Published on October 11th, 2018 | by The GC Team0
Consumers “eager, more digital and willing to spend” on Black Friday
According to a report from Periscope® By McKinsey, based on research carried out in the UK, the US, Germany and Canada, more than 70% of consumers are aware of Black Friday and plan to take part in 2018.
“Discounting practices are stimulating ever greater consumer participation,” says the report. 54% or more of consumers in all countries surveyed said “taking advantage of steep discounts” was their No.1 reason for participation, followed by “the opportunity to encounter unique one-off promotions,” and “making Christmas gift purchases.” The report reveals that “a growing number of shoppers have come to welcome and expect personalised messages and offers for this mega event,” and in the UK 21% of shoppers said receiving personalised messages was “a key consideration” for them.
Consumer Electronics, historically the biggest Black Friday shopping category, has been replace at the top internationally by clothing. In the UK, 42% of shoppers said Beauty and Fragrances would be their No.1 Black Friday shopping category.
It is interesting to note that, while stating a clear intention to participate in Black Friday, consumers appear to be keeping their options open when it comes to exactly what they will purchase – and from whom. Asked to evaluate their pre-Black Friday shopping preparations, an average of 82% respondents in all countries surveyed admitted doing no, or very little, pre-planning with regards to which stores or products they’ll seek out on the day. All of this indicates that consumers are prepared to play the waiting game in anticipation of truly tempting offers that capture their attention or incentivise them to make a purchase.
In the UK, the majority of shoppers (37%) said they are budgeting between £200 and £300 to make Black Friday purchases this year.
Brian Elliott, Founder, Senior Advisor & Head of Innovation of Periscope By McKinsey, said: “This year, consumers are clearly eager, ready and willing to participate and shop this Black Friday via multiple channels. Retailers and brands looking to extract maximum value from this ‘golden’ opportunity should ensure they start early to stimulate the wants and needs of their customers and activate their data with advanced analytics systems for targeted and personal campaigns the closer the event comes to attract high numbers of shoppers – and secure big basket orders.”