Black Friday survey: ‘Performance stagnates amid pent-up inflationary pressures’

INEMY-ESEE, for the eighth year, investigated the participation of commercial businesses in “Black Friday” and evaluated its main characteristics, conducting a survey of a random nationwide sample of 300 businesses in the sector that carry out discounts.

Based on the results of the INEMY-ESEE survey for “Black Friday 2023”, the following conclusions are drawn:

• The participation of retail businesses in “Black Friday” remained high, with 56% of businesses taking part in the practice. However, this participation was slightly lower than last year, when 61% of businesses participated.
• Businesses participating in “Black Friday” held sales throughout the week, effectively turning “Black Friday” into “Black Week.”
• The percentage of discounts ranged mainly between 11% and 30%.
• Businesses appear to be relatively satisfied with regard to traffic and turnover, however the picture in terms of both traffic and sales is very similar to last year, highlighting the stagnation of purchasing traffic.
• Business sales throughout the fall period were worse compared to the corresponding period in 2022.
• The participation of stores in “Cyber ​​Monday” was very low (23%).
• Estimates of the effects of the new tax bill are causing intense concern among businesses.

The results of the INEMY-ESEE survey on “Black Friday 2023” confirm the evolution of this practice as an established annual activity in the retail sector in Greece. However, the practice’s stagnant performance, combined with deteriorating business sales throughout the autumn period, suggest that consumer movement remains subdued, weighed down by inflationary pressures and the turmoil caused by the energy crisis .

The low participation of businesses in “Cyber ​​Monday” suggests that the practice has not yet won the trust of consumers. Business participation in the new tax bill is a major challenge for the industry as businesses estimate that they will be adversely affected by it.

Overall, the results of the INEMY-ESEE survey suggest that the retail industry faces significant challenges, which are expected to continue in the coming months.