New York, NY. October 14, 2023 / Mediamark Digital /
Zinklar, the innovative end-to-end market research platform specialized in real-time consumer insights, has conducted market research among the U.S. population that shed light on the growing significance of Black Friday, highlighting that 55% of respondents set aside savings throughout the year specifically for this shopping season. Interestingly, while many are aware of the consumerism associated with the season, a staggering 67% acknowledge the unnecessary splurge during the Black Friday period.
Black Friday sales gear up to dominate the holiday season once again. As we approach the most awaited shopping event of the year, new insights into consumer behavior reveal that Black Friday has effectively become the cornerstone of holiday shopping for the majority of Americans, with 68% planning to partake in the shopping frenzy this year.
Age plays a significant role in this trend, with consumers aged 35 to 44 being the most dedicated savers, with 67% of them diligently putting money aside for Black Friday. Among this group, a substantial 72% have already confirmed their intent to make purchases on Black Friday 2023, making them a crucial demographic for retailers to target.
Men seem to be more predisposed to Black Friday shopping, with 55% expressing a desire to participate compared to 34% of women. Online shoppers, in particular, are gearing up for the event, with 85% stating their intention to partake, mainly motivated by the allure of special offers.
What’s on Shoppers’ Lists?
According to the survey, the top categories expected to be most popular this Black Friday are fashion (54%) and electronic products (47%). A notable 3 out of 10 women are also planning to seize the opportunity to purchase cosmetics and personal care products.
Additionally, the study revealed that 80% of consumers who participated in Black Friday 2022 plan to do so again in 2023, with clothing (60%) and electronics (53%) being their preferred choices. The primary motivators for these repeat shoppers are taking advantage of offers (61%) and acquiring products at unique prices (52%). A substantial 48% also expressed a desire to use Black Friday for advance Christmas shopping, while 44% admitted to indulging themselves.
Spending Habits and Preferences
Consumers are preparing to open their wallets wider this Black Friday, with 52% planning to spend more compared to 15% for Cyber Monday and a mere 11% for the traditional Christmas shopping season. Notably, the age group of 35-44 is set to have the most generous budget.
When it comes to spending plans, 35% of consumers intend to spend between $200 and $499, while 28% are willing to shell out between $500 and $750. An enthusiastic 12% are ready to spend between $1001 and $1500.
Information Gathering and Shopping Channels
Six out of ten shoppers proactively seek information about Black Friday deals and discounts at least two weeks in advance. Mobile phones take the lead as the primary channel for this purpose, utilized by 67% of buyers, while computers and tablets are favored by 22% and 11% respectively. Interestingly, older demographics, those over 55 years old, tend to favor computers and tablets for their information gathering.
What Drives Black Friday Purchases?
Beyond the lure of discounts, the study indicates that the quality of products is the primary driver behind Black Friday purchases (64%). Brand reputation (50%) and a product’s ability to address consumer needs (49%) closely follow. Limited-time offers, with their sense of urgency, motivate 42% of Black Friday shoppers. Among the younger demographic of 25 to 34-year-olds, attractive packaging is a standout factor in influencing purchase decisions.
As we approach Black Friday 2023, it is evident that this shopping season has evolved beyond a mere consumer event, playing a significant role in American holiday traditions. Consumers, especially those in their prime earning years, are poised to spend generously and actively seek out information to make the most of this shopping frenzy.
With fashion and electronics leading the way in popularity, retailers have a golden opportunity to capitalize on this consumer enthusiasm by offering enticing deals and experiences that align with shoppers’ evolving preferences and priorities.
Zinklar is an innovative end-to-end market research SaaS platform offering real-time consumer insights targeting 140 million consumers in over 80 countries. The platform empowers businesses to evaluate product concepts, assess advertising campaigns, understand consumer opinions about brands, and explore buying habits, among other applications.