by Ian Cumming | Content Producer, CLICKON Media
I’ve never felt the pleasure (nor the guilt) of trampling over a 9 year old boy in a Walmart so I could get my copy of Star Wars: Battlefront on the Playstation 4 before they ran out of stock. Luckily, in the age of booming technological innovation and courtship being reduced to the mere act of a tinder swipe, I can avoid such extremities and just make this purchase on Amazon a few days later.
That being said, I still get giddy at the thought of getting that HD TV or Canon DSLR at half price.
Why? Because as one of nearly the 100 million millennials in this country, I love buying cool new things.
According to Carrie Cummings from AdWeek, 93% of millennials plan on shopping on either Black Friday or Cyber Monday. That is a breeding ground for new fans of your product (or battle ground) for hundreds of brands to highlight their coolest, most innovative products.
The most common reason as to why the 7% of millennials do not want to go shopping on Black Friday is because they simply “don’t enjoy shopping on Black Friday.” Wow, I couldn’t imagine why.
Electronics and clothing take the top categories in Black Friday/Cyber Monday, while sports equipment and furniture take the bottom spot. Looking at the obesity rates in America today (at an all time high of almost 80 million U.S. adults), you’d hope that sports brands might step up their game a bit.
So, we know that consumers love Black Friday and Cyber Monday. But what about the brands? What about the advertisers? This weekend must be like Christmas morning for the rest of us. How exactly do they prepare for this product hungry population?
According to Kantar Media, approximately a quarter of a billion dollars was spent on television advertising by the top retailers in the weeks leading up to Thanksgiving. Let’s think about that for a second. $250 million dollars is spent on television advertising alone (this doesn’t include online, print, etc.) and this only entails the “top” retailers in the world.
In 2013, Walmart spent $57 million dollars on television advertising between November 3rd-15th, with Target, Sears, and Macy’s coming closely behind.
But let’s forget television advertising for a moment, as most of us know that the age of cable is slowly coming to an end. According to Martin Beck from Marketing Land, Black Friday 2014 was the most “social ever, driving more than 2 million Twitter conversations in the seven-day lead up to the day.” The brands under this enormous social microscope are Kohls, Walmart, Apple, and of course, Amazon. Facebook and Instagram play a large role as well. In 2014, TJ Maxx asked their fans to take a picture of their best “in-store find” and to post their picture on Twitter or Instagram for a chance to win a grand prize. A large quantity of submissions and social engagement showed the company that it was a solid campaign. Campaigns’ roles in Facebook are less involved, but the social media titan is still the leader in influencing millennial purchases, second being Youtube (SocialTimes). Nearly half of millennials research products online before they buy them in-store on Black Friday.
Whether you’re shopping in store on Black Friday, or decide to stay at home in the comfort of your pajamas on Cyber Monday (or Mobile Monday), it’s important to remember that consumers are always hungry.