It’s official – long gone are the days of the standalone Black Friday and Cyber Monday discounts. Now, securing sought after products at the best price is becoming increasingly chaotic for consumers, with prices fluctuating during a number of weeks across the Golden Quarter. Forget deal or no deal, it’s more like deal or disappointment for consumers, leaving much to be desired in terms of results for retailers.
Experts from retail marketing consultancy Gekko have utilised their GWS Price Analysis Tool to do the heavy lifting, crunching the numbers to analyse average prices in categories including consumer electronic products and household goods, across major retailers, including AO, Argos, Currys, Harvey Norman, and John Lewis. The results identify the true rollercoaster retail landscape during the busy discounting period.
The analysis, which spans the weeks before and after Black Friday and Cyber Monday 2024, reveals that Black Friday and Cyber Monday is not always the best day to secure the best deals, with prices in some categories plummeting from the middle of November onwards.
In the wearable technology category, this year’s Black Friday sales at Currys saw a notable shift, with a reduction in product variety, but an increase in value for shoppers. Gekko’s analysis reveals a significant decrease in the number of SKUs, dropping from 456 in 2023 to 342 in 2024 – an overall reduction of 114 products.
Alongside this streamlined selection, prices have decreased in wearables. The average price of a wearable this year came in at £287.80, down by 8.55% compared to 2023’s average of £313.83. The approach of offering fewer products while increasing promotional impact reflects how a retailer like Currys is refining its strategy to balance consumer preferences with enticing deals to consumers.
In John Lewis, the LG 77-inch OLED TV serves as a perfect example. Initially sold at its full retail price of £4299 throughout October, the TV was heavily discounted in early November, dropping by 30.2% to a retail price of £2999. This product then sold out in mid November before returning to stock in time for Black Friday, back at the original full price of £4299. By monitoring price fluctuations, consumers may be able to cash in on early discounts, like the 30.2% savings on this LG TV, instead of waiting for Black Friday, when prices may climb back to full retail.
The hustle between Black Friday and Cyber Monday is enticing for consumers, but some products saw sharp increases compared to their Black Friday prices. For example, a Fridgemaster Compact Fridge on AO rose in price from £125 on Black Friday to £139 by Cyber Monday, representing an 11.20% increase, which may have frustrated shoppers holding out for better deals. Just a day after Cyber Monday, Gekko’s GWS Pricing Analysis Tool revealed new shifts in AO’s pricing. By 3rd December, the Fridgemaster Compact Fridge had dropped slightly to £134, still higher than its Black Friday price of £125, but lower than the Cyber Monday price of £139.
With the fluctuation in pricing, savvy shoppers may start employing various techniques to ensure they get the best deals on offer across the whole Black Friday discounting period. By buying early and then monitoring price movements, shoppers may well return and rebuy an item if the savings are too good to ignore.
Talking about the unpredictable retail discounting period across Black Friday and Cyber Monday 2024, Daniel Todaro, CEO at Gekko Group, said: “It’s been a tough year for everyone, and making products even more affordable could help to boost sales in the face of the cost-of-living crisis. Timing is everything, and while retailers adjust their prices based on demand, consumers that have shopped around will likely walk away with the best rewards.”
Offering additional advice for bargain hunters, he added: “The unpredictability of these pricing trends underscores the value of retail monitoring tools like Gekko’s GWS Pricing Analysis service, helping provide smarter insights to understand shifting consumer demand, and adapting their strategies to remain competitive across the busy golden quarter.”
