In the context of a faltering retail market, Kantar TNS has commissioned a survey exploring consumers’ attitudes to and spending habits around Black Friday, due to take place this year on Friday 23 November.
The findings – delivered by Kantar TNS’ Research Express service and detailed below – are based on the responses of a demographically representative group of 1,236 adults (aged 16+) in Great Britain, given between 1 – 5 November 2018.
Who’s shopping for Black Friday sales in 2018?
Black Friday 2018 may not deliver the pre-Christmas boost in sales that retailers are hoping for:
- 45% of respondents say they have shopped on Black Friday in the past but only 27% plan to do so this year. While the event has become a regular feature in the retail calendar, it seems that its popularity is on the wane.
- When split by age, there’s quite a difference. 44% of millennials (those born between 1981-1997) are planning to shop, while older demographics – those likely to have higher levels of disposable income – are the least likely to shop this year.
- Online remains the most popular way to purchase Black Friday bargains – just over one quarter of people have made a purchase on the web in the past compared to 10% in store.
- 40% of Black Friday shoppers have spent over £150 during a single Black Friday sales period.
Black Friday – damaging brand perceptions?
- One third of people think that retailers participating in the sales are simply jumping on the bandwagon, while only one quarter thinks it means they can get a good deal.
- 12% of people think the sales lead to smaller / local retailers being priced out of the market.
- Younger people, again, are most likely to feel that the sales offer good deals – 41% of 16-24 year olds and 35% of 25-34 year olds.
Millennials – Black Friday’s biggest fans?
- Millennials err towards spending more in Black Friday sales, while older generations tend to spend slightly less.
- Nearly two thirds (61%) of millennials think that the sales offer good value for money, which perhaps explains why they’re likely to spend at the upper end of the scale.
- Millennials are most likely (34%) to visit physical stores to seek out Black Friday deals.
Want versus need
There seems to be a generational and gender split in what motivates people to buy in the Black Friday sales, suggesting that retailers might benefit from adapting their marketing strategies to fit different buying habits:
- 57% of men made a purchase in the Black Friday sales when they had a specific item in mind compared to 41% of women, while 59% of women bought something when browsing (versus 43% of men).
- Older generations are more likely to browse for deals (62% of 55-64 year olds) in the Black Friday sales, perhaps exercising their higher disposable income, but buy specific items that they want as they need them – 62% of 55-64 year olds and 65% of over 65s said they wouldn’t wait to buy an item they wanted.
- Younger people (59% of 25-34 year olds) are more likely to seek out deals for specific items, perhaps because they are likely to be less affluent.
- Generally, people are not prepared to wait. 42% of people said they’d buy an item they needed right away rather than waiting for it to be discounted. However, a significant proportion of younger consumers plan their spend around the sales, with 35% of 25-34 year olds willing to wait at least a month to buy a discounted item (compared to 16% of 65+).