Discounts will win over price-wary customers as Black Friday is set to attract one in five British shoppers, becoming more popular than the week prior to Christmas, according to a new consumer survey.
This year holiday shoppers are more likely to be looking for discounts during the highly popular Black Friday week – between November 23 and 27 November – than Christmas week, according to a new poll among 3 458 adult consumers from Australia, Canada, New Zealand, the UK and the US, by analytics provider SAS.
As UK retailers are getting ready for Black Friday euphoria, e-retailer Amazon is already offering time limited deals on household items and tech gadgets.
Price is the most important factor in gift-buying this year, with three in four shoppers ranking it as their most important consideration, with the holiday excitement coming as the second best reason.
“Consumers are highly motivated by price in 2015, according to our survey,” says Alan Lipson, SAS global retail marketing manager.
“So for consumers, my guidance is pay attention to your preferred retailers. Sign up for their loyalty programs, download their apps, follow them on social media, and visit their web sites for deals. Retailers want to reach you in
the way you want, so make that work to your advantage,” Lipson says.
Lipson also says retailers know a consumer’s time is valuable. If an item runs out in the store or online, consumers will look for what they want from a competitor.
“Consumers are in the driver’s seat during the holidays, more than any other time of the year,” he says.
The report found that consumer tolerance for bargain hunting is limited to a one-minute for each 1% discount when waiting for a store to open.
Overall, shoppers are set to spend more this year than in 2014, with 24% likely to spend more. This compares to 56% of shoppers who will spend the same and 17 percent of consumers who will be tightening their belts.
In our digital age, consumers still prefer to face the crowds and make the trip to a brick-and-mortar store. With 80% of shoppers coming to the shop in person, it is still the favourite place for holiday shopping according to the new survey.
Already the biggest shopping day in the US, this year Black Friday in the UK is set to be bigger than ever.
British shoppers are expected to spend £1,07-billion according to research from Experian and e-retail industry association IMRG.
By Zlata Rodionova for www.independent.co.uk