One of the most important trade festivals of the year is almost here. The Swedish Trade Federation's forecast for Black Week 2024 shows that sales during the holiday season are expected to reach SEK 9.7 billion, which is an increase from last year's SEK 8.7 billion.
According to the Swedish Trade Federation Svensk Handel's survey, six out of ten Swedes plan to shop during Black Week. This is a clear increase from last year, when four out of ten planned to make purchases. While this is a positive sign, several challenges remain for the retail industry, with many companies struggling for survival. Black Week and the upcoming Christmas shopping could be decisive for this year's results.
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Black Week – an important injection
Black Week is a welcome sales holiday, given the challenges the trade has faced in recent years. Retail companies continue to testify to a reality where consumers' purchasing power is low.
'After several years of recession, many trading companies are still in a pressured situation. Black Week provides an important injection, but it does not solve the challenges that the industry continues to face,' says Maria Mikkonen, Chief Economist at Svensk Handel. 'Given consumers' price awareness, we also believe that many have waited to make purchases, in order to be able to buy products at a discounted price. This is another explanation for why we are seeing an increase compared to last year, and we are pleased with this positive signal. Now we hope for a high pressure in both stores and online.'
Increased interest, but fewer Christmas presents
Interest in Black Week is higher than before, especially among younger consumers. Fashion and beauty continue to dominate as the most popular categories, while consumer electronics are losing slightly. On the other hand, fewer consumers plan to buy Christmas presents during the week compared to last year, which may indicate somewhat more cautious consumption.
The retail sector wants to do the right thing
During Black Week, the retail industry is faced with both a high pace and high expectations from consumers. The new rules in the Price Information Act, which require transparency and accuracy in all price information, pose additional challenges for companies.
'Of course, we urge all our members to ensure correct price information, which an overwhelming majority also do. However, the authorities should listen to the warning signals coming from the industry,' says Maria Mikkonen.
More information:
Svensk Handel
www.svenskhandel.se