Our Predictions for Black Friday 2022
It's a make it or break it type of world these days, but one thing is for sure... people love to buy and gift new-to-them items and despite being in the midst of confusing and trying times, retail therapy is a type of therapy, and being gifted (or buying oneself) a piece of jewelry, a handbag or a beautiful silk scarf brings joy and instant gratification to everyone.
Black Friday is a few weeks away, and if you pop into any of the big retailers today, you’ll surely see holiday decorations lining the store. And while some consumers have scoffed at the idea and say it’s too soon, stores know it’s the biggest shopping season of the year and after the complications and setbacks of the past few years, they need to make up for lost time and sales. Well, that means it’s time to stock up and get ready to sell!
The pandemic changed the way people discover, shop and purchase items, and even though the majority of shoppers are heading back into the stores, some are still a little concerned to spend too much time outside their place—not just because of COVID, but also crime, gas prices, and the threat of flu season too. But, with inflation, a looming recession and high interest rates, many business owners are also a bit anxious to see how this holiday season will shake out and potentially impact their bottom line.
It’s a make it or break it type of world these days, but one thing is for sure… people love to buy and gift new-to-them items. Despite being in the midst of confusing and trying times, retail therapy is a type of therapy, and being gifted (or buying oneself) a piece of jewelry, a handbag or a beautiful silk scarf brings joy and instant gratification to everyone. What’s more, it’s that time of year where people may be splurging on something for someone else that they wouldn’t buy otherwise… like a Birkin or a Chanel Classic Flap Bag.
Before we dive into what we think will be hot this season, let’s first discuss emerging shopping trends and how you can beat the competition right now.
CUSTOMERS WILL SHOP EARLY
In the past two years, customers began purchasing gifts in late October, but they’ve been adding items to their shopping list—and tracking prices—all year round. To help these customers out, we suggest you run sales, markdowns and promo offers long before the Black Friday and Cyber Monday rush to help eliminate excess stock and increase inventory turnaround. Discounts, loyalty offers, and VIP deals will attract new customers and reward current ones too.
CONSUMERS WILL BE SHOPPING FOR SUSTAINABILITY
To decrease their carbon footprint and account for emissions, customers are looking for brands and experiences that add a positive contribution to society. Luckily, resale is one of the most sustainable options out there today, but make sure to advertise your sustainability efforts and initiatives on your site and on social media too. It will help drive traffic and sales.
CUSTOMERS WANTS GREAT DEALS
Not only did the pandemic drive consumers to online shopping and curbside pickup, but it also taught them they didn’t have to pay full price. With inflation top of mind, consumers will not go with the first option they see. They will search for a better deal elsewhere, wait until the price drops, or ditch the product and brand for a lower-priced option. That’s why it’s important to track competitor pricing in real time and use these insights to offer better prices and special deals.
BRICK & MORTAR STORES ARE BACK
While online shopping is a comfy and convenient want to get items without stepping foot out the door, many people are simply sick of being inside and welcome any excuse to leave their home. While consumers may still complete a purchase online, they’re interested in touching, seeing and feeling the product in person before they fully commit. To help improve their experience, make sure you keep customers up to date on store events, closures, and big sales. Hire more staff to help with sales and curbside pickup. Make sure your store is fully stocked and products are easy to see and within reach. And adapt the latest technologies and payment options to make their experience even better. We’d also suggest in-store-only deals and discounts to drive more foot traffic
OUR PREDICTIONS FOR BLACK FRIDAY 2022
This isn’t our first Black Friday—and even though it used to be relatively predictable in the past, life can throw us curveballs (as we’ve witnessed the past 2.5 years), and we’ve got to adjust accordingly. But hey, let’s stop living in the past! We just wanted to let you know about what we think will be hot this holiday season and what you should stock up on now.
We combed through our data to find out what is trending now to help you beat the holiday rush and make sure you’re stocked up and ready to sell ahead of time.
Miu Miu: What started with a micro miniskirt at the Spring Summer 2022 shows, has continued into a viral phenomenon and a renewed frenzy over Miu Miu. Worn by celebrities and influencers all over the world, the mini-skirt and cropped top outfit quickly became one of the top trends of 2022 and caused Prada-owned Miu Miu to be catapulted back into the headlines again. While the now-iconic set quickly sold out, the interest in Miu Miu has reached 2009 levels when Miu Miu’s Bow Bag, the Bowling Bag and the Coffer Hobo were spotted on the shoulders of celebs everywhere. Miu Miu’s sunglasses and iconic footwear like the jewel-embellished platforms and ballerina flats with the mismatched ribbon detail are also trending again. Shop the Collection Here >>
Incredible Splurges: While everyone dreams of owning a Birkin, a Kelly, a Chanel Classic Flap Bag, or a dazzling Bulgari diamond necklace, most people will never splurge on these purchases for themselves. Due to scarcity, an exorbitant price tag, or a lack of knowledge about the brand or item, some of these luxury products are best kept as a high-end gift for that special someone in their life. And while inflation is a concern for many, the truth is many people’s wealth has drastically increased in the past few years, and they’re looking to splurge and deliver the most luxurious presents possible. And while you may be apprehensive about investing in a few of these products for your business, if you choose the right products that are most in demand, we promise they will not only sell, but you see great returns too. Shop the Collection Here >>
Designer Knick Knacks: Made popular on TikTok, Cluttercore is a trend where people show off their collections of novelty items. And while some people have their items visible in their home, others are known to hide their collections in closets and cupboards. But with this trend comes people who’ve spent a portion of their life collecting items like designer Barbie Dolls (by Versace, Dior, Burberry and Coach), the Fendi Monster and Karlito Charms, Gucci Plush Toys, Tiffany & Co. basketballs, Supreme Exercise Mats, and Louis Vuitton Notebooks. Shop the Collection Here >>
Oversized Bags: While this “trend” really isn’t much of a trend anymore, and more of just an everyday necessity, your business should be stocked with and ready to sell larger bags. Whether it’s a weekender, a work tote, a suitcase or a backpack, with people traveling and going back to the office, there is a need for an essential carryall. Whether it’s a Louis Vuitton Keepall, the Goyard St. Louis Tote, the Christian Dior Book Tote or a Gucci backpack, oversized, pre-owned designer are worth the investment for shoppers and stores. And while it’s not a carryall, the Fendi Baguette is still a must-have piece for shoppers. Shop the Collection Here >>
Balletcore: Raising the barre on Barbiecore and Cottagecore, Balletcore, a trend known for sweet styles, femininity, romanticism, and soft hues inspired by ballerinas and the ballet. From tulle skirts to square-toed ballet flats and wrap tops to legwarmers and all things with bows, ballet-inspired pieces are going to be on-point this holiday season. Shop the Collection Here >>
Gifts Under $500: On the flip side of designer splurges comes designer gifts for under $500. Since everyone is looking for a slice of luxury in their life, pre-owned designer gifts by top brands like Prada, Gucci, Louis Vuitton and Fendi are in high demand. Whether it’s a pair of Fendi sunglasses, a Hermes silk scarf, a Prada wallet, Louis Vuitton Monogram Pouchette or a Gucci GG belt, these little luxuries make the perfect gift for someone who craves designer style without out paying designer retail prices. Shop the Collection Here >>