The peak shopping season, Black Friday, draws everyone’s attention despite high prices and exchange rates. With social distancing measures being lifted, events are expected to be more active than before. We looked into when the Black Friday period begins and what tips are there to get the best discounts.
When is Black Friday?
‘Black Friday’ is the day after Thanksgiving in the U.S., marking the start of the biggest sale season of the year. In Korea, some retailers start their sales events in early November, which continues until the end of the year, making it the busiest shopping season and the time when demand for overseas direct purchases is highest.
One of the U.S.’s Big Events
Black Friday, one of the economic phenomena occurring during the U.S.’s Thanksgiving, Christmas, and New Year seasons, is when stores and companies clear out a year’s worth of inventory and American wallets open generously. It’s an event driven by the retailers’ desire to avoid storage costs by selling off their inventory at lower prices at the end of the year and consumers’ buying desire.
Accounts for About 20% of U.S. Annual Consumption
During the Black Friday period, consumption accounts for about 20% of U.S. annual consumption, and sales account for the highest 70% of the year. The industry calculates the year-end sales trend based on the revenue generated during this period. Most supermarkets and department stores in the U.S. sell directly in bulk, and the remaining inventory is cleared at a bargain at the end of the year, leading to a surge in consumption.
Will the ‘King Dollar’ Have an Impact?
The recent surge in exchange rates has led to the so-called ‘King Dollar’ trend. This atmosphere is expected to continue with the U.S. Federal Reserve’s interest rate hikes. Due to the King Dollar’s burden on overseas direct buyers is increasing. If the price competitiveness of overseas direct purchases, which are cheaper than domestic prices, decreases, there is no reason to take the risk of cumbersome returns and refund processes. For this reason, domestic e-commerce companies are on their toes, intensifying discount benefits.
Australia’s Boxing Day
In Australia, there is ‘Boxing Day’ instead of Black Friday, where luxury stores and department stores offer higher discounts than usual. Although it’s not quite like the U.S.’s Black Friday, you can see long lines at department stores on this day. However, due to changes in consumption patterns caused by the coronavirus since 2020, global distribution companies like eBay and Amazon have started similar sales during Black Friday events in Australia’s local market. Now, both events are being held together.
Turkey’s Black Friday
Turkey, a country unrelated to Thanksgiving, holds Black Friday events due to Western influence. The event is mainly held in online shopping malls, large supermarkets, and department stores, causing a boom that paralyzes the work of Turkey’s post office and courier companies. Although Friday is a weekday in Turkey, some people are angry because worship is held at lunchtime and they believe it tarnishes the sacred day.
Things to Do Before Enjoying Black Friday
The personal customs clearance number is a buyer registration number used when receiving goods coming from overseas. Without a personal customs clearance number, overseas direct purchases are impossible. It can be issued on the Customs Service website, so preparing it in advance is good. Also, when making overseas direct purchases, you must purchase in dollars.
100% Utilization of Black Friday
If you’re waiting for Black Friday for overseas direct purchases, you must start preparing now. The end-of-year events in the U.S. begin in November. As Black Friday becomes popular, competition within the U.S. becomes fierce, and many companies start discount events in early November. If you want a product, why not start searching in November?
By. Jeon Shin Young
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