’Discount culture’ have been the two key words that summed up the 2015 shopping experience.
From summer Sales to Black Friday and Cyber Monday, relentless promotions across the retail spectrum and across the seasons became a permanent fixture for consumers.
Take Amazon’s Prime Day one-day Sale on July 15. The etailer celebrated its 20th anniversary with a host of Black Friday-style deals, a decision which drove revenue up 2% during the third quarter.
With many retailers then offering discounts of up to 50% on stock during the four-day period from Black Friday to Cyber Monday this year, shoppers spent a record-breaking £3.3bn,
However not every retailer showed the same faith in discounting. In November Asda made the shock announcement it was pulling out of Black Friday due to ‘consumer fatigue’. Retailers in general prepared for a tougher Christmas as, in the wake of Black Friday’s aggressive discounting, it was ever-harder to convince customers to pay full-price.
And then there’s Singles’ Day. Held on November 11, the festival originally intended to celebrate people not in relationships was commercialised by Chinese etail giant Alibaba in 2009 into an event to rival Black Friday. This year alone the value of UK card transactions on Singles’ Day rose 251%. Have we discovered the next big event on the discounting calendar?