Ciao and welcome back! To begin this week’s meeting there is a very important question I must ask everyone out there: How was last Friday? To start with, mine was immensely cheap and exhausting, you might wonder why or already know the answer: the myth, the legend – Black Friday. The one day each year where nobody can shame your shopaholic character, the lust to spend money on the strangest things and your bank account balance, or can they? Black Friday, the day that combines fashion with business strategy upfront. Roaming around the shops and malls of Milan I couldn’t help but wonder: Why does this Black Friday feel different then all the others before and how does Black Friday affect the environment, if this much clothing is mass produced?
Black Friday - the day were Christmas shopping begins - started with retail stores like Walmart in the US and slowly crept its way into high end malls and designer stores. It seems questionable how such a trend can even get the great designer houses of the world to part take in it. Black Friday has indeed become a “hype” that many companies want to profit from. Not having discounts lined up on Black Friday almost makes you an outsider in the shopping blur. At the same time these entities take a risk. Black Friday being so close to the end of the year, makes companies rely on the spike in sales to raise their bottom line. Savvy shoppers on the other hand expect these discounts and sales, but before and after Black Friday the demand is rather flat. Through the discount, retailers cannibalize their own sales encouraging consumers to buy their goods only on Black Friday, henceforth destroying their own competitiveness in the market for the rest of the shopping season. The consumerist approach that we have taken in this century seems rather shocking, we feel scared to miss out on things and feel like we need excessive amount of goods, although we are already oversaturated and all this of course to the dismay of companies that try reach the sales they need.