Two-thirds of British consumers (66 per cent) are waiting for Black Friday and Cyber Monday (BFCM) to buy certain products despite the ongoing inflation. In the research released by LoyaltyLion, 75 per cent are hoping to get discounts during the pre-Christmas sales period. Though 92 percent of Britishers have been affected by inflation, their shopping decisions will not be influenced by mere price. 62 percent of consumers will trust brands they know for making purchases. Despite the most severe cost of living crisis in a generation, 48 percent will buy products from brands that “align with their values”.
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According to the survey, only one percent claim not to be affected by the crisis while 34 percent say they have been adversely affected. Over 68 percent of the severely impacted customers are waiting to make purchases during BFCM that they would not make otherwise. Similarly 65 percent of the most affected Britishers are likely to give priority to brands they trust and 55 percent will purchase from brands whose values are similar to theirs.
The cost of living crisis is now front and centre for many British consumers, significantly impacting shopping behaviours. 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.
Charlie Casey, CEO, LoyaltyLion
Factors Influencing Purchases
Making a comment on the research’s findings, Charlie Casey, CEO at LoyaltyLion, told retailtimes.co.uk, “The cost of living crisis is now front and centre for many British consumers, significantly impacting shopping behaviours. 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.”
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According to the research, factors contributing to making a purchase include free shipping, free returns and the best price available. While 82 percent will look for free shipping, 78 percent will opt for free returns and 75 percent will buy a product if available at the best price. Merchants will also have to focus on the personalisation of the retail experience for consumers this season. 76 percent of consumers said that they are more likely to make purchases from a brand that gives personalised promotions. 77 percent would encourage friends to buy from a particular brand in case of a positive experience and 69 percent of consumers have higher chances of joining a loyalty programme.
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“Big Opportunities”
“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,” added Casey.
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“It’s clear that Black Friday and Cyber Monday are big opportunities this year. While the overwhelming majority of Brits are impacted by the cost of living crisis, there’s hope for retailers. Those shoppers impacted by rising costs will be more considered with their purchases and the brands they engage with, so retailers need to get things right. If they do, 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,” he concluded.
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