Retailers in Bangladesh specialising in branded apparel, shoes, and cosmetics experienced a moderate response during Black Friday sales, despite offering significant discounts and cashback options. This year’s shopping event was influenced by ongoing high inflation and political instability, which has put pressure on consumer spending.
As winter approaches, retailers have been motivated to clear stock of seasonal products that may not sell well in the upcoming summer. Discounts of 20 to 70 per cent were offered on various items, attracting customers looking for savings amid rising prices.
Black Friday, originally a US consumer holiday following Thanksgiving, has gained traction globally, with many countries, including Canada, the UK, India, and Australia, adopting the shopping tradition. In Bangladesh, several retailers extended their discount offers for three days, drawing shoppers to popular locations like Bashundhara City shopping mall.
Overall inflation in Bangladesh has remained above 9 per cent since March 2023, with food prices contributing significantly to a recent spike of 11.38 per cent in November, according to the Bangladesh Bureau of Statistics. Retailers like Gentle Park reported discounts of 40 to 60 per cent, with certain items seeing discounts as high as 70 per cent, which quickly sold out.
While many stores experienced a steady flow of customers, they acknowledged that sales were not as robust as anticipated. Robin Mia, a supervisor at an MBRELLA outlet, shared that while the daily customer turnout was encouraging, sales had not met expectations. Discounts of 20 to 30 per cent have been available since mid-October, particularly on winter items.
Retailers also implemented additional incentives, such as free gifts for multiple purchases, to boost sales. An official from MICLO mentioned that despite the challenging economic climate and low consumer confidence, customer responses had been promising. Meanwhile, Apex Footwear’s marketing head noted that the recent political unrest had led to business losses, prompting the need for discounts to recover.
