It’s beginning to look a lot like Christmas. While the trees might not be up yet, there’s only a matter of days until Black Friday (29th November).
Black Friday launches the holiday shopping season in earnest.
If you’re a small business owner, you might be worried about how inflation might impact your sales this year.
However, new research from GoDaddy should put your mind at rest.
Its most recent research has discovered that 71% of Aussies consumers believe that their holiday spending will be impacted by inflation in 2024. However, 72% are still willing to pay more to order from a small company – instead of a larger rival.
More specifically…
- 21% of consumers are happy to pay 5% more
- 27% would pay 10% extra
- 10% are willing to pay 15% more
- 5% would splash out 20%
- A generous 8% would pay more than 20% extra to benefit from the products and services of a boutique business
You may also like: Black Friday sales strategy – 8 tips
So, what other insights did GoDaddy’s holiday research unveil?
In addition to finding that almost three quarters of Australian shoppers are happy to pay more to enjoy the products and services of small companies, GoDaddy’s 2024 research discovered that…
21% of consumers do the bulk of their holiday shopping on Black Friday
Roughly one-fifth of Australian shoppers are hyper organised, completing the majority of their festive gift shopping before Black Friday.
However, more than 60% of consumers carry out the lion’s share of their gift shopping between Black Friday and the 24-hour period before they’re due to give their gift.
Takeaway for small business owners: If you’ve not prepared your holiday offerings yet, it’s time to step things up a gear. You want your products ranges and seasonal specials ready by Black Friday or you could miss out on that 21%.
48% of shoppers learn about holiday deals from social media ads
If you’re not familiar with social media advertising, don’t worry. A further 46% said they discovered deals by emails and 48% stated that they relied on word of mouth to find out about the best bargains and offerings.
Takeaway for small business owners: Word of mouth is a powerful thing. Actively ask your customers to spread the word about what your business offers this Christmas.
58% of shoppers buy gifts for three to 10 people during the holidays
To be exact…
- 38% buy for three to five people
- 20% buy for six to 10
- 10% shop for gifts for more than 10 people every year – that’s some spree!
Takeaway for small business owners: If you’re selling a single gift to a customer, consider asking them if they have anyone else to buy for and if you can help them with that present, too!
Editor's note: Start selling online now with GoDaddy's easy online store builder. If you can point, click, drag and drop you can use Online Store.
Small businesses have the upper hand
GoDaddy’s research confirms that Black Friday is a key time in the holiday shopping calendar. And it’s not just the big brands that can benefit from the event this year.
Most buyers are willing to spend more to buy from a small shop this year.
Preparing seasonal ranges ahead of Black Friday will ensure you get to tap into the biggest portion of holiday shoppers possible. Whilst encouraging customers to spread the word and sending out seasonal emails can help attract customers to your business without costing you a penny.
Upselling could also be beneficial this year – as most Australian shoppers have more than one person to buy for.
You may also like: The microbusiness capital of Australia
Frequently asked questions
Still have questions about the upcoming holiday shopping season? The answers may be here.
What is Black Friday?
Black Friday is a shopping event that originally took off in the USA and has since become popular in Australia. On this day, companies across the country launch deals and seasonal specials to kickstart the holiday shopping season.
What is Cyber Monday?
Cyber Monday is another day of holiday shopping deals, but the focus for Cyber Monday is on online shopping. Not sure how to start selling online? This article has everything you need.
What week is Black Friday Australia?
Black Friday 2024 is 29th November.
Are Black Friday deals better than Cyber Monday deals?
In 2024, Black Friday and Cyber Monday deals tend to blur into one another. Some companies run Black Friday sales for a week or more these days, so there isn’t that much distinction between to two.
