Black Friday: customers eager to shop, but they are being far more careful with their spending

This year’s Black Friday saw retailers come close to pre-COVID shopping activity, with consumers flocking shops to take advantage of deals and offers “from the early hours of the day,” according to the Malta Chamber of SMEs.

Retailers reported eagerness by consumers to shop but also remarked that “customers are being more careful in their spending”.

Attributing the lower spending to inflationary issues, and this affecting purchasing power, consumers appear to have retained some of the spending trends seen during COVID, “with appliances, household electronics and brown goods, having a very good November”.

Similarly, retailers reported that more affordable brands within the fashion industry and costume jewellery exceeded expectations. High end brands with a higher price tag did not do so well in comparison.

“It is evident that different sectors have started adopting different strategies in how they time their offers. Some have extended their offers to cover most of November while others are sticking to the black Friday weekend,” the SME Chamber said after gathering feedback from its members.

“Overall businesses are very pleased that despite the negative global feeling and inflationary pressures, they saw their clients eager once again on Black Friday, eager to shop and also to buy gifts. Black Friday has once again started establishing itself as a very important milestone for businesses, following two years of COVID downturn.”