Hello readers!
This week is one of the most important weeks for retail, fashion included, with many non-essential retailers hoping for an uptick in sales after a difficult 2020.
The annual shopping bonanza became so sacred that it spurred into a week-long event. Some experts argue that Covid-19 turned Black Friday into "Black November". A month of deals: China's Single's Day, Black Friday, Cyber Monday, and whichever special offers and pre-sales happen in-between. France even decided to postpone the holiday discount season to level the playing field for small retailers and e-commerce giants.
While some companies are expecting record sales, others are boycotting the festival of consumerism in the quest for sustainability. One thing is certain: Black Friday leaves no one indifferent.
Listen to this: McKinsey’s team shares some insights from their fourth annual holiday shopping report:
FEATURED ARTICLES
Fashion Briefing: Brands are adjusting their holiday tone for 2020
Rather than pushing must-have gifts, stressing shipping deadlines and investing in happy, jolly campaigns, […] marketers are approaching the season with fresh care and consideration. (Glossy)
Singles Day: The West wants in
Brands and retailers in Europe and America are warming to the Chinese shopping event on 11 November as an opportunity to target millennials, expats and Asian cross-border shoppers (Vogue Business)
Where People Are Shopping Again
From making purchases on WhatsApp and shopping from stores abroad in lieu of travelling, here’s what people in Tokyo, Seoul and Hong Kong are buying and how they’re going about it. (The Business of Fashion)
Here’s How Luxury Brands Keep Their Loyal Chinese Customers Buying
A closer look at how to market luxury to repeat luxury customers in China (Jing Daily)
NEWS DIGEST
Luxury Goods Sales to Fall by 23 Percent This Year Compared to 2019, Per Bain
China is expected to rebound and overtake both the U.S. and Europe in terms of luxury spending within the next five years, with Bain putting China on track to account for nearly half of global luxury goods spending by 2025. In the meantime, Bain projects that the global luxury market is one track to return to 2019 spending-levels by the end of 2022 or early 2023. (The Fashion Law)
Black Friday Expected to Bend for the Untraditional, Isolated Holiday Weekend
This Thanksgiving period, shoppers are interested in two things — getting a good deal on items and feeling safe — and this is driving significant changes in how they approach the season. Also, with nearly one-third of consumers not having firmly decided on where to shop for specific items, those retailers that prioritize safety precautions, for both the customer and employees, are likely to win this holiday season. (WWD)
Delays, surcharges and returns: Holiday shipping headaches have just begun
While retailers are launching sales events earlier than ever this year and spreading the deals throughout the season, there are some consumers that will inevitably wait to buy gifts. Retailers using stores for online fulfillment can help cater to those last-minute shoppers to ensure gifts make it into consumers' hands in time. (Supply Chain Dive)
WHAT’S NEXT ON MY READING LIST
Future Luxe: What's Ahead for the Business of Luxury by Erwan Rambourg. Nobody has a crystal ball, but Erwan has 21 predictions for 2021 and beyond. A small hint: China, M&A wave, and environmentalism.
To be completely honest, I’ve already read this book. Definitely a must-read!
The Business of Aspiration: How Social, Cultural, and Environmental Capital Changes Brands by Ana Andjelic. In the post-Covid era, new values are shaping the world.
As an avid reader of Ana's Substack, I couldn't miss her latest book release. Already on my Kobo.
The Fabric of Civilization: How Textiles Made the World by Virginia Postrel. Learn how textiles evolved throughout human history.
This one was released just two weeks ago and has immediately caught my attention.
Textilepedia by Fashionary. Don't miss the ultimate textile bible: a great gift idea for fashion professionals.
On my holiday wishlist 😊🎁
Hopefully, we won't see crowds in stores fighting over the last available item this year with social distancing in place.
But it doesn't mean people won’t "queue" online. While customers are annoyed about not getting their hands on certain items and shipping delays, someone on the other side celebrates "Sold Out!". Let the game begin!
Thanks for reading,
Assiya Assanbayeva
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