December the 2nd, 2024 – Record figures have been estimated when it comes to Croatian Black Friday spending in 2024, all on the back of a better economic outlook and marginally deeper pockets.
As Poslovni Dnevnik/Josipa Ban writes, record Croatian Black Friday spending will be achieved for 2024, and the total will be a massive 10 million euros higher than last year. This estimate comes directly from the Croatian Chamber of Commerce (HGK). Throughout the traditional Black Friday period dominated by discounts and sales, Croats likely spent as much as 137 million euros, almost eight percent more than last year’s figure.
The estimates of the HGK Trade Sector are based on positive macroeconomic indicators and the fact that retail turnover has been growing since the beginning of this year. However, data from the Tax Administration’s fiscalisation system on the number and amount of invoices in retail trade, except for motor vehicle and motorcycle trade, indicate that people have somewhat tightened their belts since the end of summer. Inflation has obviously taken its toll on people’s pockets, and the increased spending, which was partly due to the increase in public sector wages in the first half of the year, has been somewhat contained. However, when it comes to Croatian Black Friday spending, appetites decidedly increased.
The range of discounts in Croatia is very diverse, but still not like those enjoyed by consumers across the pond in America. Some complain that Black Friday merely gives retailers the chance to abuse and manipulate customers.
Although Black Friday is traditionally an opportunity for retailers to get rid of stock before the end-of-year inventory, and for customers to buy products at cheaper prices (most often tech, clothing and footwear in Croatia), not all retailers participate in the event. Marcel Majsan, president of the eCommerce Croatia Association, which brings together more than 500 web retailers, revealed that their research shows that more than 60 percent of online stores do participate in the promotions. “It’s interesting that more of them start with these promotions in early November, while a smaller number participate only during the official Black Friday period,” Majsan pointed out, adding that sales made over the Black Friday period can increase by between 30 and 50 percent compared to regular days.
“Black Friday has become an important event for retailers around the world, including here in Croatia. That’s due to increased consumer mobilisation and the encouragement of online shopping,” he pointed out.
HGSPOT, one of the first Croatian IT and electronic equipment stores, has been participating in it since the beginning. Head of Communications and Marketing Vedrana Lončar explained that Black Friday is one of the most complex campaigns they organise.
“From the very beginning, we embraced the idea that it was an event to sell off the last pieces of products in order to prepare for Christmas promotions and campaigns. That’s how we’ve been seeing it since the beginning, and it’s still like that today,” she pointed out.
Given that Croatian Black Friday spending is set to be replaced with festive spending now we’re in December, we’re firmly in the period where people spend the most. The Croatian Chamber of Commerce estimates that consumption will continue to grow now, and exceed 3.3 billion euros with the inclusion of Black Friday. That’s yet another firm increase compared to 3.1 billion spent across Croatia back during the same period last year.
