consumption Switzerland data does not include cash transactions. The mobile payments taken into account are those made via Twint, Alipay and WeChat Pay. Applications like Apple Pay, Google Pay or Samsung Pay are not included in the statistics.
This article was automatically published. Sources: ats/awp
