Black Friday is nearly upon us. The shopping extravaganza has evolved into a staple ‘event’ in the UK retail calendar. So much so, that commerce company ‘Salmon’ estimate a colossal £4.75bn online and £2.52bn in-store will be spent during Black Friday this year.
With 92% of Brits now aware of Black Friday according to research by management consulting firm ‘McKinsey’, online marketplace OnBuy.com surveyed 1,562 UK consumers who will be actively seeking the best deals on Black Friday, to better understand their shopping intentions for 23rd November 2018.
Before getting into the main findings, OnBuy.com analysed data from ‘Black Friday Global’, to find that £300 is the amount a typical Brit will fork out on Black Friday. From all the offers and discounts available, a UK consumer can anticipate making an average saving of £489.
Additionally, with retailers undoubtedly prepared for a huge surge in demand – sales are astonishingly predicted to be 1500% higher on Black Friday in comparison to a regular Friday.
From OnBuy’s survey, it was found that the biggest motivation for British consumers to shop on Black Friday is because they believe it is the best time/opportunity in the year to get expensive products at a marked down price (72%).
Thereafter, 66% plan to search for deals on Black Friday for the sole purpose of sorting out Christmas presents for their loved ones. Similarly, 54% will use Black Friday as an opportunity to buy gifts for social occasions such as birthdays and weddings.
Opposingly, only 15% of Brits believe Black Friday will provide them with the valuable moments to spend quality time with family/friends. Just above, 27% are influenced to hunt for bargains on 23rd November, as a direct consequence of purchasing items on each Black Friday that has occurred since its 2013 inception in the UK.
Furthermore, OnBuy sought to discover the product categories which are set to experience the greatest demand on Black Friday.
‘Appliances/electronics’ (78%) will generate the most interest from shoppers on Black Friday. Perhaps unsurprising, given how popular discounted TV’s, coffee machines, gaming consoles, tablets and voice assistant devices have been on past Black Friday sales. Slightly below, 72% are on the lookout for some excellent offers on ‘clothes/shoes’ to refresh their wardrobe.
Interestingly, 49% of consumers are in the market for ‘gift cards/vouchers’ which are on sale for less than their face value (e.g. a £25 gift card/voucher for £20).
On the other end, Black Friday promotions on ‘food/beverages’ (17%) are expected to appeal the least to shoppers. Likewise, a mere 28% have ‘sporting goods’ on their Black Friday shopping list.
Black Friday conjures up countless bargains. Even though individuals may not need certain products, the reduced prices could prove to be very tempting. Whilst these impulse buys may seem reasonable at the time, they could turn regrettable later. In such scenarios, OnBuy wanted to investigate what consumers are most likely to do with any unwanted Black Friday purchases.
Majority of Brits will opt to get a refund (67%) for any Black Friday purchases they no longer want to keep. Contrastingly, 60% would give them as Christmas presents to family and/or friends. Strangely enough, more UK consumers would keep unwanted Black Friday purchases (42%) then make the effort to exchange them (35%) for items which will be of more use in their life.
Cas Paton, Managing Director of OnBuy.com commented: “Black Friday has become a massive opportunity for UK retailers to drive sales and revenue in the important run-up to Christmas. Consequently, retailers have allocated significant resources to make it a shopping spectacle which successfully captures the attention and wallets of consumers. This year is certainly going to be no different and this research provides a comprehensive insight into how Brits intend to splash their cash on the big day itself –with some products notably set to be more desirable than others”.