Shoppers in seven European countries plan to cut down on their Black Friday shopping compared to last year, a new study by Boston Consulting Group (BCG) has found.
The survey examined consumer trends in nine markets: Australia, Austria, France, Germany, Italy, Spain, Switzerland, the UK, and the US.
Australian consumers expect their spending to decline 18%, while French and German shoppers plan to spend 15% less compared with 2021, the survey showed.
In contrast, US consumers intend to increase their Black Friday spending by 6% to $445 (€428) compared with the global average of $355 (€341)
Jessica Distler, BCG managing director and partner, stated, "Black Friday is a vital moment in the shopping calendar for physical and online retailers still recovering from the COVID-19 pandemic and now facing consumers in many markets who are reducing their spending plans for many non-essential items."
The fear of recession and rising food and energy prices have resulted in changes in consumer behaviour, with shoppers looking for more promotional purchases and making greater use of discount stores.
The survey also found that 98% of consumers were aware of Black Friday, and 66% said they would hunt for bargains.
Around 95% of shoppers intend to purchase year-end holiday gifts during Black Friday this year.
The survey unveiled that only 32% of consumers were satisfied with their shopping experience during last year's Black Friday events, with 50% of US shoppers frustrated by stock shortages.
Julia Hohmann-Altmeier, BCG associate director for customer experience, commented, "To win back customer spending and loyalty in this increasingly tough market, retailers need to establish a strong omni-channel proposition.
"We expect online only shopping, especially for direct-to-consumer (DTC) brand websites, to see a stagnation or even reversal of their COVID-era gains while marketplaces gain momentum and require an effective 3P partner management."
The survey showed that 51% of shoppers intend to buy more local brands or products, with 46% prioritising sustainable packaging and 40% looking to shop with 'more responsible companies and retailers'.
This year, Black Friday will also see the shift to secondhand continue, with 37% of consumers saying they intend to look for products on resale platforms, BCG added.
© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.