The days are getting shorter, the air is turning crisper, and the holiday season is just around the corner. For shoppers and retailers alike, this can mean only one thing: Black Friday is almost here! To gain insight into what consumers are looking for from brands this year, we conducted a survey of over 1,000 shoppers in the United States...
The days are getting shorter, the air is turning crisper, and the holiday season is just around the corner. For shoppers and retailers alike, this can mean only one thing: Black Friday is almost here!
To gain insight into what consumers are looking for from brands this year, we conducted a survey of over 1,000 shoppers in the United States to understand their expectations and preferences. What discounts are they hoping for? What will prompt them to make purchases this holiday season? Prepare to be surprised by our findings...
24.4% of shoppers are eagerly awaiting Black Friday, believing that it will offer the year's most substantial discounts, with savings of at least 50%.
Despite sales starting earlier each year, Black Friday remains synonymous with exceptional discounts. 55.3% of consumers expect the biggest discounts on Black Friday, followed by Prime Day (12%), Cyber Monday (11.7%), Christmas Sale (10.6%), and End-of-Year-Sale (8.8%).
Black Friday has a long history of being associated with significant discounts and incredible deals, with over 23% of consumers looking for at least 40% off, and 19.3% expecting discounts greater than 50%. Don't just go with the classic 20% off you're offering all year. Customers want to see significant discounts!
While some shoppers may be disappointed by the actual savings they find on Black Friday, the anticipation of finding great deals continues to drive the popularity of the event, fueled by promotional hype and the fear of missing out.
When it comes to Black Friday, customer loyalty plays a significant role as well. Our survey suggests that shoppers are more inclined to buy when offered an extra 10% discount on top of the traditional discounting rates.
80% of consumers also indicated that they expect special perks for being a frequent customer or having made significant purchases in the past. Customer loyalty should be rewarded all year long, but even more so during this time.
Another interesting finding is that customers are very likely to check if products are available on Amazon when a brand runs a sale on their website. Having a multi-channel strategy is important and ensuring your products are readily available on various platforms contributes to customer satisfaction and shopping convenience.
Unsurprisingly, different age groups have varying expectations when it comes to discounts. Shoppers under 18 are anticipating a 30% discount, while those aged 18-24 expect a more significant 40% reduction. Those in the 25-34 age group are also looking for a 30% discount, whereas shoppers aged 35-44 have high expectations, seeking a 50% discount.
Shoppers aged 45-54 and 55-64 have even higher expectations, hoping for discounts exceeding 50%. These findings emphasize the need for businesses to tailor their holiday marketing strategies to cater to different demographics.
As we enter the holiday season, understanding these expectations can be a game-changer for businesses. By aligning your strategies with the preferences and desires of your target audience, you can make this Black Friday and Cyber Monday a success.
Disclaimer: The survey data and insights presented in this report are based on the results from the Mattered 2023 BFCM survey of over 1,000 US-based shoppers. The numbers and percentages mentioned in this report are reflective of the survey results and should be used for informational purposes only.