This year’s Black Friday weekend sales saw record sales because to heavy discounts and marketing campaigns, which leading brands and merchants claimed were over 70–80 per cent of what they would make at major shopping occasions like Republic and Independence Day sales.
CEOs said that this helped companies sell off most of their unsold holiday goods. Black Friday sales were quite good, and a lot of inventory was sold off, according to Devarajan Iyer, CEO of Lifestyle International, a chain of department stores. He stated that between 70 and 75 percent of the company’s revenues were during Republic and Independence Days.
Top brands including H&M, Levi’s, Skechers, Puma and Adidas offered steep discounts on the majority of their items, which attracted a lot of customers to the malls throughout the weekend.
“This weekend’s Black Friday sales were a huge success. Many brands saw a 30–40 per cent increase in foot traffic and sales over the previous year. We’re expecting that this weekend will bring back the consumer boom,” stated Pushpa Bector, senior executive director and head of business at DLF Retail, a company that runs a number of shopping centres in North India.
More sales were made online than in physical stores because to discounts of up to 70 per cent on sites like Amazon and Myntra. Up to 70 per cent off was being offered on even high-end names like Tommy Hilfiger, Coach, Michael Kors, Guess, and Swarovski.
In the West, Black Friday has long been a day of great deals that kicks off the Christmas shopping season. After Diwali, which has historically been a slow time, marketers in India have been attempting to develop it as a property to boost sales.
The majority of companies and merchants matched the Black Friday discount scale to that of the high-earning holidays of Independence Day and Republic Day. According to executives, this occurred because they were attempting to get rid of unsold goods following the holiday season.
