2023 brought several challenges for retail destinations and their tenants, navigating cautious consumers amidst rising inflation costs. However, the Black Friday and Cyber Monday sales proved to be a beacon of hope, drawing shoppers from around the globe with highly anticipated discounts and deals. The Black Friday weekend saw unprecedented retail growth as Coniq clients boasted record-breaking sales figures and remarkable expansion.
Black Friday Success in the US
Despite initial fears that financial concerns would deter shoppers, the US retail market witnessed a 2% rise in foot traffic and a staggering $9.8 billion in online sales on Black Friday, marking a 7.5% increase from the previous year. It’s noteworthy that many consumers opted for online shopping. Yet, Black Friday in physical stores experienced an 11.8% week-on-week surge, with overall store sales increasing by 7.9% compared to the previous week and up by 2% compared to last year.
Declining Inflation and UK Black Friday Uptick
Encouragingly, inflation showed signs of decline, with The Price Index reporting a 4.3% increase in prices in November, down from 5.2% in October year-over-year. The UK Black Friday footfall rose by 2%, showcasing resilience despite a 12.6% decrease compared to 2019.
Mall Marvels: A Playful Black Friday
One US Coniq client, in particular, welcomed over 12,000 visitors within the first hour of opening on November 24, marking a remarkable 20% increase on last year’s numbers. Gamification emerged as a vital tool for driving foot traffic, exemplified by Mall of America’s innovative approach:
- Early Birds Prizes: The first 4,000 guests to arrive at Mall of America received a Mystery Card, unveiling silver, gold, or doorbuster prizes, promoting engagement and excitement.
- Doorbuster Zone: A new twist, where winners selected entertaining characters to bust through a door and retrieve prizes valued between $250 and $600.
- Creating Unmissable Experiences: The first 200 in line received a $25 gift card, and one lucky “Wonka Winner” took home a $2,500 gift card, courtesy of the film “Wonka.”
Coniq Client Success Stories
- A US client saw a 607% increase in spend on Black Friday compared to the previous 3 days.
- A European client witnessed a remarkable 161% increase in transactions.
- Another client celebrated an astounding 1557% increase in new loyalty members over the Black Friday weekend, signifying an unparalleled surge in consumer engagement.
- Another US client saw a 473% increase in spend on Black Friday, compared to the previous 3 Fridays.
Conclusion: Looking Towards 2024
The Black Friday outcomes for this year underscore the market’s focus on resilience and innovation. Retail destinations are establishing new records, and experiencing robust consumer enthusiasm. Reflecting on the achievements of Coniq clients, it becomes evident that contemporary approaches to retail such as sustainability, and gamification are the formula for success as we look toward 2024.
