Consumers waiting for Black Friday discounts to spend, but won't compromise values
Summer may not yet be over but the Christmas shopping season is on both retailers’ and consumers’ minds, and that means Black Friday too. New research shows that many consumers are holding off on spending until the black Friday discount season. But even though they’re heavily focused on low prices, they also want to stay true to their values when shopping.
The research comes from LoyaltyLion, which spoke to 4,000 consumers and found 92% of them in the UK are being impacted by the cost of living crisis, with 34% severely impacted.
That means the discounts available around Black Friday and Cyber Monday (BFCM) will be keenly anticipated. With that in mind, 66% of consumers are waiting until BFCM to make purchases, with 75% actively awaiting the pre-Christmas sales period to find products with money off.
But as mentioned, they aren't driven by price alone as 62% “will prioritise brands they trust, and 48% will shop around for brands that align with their values,” despite the worst cost-of-living crisis in decades.
It’s interesting that with all but 1% of consumers claiming to have been affected by the crisis, as many as 68% of the most affected claim they’ll use BFCM to make purchases they wouldn't make at any other time of the year. In fact, Britons worst affected by the crisis are the most likely to prioritise brands they trust (65%, a higher figure than consumers overall). And despite suffering the most from the current financial climate, 55% of them will shop around for brands whose principles align with theirs, again, a higher number than the general population.
As well as values, they’re clearly focused on value, but that doesn’t only mean price. Overall, consumers are looking for brands where they can get the best complete value and experience. They listed free shipping (8%) and free returns (78%) over and above getting the best price (75%) as factors motivating them to complete a purchase.
Personalisation of the retail experience also remains key and 76% are more likely to buy from a brand that provides personalised promotions this BFCM. Importantly too, 77% say they’d refer friends as new customers if they have a positive BFCM experience and 69% are more likely to join a loyalty programme.
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