What's Happening?
Amazon remains the top destination for Black Friday and Cyber Monday shoppers, with 76% of consumers seeking deals on the platform. However, Chinese marketplaces such as Temu, Shein, and TikTok Shop are
also gaining popularity, with 22%, 21%, and 14% of shoppers respectively turning to these platforms for deals. Despite concerns about poor deals and scams, shoppers are expected to spend nearly £14 billion this Black Friday weekend. A survey by Omnisend indicates that Black Friday continues to dominate the sales period, with average spending increasing year-on-year. Cyber Monday is also expected to see a rise in spending, with predictions of increased consumer expenditure compared to last year.
Why It's Important?
The shift in consumer behavior towards online shopping platforms, particularly those based in China, reflects the growing influence of global e-commerce on traditional retail markets. This trend poses challenges for established retailers like Amazon, as they face increased competition from international platforms offering competitive pricing and unique products. The rise of these marketplaces could lead to changes in consumer expectations and shopping habits, potentially impacting the strategies of major retailers in the U.S. and globally. As consumers become more comfortable with international shopping platforms, traditional retailers may need to innovate to maintain their market share.
