Everyone spends money in shops, whether offline or online, but everyone also knows the best time to do this is when there’s a sale. One of the most well-known sales periods is the Black Friday and Cyber Monday weekend.
It’s one of the most lucrative times of the year for retailers, and it’s become a worldwide phenomenon, as spending data shows. Countries from all parts of the globe now take part in Black Friday and even those that don’t typically still have Internet access and are aware of what’s taking place.
But most countries in the developed world will see streets filled with shoppers looking for the best deals on Black Friday. When people come out to spend their disposable income quickly and efficiently, data shows where the most money is being spent.
If you then take that data and break it down by money spent per person on average, the results become interesting. Here are the spending amounts per person for the top 5 countries on Black Friday according to Betway online casino:
As this list reveals, Black Friday clearly has a worldwide appeal, with countries on different continents that speak different languages being among those that spend the most money per person. Now it’s true that these countries are relatively wealthy, but that wealth could easily be spent on other purchases, and hundreds of dollars is a decent chunk of money for most people.
$497 would buy you a mid-range smartphone, a previous-gen game console, or a range of smaller items like jewelry and headphones. And that’s precisely the kind of items that people are spending their money on. So it shows that although Black Friday is seen as a consumer frenzy, there are patterns that you can observe.
Part of the reason for this is revealed by the Retail Doctor Bob Phibbs, who said: “Something like 85 to 90 per cent of businesses still have transactions in a physical brick-and-mortar space”.
That means that people still enter physical stores to buy the best Black Friday deals, even though the Internet has become the preferred place for people to shop in recent years. That means there is a certain amount of predictability to Black Friday. Physical stores have fixed amounts of stock that take specific amounts of time to replenish. Similarly, Internet purchases can only arrive as fast as delivery drivers can send them out.
It’s for these reasons that it’s both possible and valuable to track spending across different countries every Black Friday and draw worthy conclusions from that spending.