Consumer appetite for Black Friday overestimated
The novelty of Black Friday appears to be wearing off with just 21 per cent of consumers suggesting they will take advantage of promotions this year, down on last year’s 25 per cent. What’s more, there is a mismatch between consumers’ and retailers’ perceptions of Black Friday with 40 per cent of retailers expecting higher demand than last year compared with just 14 per cent of consumers who said they intend to spend more this year.
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- 21 per cent of consumers said they were looking to take advantage of Black Friday promotions this year, down on last yearOf those that said they were likely to take advantage of Black Friday promotions:- 74 per cent of consumers said they expect to spend less during Black Friday than last year- 40 per cent of retailers surveyed expected Black Friday demand to be higher than last year- Only 20 per cent of consumers expect more of their Black Friday shopping to be done online- 20 per cent of those that said they would purchase suggested that electricals were the most likely productRichard Lim, Chief Executive, Retail Economics said: "Despite the retail frenzy brought about by Black Friday over the last couple of years, new research from Retail Economics shows that UK consumers may be growing tired of the event with just 21 per cent of shoppers planning to participate, down on last year’s levels. "What’s more, our research shows there is a mismatch between consumers’ and retailers’ perceptions of Black Friday with 40 per cent of retailers expecting higher demand compared with just 14 per cent of consumers who said they intend to spend more this year. "It also appears that crashing retailer websites and poor online availability last year may drive consumers back into stores in the fear of missing out on the best deals. Only one in five consumers said that they planned to do more Black Friday shopping online this year compared with 70 per cent of retailers surveyed who thought online demand will be higher. "Younger shoppers and parents are expected to drive Black Friday demand with 41 per cent of 18-24 year olds and 36 per cent of 35-44 year olds indicating they will be hunting for bargains. Electricals and clothing and footwear were the areas generating the most excitement for consumers. "Fading demand for Black Friday is not necessarily a bad thing for retailers who would rather see incremental spend spread across the whole of the Christmas season than discounted sales pulled forward at the expense of future demand. It also eases pressure on capacity constraints for retailers who have previously struggled with crowded stores, failing websites and poor customer experiences."
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