Consumers’ Black Friday Spend Forecast to Hit $158 Billion
12 Setembro 2022 - 11:00AM
76% of US consumers plan to shop for deals on Black Friday,
according to a new in-depth consumer behavior study from leading
digital publisher Future Publishing, and the results suggest that
shoppers plan to spend roughly $158 billion during Black Friday.
While the data indicates that inflation and economic challenges are
leading consumers to cut back on dining out and subscriptions,
there is cause for optimism for retailers and advertisers however,
given other consumer behaviors highlighted in the study.
The research highlights that the impact of rising
costs has driven consumers to seek out deals and buy gifts earlier
to beat price hikes, with 45% already starting their holiday gift
purchases. Shoppers however, do want brands to engage with the joy
of the upcoming holiday spirit, with 71% wanting festive ads
earlier or no later than usual, suggesting that brands very much
have permission to engage with consumers around the holidays.
The research gives key insights into how consumers
want brands to address this period of financial uncertainty. Almost
half of shoppers (42%) expect brands to meet them halfway by
reducing prices to encourage sales. But importantly, a third of
consumers want to see their brand loyalty rewarded and a third also
want brands to be giving back, either in the form of charitable
donations or supporting causes.
Among the key findings:
- Half of shoppers (50%) list rising costs and inflation as one
of their top three concerns.
- 81% have begun to make financial cutbacks and are making
savings mostly by no longer dining out (50%) and reducing
subscriptions (40%).
- Despite this, approximately three-quarters of shoppers are
planning to spend more or similarly this Black Friday.
- Shopper budgets remain significant, with average budgets of
$574 for Black Friday deals and $735 for holiday gifting.
- The Future audience will spend significantly more during their
Black Friday (+52%) and holiday (+29%) than the average shopper.
- This Black Friday, the tech products consumers are most looking
for deals on are televisions (32%), smartphones (31%), and games
(28%).
- There is an opportunity for brands and how they reach more
price-conscious shoppers: 94% of respondents will be turning to
expert content online to seek help navigating rising costs, 56% of
respondents want to know where to get a good deal, and 40% want
expert product reviews to get the exact product for their
needs.
90% of Future’s audience is planning to spend on
Black Friday according to the research, which was based on a survey
of 2,676 holiday shoppers – all recruited independently via
Future’s research platform, The Lens. The survey included more than
50 in-depth questions about rising inflation, savings, shopping,
Black Friday, and holiday gifting.
“Black Friday and the holidays are two strong
anchor points in the calendar that seem increasingly non-negotiable
in terms of engagement and involvement among consumers despite
rising inflation. Our research shows, however, that shoppers will
spend wisely during this time, carefully seeking out valuable
advice through online content to get the best deals. Through this
research, Future can see there is clear purchase intent amongst our
audience base. We can supply advertisers with the first party data
targeting they need to connect with audiences ahead of this year's
biggest retail events,” said Zack Sullivan, Chief Revenue Officer
at Future.
Future had already prepared for changing consumer
purchase habits by making changes to its sites and content to
enhance the experience for audiences and advertisers. To enhance
consumers’ online shopping experience, Future has embedded its
eCommerce price comparison widget across all Buying Guides and
Deals pages so shoppers can instantly find the best product at the
best price from a choice of retailers. And for advertisers, Future
rolled out impactful video advertising across its Buying Guide
pages in order for advertisers to connect easily with their most
“ready to buy” audiences.
Download the full report at:
https://bit.ly/3qBoSAI
About Future Future is a global
multi-platform media company and leading digital publisher, with
scalable brands and diversified revenue streams. Every month, it
connects over 400 million people worldwide with their passions,
through expert content, world-class events, and cutting-edge
proprietary technology. Every year Future attracts millions of
consumers to its brands’ websites, magazines, events, and social
spaces. Its factual production company Future Studios specializes
in producing amazing content, enjoyed and shared by millions of
people worldwide.
Its market-leading portfolio of over 240 brands
spans technology, games, TV and entertainment, women’s lifestyle,
luxury, wealth, knowledge, music, creative and photography, sports,
home interest, and B2B sectors. Brands include: TechRadar,
Gamesradar+, Tom’s Guide, CinemaBlend, Marie Claire, Decanter,
Kiplinger, The Week, Guitar World, Digital Camera World, and Live
Science. For more information visit: www.futureplc.com
Media Contact:Hugh MooreBroadsheet
Communications for Future Publishing
(US)202-471-0661hugh@broadsheetcomms.com
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