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Published Nov 28, 2022

Prof G Markets: Black Friday, Cyber Monday, and Consumer Culture

Scott Galloway delves into consumer culture, critiquing Buy Now Pay Later schemes and advocating for financial literacy amid inflationary pressures and post-pandemic shifts. With insights from Katherine Cullen, the discussion covers the evolution of Black Friday and modern spending habits, emphasizing the strategic value of experiences over material goods.
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  • Historical Context

    Black Friday has evolved from a simple post-Thanksgiving sale into a major retail event with deep historical roots. shares that the tradition began in the 1970s as retailers sought to attract holiday shoppers, eventually expanding into a five-day shopping extravaganza that includes Cyber Monday 1. explains that Black Friday has become a nostalgic American tradition, with sales starting as early as October, and serving as a significant financial milestone for retailers 2.

    Black Friday, and really, as we started, as we talk about it now, sort of the Thanksgiving weekend holiday shopping event, it was, you know, really has evolved into a five days of shopping.

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    Despite its evolution, Black Friday remains a key moment for both consumers and retailers, marking the unofficial start of the holiday shopping season.

       

    Modern Trends

    Modern shopping trends have shifted the focus from Black Friday as a singular event to a more extended holiday shopping season. notes that consumers now prefer to spread their holiday shopping over several weeks, reducing the pressure on Black Friday itself 3. The pandemic accelerated these changes, with consumers adopting more flexible shopping methods, such as online and curbside pickup, and showing a willingness to try new brands due to supply chain issues 4.

    Consumers don't want to be pushed to just online or just in store. They want choices in how they shop and they want to be able to combine and cross channels pretty seamlessly.

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    This shift reflects a broader trend towards convenience and adaptability in consumer behavior.

       

    Retail Strategies

    Retailers are adapting their strategies to meet changing consumer expectations during the Black Friday period. highlights a move towards more targeted promotions, such as "deals of the moment," which create a sense of urgency and excitement for shoppers 5. discusses how some retailers, like Costco and Chanel, are redefining sales strategies by offering everyday low pricing or creating artificial scarcity through limited store access 6.

    The new sale, if you will, is everyday low pricing, and that is Costco.

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    These innovative approaches reflect a shift in how retailers engage consumers, emphasizing value and exclusivity.

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