Millennials Spent The Most At 2015 Black Friday-Kaymu
Black Friday, arguably the biggest shopping event in the world held over a week ago but the real question is who wore the crown?; The online platforms who outdid themselves with pre-black Friday propaganda or the millennials who actually did the bulk of the shopping in Nigeria?
Figures from online shopping community Kaymu.com.ng show that millennials spent the most during this year’s Black Friday, spending an average of wN10,600 each. The data also found that men spent more than women during this shopping event at a ratio of 7:3.
This corroborates PwC’s prediction in their 2015 Holiday Outlook Report stating that
almost 60% of millennials will shop online or in-store around thanksgiving, celebrated a day before Black Friday.
According to Sefik Bagdadioglu Managing Director of Kaymu , this can be traced to the impact of mobile on online shopping. The company has reported that 70% of its Black Friday sales were completed online. “The smartphone has become the most powerful shopping tool especially on a critical day like Black Friday which falls on a work day. It allowed customers partake in the festivities while they were out and about, helping them search products, compare the best deals and shop discounts before they went out of stock”, he stated.
Among categories shopped on Black Friday via the Kaymu platform, fashion, electronics, phones and jewelry had the highest selling products.
This year’s Black Friday marked a change in the shopping trend since the concept was introduced in Nigeria two years ago. It was a battle between online giants for who had the best deals and assortment with first time partakers like Kaymu ensuring their merchants provided substantial discounts with the promise of clearing out their stock.
Interestingly several online players spread their sales over a number of days with some extending their offerings into Cyber Monday sales.
This year’s Black Friday sales also saw a number of offline stores jumping on the train and offering discounts and deals, however the foot traffic falls short in comparison to the volume of activity witnessed.