In recent years, Black Friday has fallen by the wayside as consumers fail to see value in the deals offered and retailers suffer another hit to margins.
But with the cost-of-living crisis continuing to bite and lower consumer confidence, this year’s event could be the saving grace of retail’s golden quarter.
Sitecore’s Holiday Shopping Trends 2023 Report shows Black Friday will signal the start of this year’s Christmas shopping season with 57% of UK consumers planning to shop for Christmas gifts this year—a big rise from 47% in 2022.
When asked why they are going to shop on Black Friday, Brits cited financial advantages (chosen by 85% of 2,000 surveyed) over any other reason, followed by the day offering better deals and prices for buying gifts (69%).
This is important data for brand markets given consumers also say they will be buying cheaper (77%) and fewer (69%) gifts this festive season. This means Black Friday might be the only chance for cash-strapped Brits to have a merry Christmas. Of those who are shopping, 74% will do so online, reflecting a preference for convenience and speed.
Hannah Grap, VP of corporate marketing at Sitecore, said: “This festive season is looking to be another slow one for retailers across the UK if they don’t make the most of this year’s Black Friday.
“Consumer priorities are about putting food on the table rather than putting presents under the tree, and so brands must provide the deals and discounts many expect of Black Friday as well as ensure they have the right technology in place to be able to provide personalised content and experiences for shoppers. This will help them tempt consumers to spend the very little they’ve put aside this festive shopping season.”
Other reasons for shopping on Black Friday this year include:
- Almost a half (45%) say it’s more convenient for them.
- Over a third (38%) say it will allow them to spread out their spending around the holidays, proving again that the economic downturn is significantly impacting spending.
- 36% say that Black Friday shopping is more fun.
- And 34% believe it will help them avoid the last-minute Christmas rush to get gifts.