Black Friday 2024: A landmark for buying electrical goods and technology

Electrical goods and products are at the heart of consumer interest in the market on 29.11.2024 and Cyber Monday (2.12.2024). As time measures in reverse for Black Friday 2024 the large chains of technology, electrical and electronic items are leading the promotional actions offering consumers a wide variety of products, unique offers that will satisfy every need and flexible payment solutions. Advertising campaigns have already started while constantly informing customers-consumers through newsletters about tempting offers and market opportunities. At the same time, the major retailers players, having strengthened their potential both at sales points and commercial agreements to further expand their product portfolio, claim greater market shares. It is noted that overall the technology and electrical equipment industry (Tech&Durables) while remaining a market of EUR 2.1 billion and at the highest levels in the last 3 years, is moving negatively in the nine months of 2024 in value (at -6.1%) and in block sales (-1.9%). According to NielsenIQ analysts, decisive for these trends is the government action “Change Device”, which took place in 2022 and 2023, with the categories of large white devices (MDA) and air conditioning (Air Conditioning) having been decisively affected, taking a negative course within 2024, -19.4% &-26.4% in values, respectively. On the contrary, the telecommunications sector, which is the largest part of the T&D market in Greece (33.4%), presents the most positive growth, at +7.5% in value, while the largest growth rate is presented by the large category of household appliances (SDA), at +5.1%. As small devices serve different consumer needs, it seems that those that stand out and grow at the fastest rates are convenience products, such as hand sticks vacuum cleaners, products that may have been heavily promoted through social media, such as hair stylers, or even devices that support the healthiest way of cooking such as air fryers. As regards the price part, the average price for the T&D categories continues to rise in recent years, also influenced by exogenous factors such as inflation, cost of production and product transfer, and also by an ongoing trend of the consumer towards more premium products. As every year, the big game in the Tech&D market is also in the coming months, as the last quarter of each year has the largest participation in the T&D turnover, mainly due to Black Friday. Nikos Kampas, NielsenIQ’s Industry Sales Manager points out: “based on the measurements of previous years, Black Friday’s week is more than twice as high in sales as an average week during the year, while in the last 2 years it has increased its importance. This demonstrates that this promotional action on the one hand remains particularly important and popular for the Greek purchasing public and on the other hand that the duration of promotional actions is becoming longer and longer.” An important position in the promotional actions of Black Friday has, according to Mr. Kampas, mainly premium products, where discount actions have a greater impact on the consumer’s pocket. “Characteristic is that in recent years the average price of categories sold during Black Friday, such as smart phones, televisions or brooms, has been higher than the average price of the year, which is interpreted due to greater participation in the sales of premium products and marks during this promotional event,” he says. Ready consumers and trade associations For their part, consumers have already launched a market research with enhanced psychology and consumer mood while in their microscope this year mobile phones, televisions and laptops, as happened last year. According to a survey carried out by the Greek consumers last year Black Friday “hunted” the offers to the technology genres. First in their preferences were televisions, followed by smart phones and phone accessories. Last year, women accounted for 52% of the population he bought, while 48% were men. The majority of buyers in last year’s Black Friday were 45–54 (40.1%), while in younger ages, such as 18–24, the participation rate was formed at much lower levels, only at 6.1%. Most purchases were made from Athens (63%), followed by Thessaloniki (21%), Patras (4%) and finally Corfu (3%). 80% of purchases were made through some mobile device. At the same time, purchases via fixed computer (desktop) decreased to 17% (from 33% in 2022) while only 3% of consumers used a tablet device for their purchases. During last year’s Black Friday, consumers aged 65+ recorded the highest average cost, with 285 euros per market, followed by the ages of 25-34 at an average cost of 248 euros. On the contrary, the ages 18-24 made the lowest costs, with an average of EUR 132 per market. Although offers and special deals had started early, the main purchasing activity took place on the day of Black Friday itself, confirming that the public expects this day for the lowest prices. On the occasion of this year’s Black Friday, considered as the beginning of the Christmas market season, the president of the Athens Association of Commerce Stavros Kafounis invites consumers who will buy these days to support Greek small and medium-sized commercial companies. As Mr Kafounis notes in a statement: “The great offers that will appear in stores are the result of hard preparation and great effort, with one goal: consumer satisfaction, which the accuracy of recent years has dramatically reduced his disposable income”. The Athens Trade Association also informs the consumer that after amendment of par. 1 and 4 Article 16 n. 4177/2013, the voluntary operation of commercial shops is allowed on Sunday following the last Friday of November. This means that stores can be opened optionally on Sunday, December 1, 2024 following the last Friday of November which is this year’s “Black Friday” while on December 2, Cyber Monday follows. Therefore, as the club notes, according to the recent amendment, shops can operate all Sundays in December, except that of 8 December, with proposed opening hours from 11:00 to 18:00 p.m. On the same wavelength, Piraeus Commercial Association notes that the Piraeus market participates in the Black Friday institution, on Friday 29 November 2024 as well as the “Cyber Monday” following Monday 2 December. The Association invites consumers “to visit for their purchases Piraeus’s natural or electronic stores for a unique market experience. Trust the pirate commercial companies, who have demonstrated over the years that they offer high quality, quality and wide range of products and real big discounts and combine markets with unique tasteful experiences in restaurants and cafes in the city.” At the same time it calls on consumers “to be careful, to have done the necessary market research, to avoid unpleasant surprises and to have a safe and enjoyable purchasing experience, since there are not few instances of misleading advertising at the specific time period that may lead to wrong choices.” The Piraeus Trade Association also informs consumers that after amendment of the par. 1 and 4 Article 16 n. 4177/2013, the voluntary operation of commercial shops is allowed on Sunday following the last Friday of November. This means that shops can be opened optionally on Sunday 1 December 2024 following the last Friday of November, with proposed hours for Piraeus 11.00 – 4.00 p.m. Source: RES – ICM