A recent study conducted by Simon-Kucher & Partners revealed that there is still a dichotomy in how consumers approach Black Friday vs. Cyber Monday. 60% of Black Friday shoppers browse through offerings in the hopes that they find the best deals, while 50% of Cyber Monday shoppers focus more on purchasing specific products.
“While the two holidays are turning more and more each year into a holiday shopping weekend, there are still distinct opportunities for retailers to capitalize on,” says Hubert Paul, director at Simon-Kucher. “We still see that Black Friday shoppers are more likely to seek deals in-store over online, which is likely because they’ve become accustomed to chasing after doorbuster deals…retailers should continue to headline these offers to drive traffic to their stores, and then focus on enticing shoppers to buy more once they’re there.”
Black Friday and Cyber Monday still dominate the shopping year
U.S. consumers still overwhelmingly view Black Friday and Cyber Monday as the best opportunity to enjoy the biggest shopping deals of the year, even with the rise in popularity of other annual sale days such as Amazon Prime Day.
“75% of survey respondents indicated that they believe they will find the best deals throughout the year during Black Friday and Cyber Monday,” says Paul. “Despite its increasing popularity, Amazon Prime Day came in at a distant second with only 8% of respondents saying they think they get the best deals on that day.”
In total, 80% of consumers surveyed say they plan to buy something during the Black Friday and Cyber Monday sales, and nearly 50% reveal they plan to buy something on both days.
As such, retailers are racing to start the holiday shopping season earlier and earlier
To be prepared during this key shopping window, many stores start to build anticipation and tease their deals at least one month before big sales. However, the study found that 40% of consumers don’t start thinking about the sales until one to two weeks in advance, and 25% wait until the week of the sales to begin planning.
“Instead of racing to be the first ones out there, retailers should consider investing time to understand what the top-of-mind products are and which deals resonate best for the upcoming holiday season,” says Paul. “Retailers who do this well will be best suited to drive traffic to their stores and site when consumers are ready to shop.”
Consumers segments themselves shop the sales differently
“During these holidays, women are much more likely to shop based on where the best deals can be found,” says Paul. “When we asked fashion shoppers where they will be shopping, the most popular response for men was typically at brick-and-mortar stores (22%), whereas the most common response for women was wherever the best deal is (21%).”
Customers identifying as Gen Z and Baby Boomers are more likely to be deal hunters than others. But age is not a factor when understanding how much consumers are planning to spend – across all age groups, approximately 90% plan to spend at least $50, with a common range set between $100 and $200.