Retail Week exclusive: Survey shows there is a mismatch between consumers’ and retailers’ perceptions of Black Friday as three quarters of shoppers plan to spend less.
Research conducted exclusively for Retail Week by Retail Economics shows there is a mismatch between consumers’ and retailers’ perceptions of Black Friday with 40% of retailers expecting higher demand compared with just 14% of consumers who said they intend to spend more this year.
Almost three quarters of shoppers surveyed (74%) said they planned to spend less on the discounting day this year.
Despite the retail frenzy brought about by Black Friday over the past couple of years, the data shows that UK consumers may be growing tired of the discounting event with just 21% of shoppers planning to participate, down on last year’s levels.
It appears that crashing retailer websites and poor online availability last year may drive consumers back into stores in the fear of missing out on the best deals.
Only one in five consumers said they planned to do more Black Friday shopping online this year compared with the 70% of retailers who thought online demand will be higher.
Younger shoppers and parents are expected to drive Black Friday demand with 41% of 18-to-24 year olds and 36% of 35-to-44 year olds indicating they will be hunting for bargains.
Electricals and clothing and footwear were the areas generating the most excitement for consumers.
A consumer survey was distributed on October 12 and include answers from a sample of more than 2,000 individuals.
Retail survey results were collected the week commencing October 17 and include results from 20 companies accounting for 45% of the retail industry by turnover.
Source: Retail Economics