Shoppers are set to cut their Black Friday spending by up to half this year, but those that do spend will be shopping online – and on Amazon, a new study suggests.
Concerns about the cost-of-living crisis, rising inflation and debt are expected to limit shoppers’ spending this Black Friday – causing them to cut their spending over the period by almost 50% from £161.18 in 2021 to £86.06 in 2022, according to research from Wunderman Thompson Commerce research and Censuswide, for which 2,000 UK shoppers were questioned – along with respondents from other countries around the world. That would mean spending returning to the same level as 2020.
Two-thirds (66%) of shoppers who say they will buy on Black Friday will buy via Amazon, while 76% say they will do more of their shopping online as they look for deals, range, speed and convenience. Most (57%) will primarily be shopping over Black Friday to buy Christmas gifts.
The continued rise of marketplaces…
Marketplaces are most likely to inspire shoppers around the world, according to just over a third (34%) of global respondents. That’s followed by search engines (31%). Two in five (40%) say they get better deals online, although 56% believe Black Friday weals can be misleading and 47% say they were disappointed with the offers they saw during last year’s peak shopping period.
Hugh Fletcher, global head of consultancy and Iinnovation at Wunderman Thompson Commerce, says: “Retailers will simply have to work that much harder to encourage spend this Black Friday amidst the cost-of-living crisis and worries over debt. However, the pressure that will be felt by brands, retailers and marketplaces doesn’t come without opportunity. They all now have many more channels at their disposal and must take a wise approach to meet shoppers’ demands.
Fusing together deals and discounts across different platforms can offer a foundation to reach millions and on a global scale.”
…and social shopping
Two-thirds of shoppers around the world, meanwhile, say they have previously bought via social media channels, while 53% will do so in the future – even though most social platforms don’t currently have the facility to buy on the platform itself. Facebook (33%) and Instagram (24%) are most likely to be used by Black Friday shoppers for inspiration, to find and buy items. Almost a third (30%) of shoppers say they’d lie to see special deals on social while 31% look to social for Black Friday deals. And more than a quarter (26%) say they now choose which brands and retailers to buy from because of their sustainable focus.
Fletcher adds: “Ultimately, it’s down to retailers, brands and marketplaces to find the perfect blend of transparency and consumer-centric thinking when peak traffic inevitably spikes. Be genuine in approach and speedy in service to connect with your audiences so they feel compelled to go from scrolling to purchasing. Or face a reality where your brand becomes disconnected with shoppers’ changing desires and habits.”