When you say Black Friday, everyone immediately thinks of those crazy scenes on the news where people were fighting over big-screen TVs. Most of those frenzied shoppers probably had a perfectly good TV at home but the chance of bagging a bargain suddenly made a new 64-inch screen irresistible.
These scenes gave Black Friday a bad name. And it continues to have that dark cloud hanging over it. Every year headlines pop up about how much money people waste on impulsive buying during these sales, making unnecessary purchases simply because of the low price tag. Once the flurry dies down, buyer's remorse kicks in. The focus on materialism and consumerism casts a negative light on Black Friday. Particularly in the current climate where food bank lines have never been longer, and everyone is pinching the pennies. Encouraging people to get into further debt with Black Friday deals can leave a bitter taste.
However, there’s no doubt that Black Friday is big business for retailers! According to Finder, Brits will spend an estimated £3.8 billion on Black Friday and Cyber Monday sales this year, up 27% from 2023. This is an average of £122 per person. And it isn’t losing popularity. In fact, the number of people planning to make a purchase is 59%, up from 51% in 2023 and 39% in 2022. How do you get a slice of that pie without it reflecting badly on your brand?
You don’t want to get caught in the negative press surrounding Black Friday. An easy way to be a savvy, more strategic retailer is focusing on selling products that consumers genuinely need. You can guide customers away from wasteful purchases and actually help them find deals on items they’re in the market for.
There is an opportunity for retailers to promote more choiceful consumption. One way to take a mindful approach is to target a specific group of customers - the homemover. These customers are highly likely to be in the market for homewares and furniture – items that they genuinely need.
When people move into a new home, they often need to furnish or upgrade the space. Unlike most Black Friday shoppers, homemovers are actively looking for specific items to make their new space functional and comfortable like furniture, kitchen appliances, and home décor. This creates an opportunity for retailers to provide solutions to their needs, not just create a sales frenzy.
Homemovers often need big ticket items such as dining tables, sofas, and beds, but also smaller items like bedding, home decor and kitchenware. They will make more thoughtful and intentional purchases compared to impulse buyers. By targeting the homemover, you will drive more higher-value purchases and build long-lasting relationships that go beyond a single sales event.
When targeting the homemover, you should offer tailored promotions on essential homewares and furniture that will improve their new living spaces, instead of encouraging impulsive spending and money wasting on unnecessary purchases. This strategy helps your customers to buy smarter whilst boosting your business at the same time.
Moving to a new home is a significant financial commitment and financially demanding, which makes many homemovers a highly price-conscious group. This is exactly why they’re an ideal audience for your Black Friday promotions. Homemovers often face a range of expenses, from covering moving costs to adjusting to new bills, and many may also be dealing with elevated mortgage rates or renting in a high-cost market.
Given these economic pressures such as the rising cost of living and inflated prices for goods and services, homemovers tend to strategize their purchases more carefully, especially when it comes to big-ticket items like furniture and home appliances. Many will delay these major purchases until they feel more financially secure, or until they can take advantage of significant sales events like Black Friday. According to ClickThrough, 26% of Black Friday shoppers will be looking to make essential home purchases.
By targeting homemovers with well-timed discounts on essential homewares and furniture, you not only meet their budget-conscious needs but also position your brand as a solution to their financial concerns, offering value when they need it most.
There’s good news for retailers. In quarter 3, 2024, Sales Agreed increased by 23.4% compared to the same quarter last year. That means there will be ample homemovers in the market for your goods this sale season. At the beginning of September, we identified that there were 1.47 million people in the home-moving journey. Evidence of more customers in the market for your goods is backed up by Big Furniture Group’s report on internet searches. They stated that searches for UK furniture rose in September, achieving an index score of 90 or more in nine days of September (where 100 is the maximum search interest.) So not only is there interest in your products but there are highly motivated buyers – sounds like a winning formula!
TwentyCi can provide you with homemover data, letting you know who is moving and what stage they are in their journey. We can inform you of the best time to target these movers depending on what you're selling.
Why not take advantage of the data you already have? We can match your CRM with our database and let you know which of your contacts are in the homemoving journey and what stage they are at. Take a read of our blog for further information.
If you’re interested in finding out more about how we connect retailers to homemovers, get in touch. We are a retail marketing agency, ready to help you with marketing to new homeowners.