Consumers set to spend less on average – but majority are still planning to participate
Research From Bright Data Shows Cost-of-Living Crisis is Forcing UK Consumers to Spend Less This Black Friday Weekend and Retailers Must Work Hard and Fast to Identify Opportunities
(Graphic: Business Wire)
November 24, 2022: LONDON--(BUSINESS WIRE)--On the eve of the year’s biggest shopping weekend, new research from Vanson Bourne and Bright Data reveals that 68% of consumers plan to spend less than previously, with 70% citing ongoing inflationary pressures and a looming global recession as the primary reason for this. What’s more, 42% say price is the number one factor affecting their online purchasing decisions this year, with shoppers looking for an average discount of over 30%.
But it’s not all doom and gloom for retailers. The research – which surveyed 4,000 consumers across the US and UK – also revealed that the majority (80%) are still planning to shop this Black Friday and Cyber Monday weekend.
Notably, despite UK consumers overall planning to spend less, the number set to spend £1000+ remains relatively unchanged – 5.5% in 2021, compared to 5.4% in 2022, while the number planning to spend under £10 has doubled – from 1.1% in 2021 to 2.4% this year.
Looking at the US, it’s a similar picture at the extremes of the spending spectrum, with the percentage of consumers planning to spend under $50 doubling – from 3.5% in 2021 to 6.4% in 2022). Meanwhile, the number of shoppers planning to spend $500-1000 has actually increased in the 42+ age group – 16% in 2022, compared to 14% last year.
Or Lenchner, CEO of Bright Data, says: “This research highlights that despite ongoing economic uncertainty, there are still opportunities out there for retailers this holiday shopping season. To spot them, they will need to be smart about how they use data – in particular public web data. For instance, with budget-conscious shoppers looking for high markdowns, retailers must carefully and continuously monitor when competitors are discounting products and by how much. Being just a few percent out or a few hours late could be the difference between success and failure.”
“I’d go as far as to say that how retailers collect, analyse and use data will be crucial to their survival in 2023 and beyond, as consumers continue to tighten their belts amid global economic uncertainty.”
Further key findings include:
- 80% of consumers are planning to start their holiday shopping before Black Friday
- Shoppers continue to be concerned about supply chain disruption, with 43% worried about not receiving their purchases on time
- Respondents plan to shop:
- In-store on Black Friday (30%)
- Online on Black Friday (64%)
- In-store on Cyber Monday (14%)
- Online on Cyber Monday (44%)
- There’s significant appetite among consumers to exchange some specific personal data with retailers in return for discounts:
- 48% are willing to share their name, age and gender
- 46% are willing to share other contact information
- 47% are willing to share shopping preferences
- 39% are willing to share other demographic information
Full data segmented by region and other demographics is available upon request. To learn more about online public data collection, visit: https://brightdata.com/.
About Bright Data
Bright Data is an industry-leading web data platform. Fortune 500 companies, academic institutions and small businesses all rely on Bright Data’s solutions to retrieve, structure and analyse public web data in the most efficient, reliable and flexible way so they can address their most comprehensive questions and make fast and effective decisions.