According to a global survey released today by the Boston Consulting Group (BCG), holiday gift shopping will take place during the black fridaysince 95% of buyers intend to take advantage of this date to fulfill their gift list.
However, consumer spending is changing as the impact of rising food and energy prices, coupled with growing fears of a global recession, are leading them to seek more promotional purchases and make greater use of grocery stores. discount.
Consumer spending will fall globally
Globally, consumers plan to spend less on Black Friday compared to last year. Only Americans said they plan to increase their Black Friday spending by 6% to $445 compared to a global average of $355.
“Consumer sentiment has been affected by economic uncertainty and geopolitical instability. Black Friday will be crucial for retailers this year as people have become increasingly accustomed to checking price tags and looking for discounts that allow them to buy what they want.” assures Andrés Giraldo, Managing Director & Partner of BCG.
Despite the complex context for retail and the tough battle for customers, the survey found that only 32% of consumers were satisfied with their shopping experience during Black Friday events last year, with 50% of those American buyers frustrated by the shortage of stocks.
“Brands and retailers can start working on preparing sufficient stock availability, ensuring the performance of their digital platforms and reducing delivery times to increase satisfaction and improve the shopping experience during Black Friday, thus surely promoting the repeat purchases in the future. Giraldo highlights.
Black Friday Trends
Socially responsible shopping is proving important, especially among younger shoppers, even as the economic outlook toughens.
Thus, 51% of consumers intend to buy more local brands or products, 46% say they are paying more attention to sustainable packaging and 40% seek to buy from more environmentally responsible companies.
Other trends that will continue this edition of Black Friday will be people’s interest in buying second-hand products, with 37% of consumers saying they will opt for this option.
