As much as 75 percent of consumers in the United Kingdom are waiting for bargains, claims the research conducted by loyalty platform LoyaltyLion. It further reveals that most of these consumers are not in mood to try new brands and prefer trusted brands to get value for money this shopping season.
Black Friday and Cyber Monday (BFCM) 2022 will begin on November 25 and conclude on November 28. It is the busiest shopping season of the year in countries like the United States, UK, Australia and Canada. Consumers start shopping just after Thanksgiving for the coming Christmas holiday season.
While physical stores see a huge footfall on these four days, online stores also witness heavy traffic as consumers feel more comfortable to shop from home following the coronavirus pandemic. However, a lot has changed in the last two years of pandemic. Inflation is rising and consumer spending has reduced drastically, especially for the non-essential products on e-commerce websites.
Right now, consumers are being more considered about when they make purchases, and from whom. Despite the cost of living crisis, they’re looking for more than just discounts and deals.
Charlie Casey, CEO, LoyaltyLion
What do They Want?
However, the LoyaltyLion study claims:
- No Impact of Inflation: 92 percent of British shoppers are eager to shop despite rising cost of living.
- Brand Over Price: 62 percent customers are not going to make purchases based on price but put brands on priority.
- Brands With Value: 48 percent of consumers are going to choose brands that align with their values.
Only one percent consumers are not affected by inflation, says study. However, 34 percent consumers admitted that they were severely impacted ahead of the BFCM 2022. Revealing data related to these severely impacted consumers, the study said:
- Essential Shopping: 68 percent of these most affected consumers saying that they would only those make purchases that they had planned long ago.
- Priority: 65 percent said to priortise brands over local retailers this shopping season.
- Loyalty: 55 percent of these consumers are going to stick with brands that align with their values.
Changing Behaviour
Accordiing to Charlie Casey, CEO at LoyaltyLion, the ongoing inflation will significantly impact the shopping behaviours for many British consumers.
“Our research shows there will be a huge appetite for BFCM this year – consumers worried about rising costs are already thinking ahead about how to take advantage of the popular shopping period. However, this doesn’t mean they’re willing to let go of their values, and despite the worst squeeze on incomes in years, our findings reveal that consumers will be looking for brands they can really trust – they won’t be dictated to by price and deals alone,” Casey said as quoted by internetretailing.net.
Wise Purchase
Talking about consumers’ consensus on picking brands over price despite inflation, Casey said: “Right now, consumers are being more considered about when they make purchases, and from whom. Despite the cost of living crisis, they’re looking for more than just discounts and deals. They want to feel confident that they’re spending their money where they’ll get the most value and the best customer experience.
“In the face of financial worries, consumers increasingly need to feel they can trust the brands they spend money with. Consumers want more for less, but also want to make sure the brands they buy from align with their values,” he added.
Opportunity
“There’s a real opportunity to build customer relationships longer term. Treat customers well now, during this difficult time, and they’ll become your advocates, and the key to driving more sustainable growth all year round,” Casey concluded.
BFCM is the right time for merchants to turnaround their fortunes. Our guide for small business owners on Shopify, email marketing and how to prepare Shopify store for BFCM 2022 will be of great help.
