Ahead of Black Friday this month, there is evidence that the annual shopping event is gaining more traction in the UK market with only 39% of UK consumers not planning to shop on / during November 29, according to Mention Me’s third annual research report.
This stat is a sharp decrease from last year’s figure of 53% and 63% in 2017.
Out of 2,000 UK consumers who took part in the study, including Generation Z and younger Millennials, 31% of 18-24-year-olds and 26% of 25-34-year-olds are set to shop on Black Friday, stating that they hold off making any major purchases two months prior to the event.
Meanwhile, 30% of 25-34-year-olds and 23% of 35-44-year-olds admitted that they decide what to buy on the day and go to the brands with the biggest discounts, suggesting that some Black Friday traffic spikes won’t necessarily translate into loyal customers.
However more reassuringly for retailers, the survey echoed the current wider sentiment that trust is an increasingly important theme across society. 33% of the 18-24-year-old Black Friday shoppers questioned the state that they would only shop with brands that they already know and are loyal to. This also applied to 20% of those surveyed who were planning to shop on Black Friday across every other age group.
Discovery, pricing and ethics
The report also revealed that friend and family recommendations still top all other discovery methods for those planning to shop on Black Friday, with 26% of 18-34-year-olds, 25% of 35-44-year-olds and 24% of 45-54-year-olds, only dropping to 16% of the 55+ age group.
A new trend revealed in this year’s results reflect the wider growing significance of a brand’s ethics for consumers, with 29% of the 18-24-year-olds, 25% of the 25-34-year-olds and 20% of the 35-44 year old Black Friday shoppers surveyed stating that they will be influenced by brands with positive sustainable and ethical behaviour. This trend dips in the older generations with 14% of 45-54-year-olds and 12% of 55+ Black Friday shoppers.
Black Friday shoppers appear to have more selfish motives for their purchases according to the research, especially Generation Z with 36% of 18-24-year-old Black Friday shoppers admitting that they are buying for themselves rather than presents for friends and family (27%).
The figures for self shopping are high across each age range but peak again for the 55+ group with 33% shopping for themselves compared with 24% shopping for presents. Men are also more selfish Black Friday shoppers with 23% more likely to shop for themselves than friends and family.
“Black Friday remains a high octane impactful calendar event for our 400+ retail clients, echoed by our research revealing that 61% of the 2,000 consumers questioned are planning on Black Friday shopping,” said Andy Cockburn, CEO of Mention Me.
“What’s interesting this year is that the movement towards trust in brands and ethical shopping is starting to have an impact on this shopping event previously focussed solely on discounting. Retailers need to work to sustain their image pre and post-event and can no longer just rely on offering the best price on Black Friday if they want to build long term valued customers.”