How does the economic downturn affect Black Friday shopping among British and American consumers?

It is learned that research firm Coveo has released a new report, "2022 Holiday Shopping Report: Consumer Trends and Influences", which reveals the results of a survey of 4,000 US and UK consumers on holiday shopping.

The report states that despite the rising cost of living, consumers remain interested in upcoming holiday shopping. But retailers must keep up with shopper behavior trends It is necessary to keep up with shopper behavior trends to always maintain a good customer experience.

Black Friday spending expected to reach $158 billion

A separate report from digital publisher Future Publishing estimated that consumers are expected to spend $158 billion on Black Friday. Future found that 75% of consumers still plan to shop on Black Friday despite cost-cutting elsewhere.

The research highlights that the impact of rising costs is prompting consumers to look for deals and buy gifts earlier to beat price increases, with 45% already having already started shopping for holiday gifts.

The research provides key insights into how consumers want brands to respond to times of economic uncertainty. 42% of consumers expect brands to lower prices, but importantly, 33% want to see their brand loyalty rewarded.

Survey on current consumer shopping sentiment and behavior trends

Owning physical retail stores will help e-commerce sales

54% of consumers say they are likely to view a product online and purchase it in-store. Almost the same number (53%) say they are likely to view a product in-store and purchase it online. Multiple retail experts say omnichannel sales will continue to grow.

Logistics options and return policies will affect conversion rates

Cart abandonment and bounce rates continue to be a significant challenge for retailers. According to a Coveo survey, 42% of consumers specifically stated that they would abandon a purchase if shipping options were limited. It is also worth noting that 35% of respondents said they would abandon a purchase due to restrictive return policies.

There are generational differences in shopping attitudes, with Generation Z being the main force

As the seasonal peak approaches, retailers should prepare for differences in shopping among generations.

When asked about their brand choices for holiday shopping this year and last year, Gen Z was more likely to buy luxury goods online than other generations (28% vs. 15% overall), and they were also more loyal to the brands they purchased from last year (41% vs. 23% overall).

Additionally, Gen Z is more likely to factor sustainability into purchasing decisions (64% vs. 25% overall).

Brand loyalty continues to dominate, especially among older generations

Millennials (58%), Generation X (67%), Baby Boomers (75%) and the Silent Generation (77%) are all more likely to remain loyal to the brands they loved last year.

Incentives beyond discounts

67% of those surveyed this summer were interested in product recommendations, tailored offers, discounts and promotions.

Editor✎ Ashley/

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