The survey has shown that consumers increasingly consider sustainability when making their purchase decisions on Black Friday. The strategic consulting firm Boston Consulting Group (BCG) has published the results of a study on Black Friday that analyzes the spending plans of consumers in seven markets: Australia, France, Germany, Italy, Spain, the United Kingdom and the United States. United .
BCG Black Friday Consumer Sentiment Survey has revealed that Black Friday has established itself as a reference day for purchases worldwide, since more than 90% of consumers are aware of Black Friday (mainly in the US, Italy and Spain) and more than half plan to take advantage of the date to make purchases. In this regard, 99% of Spanish consumers know the date, while 68% made purchases in 2020 and 83% plan to make them this year.
Consumers want Black Friday to be more sustainable The survey has shown that consumers are increasingly taking sustainability into account when making their purchase decisions on Black Friday.
BCG points out that younger customers are more concerned about purchasing eco-friendly products, as well as that Italians are the ones that give more importance to green products in their Black Friday purchases and that Americans the least. In Spain, sustainable manufacturing processes influence 48% of consumer purchasing decisions (50% in the case of pre-millennials), while 46% pay attention to packaging or recycling options.
The BCG report also indicates that many consumers plan to increase their spending this Black Friday, with Australians and Americans planning to increase it the most compared to 2020. At the European level, Spanish customers will spend an average of 260 euros (25 % more than 2020), while Germany will lead with 340 euros, followed by France with 300 and Italy with 280.
“It’s hard to overestimate the importance of Black Friday for retailers, who have struggled for the past two years with shutdowns and supply chain disruption,” said Chris Biggs, Global Retail Leader and Managing Director at BCG in London.
“Customers have said they want and plan to spend more. But they are also increasingly sensitive to the sustainability of their purchases and will redirect their spending if they feel that retailers are not living up to their expectations.”
Now more than ever, Black Friday is for buying Christmas deals The study highlights that customers are increasingly taking advantage of this appointment to get better deals on their Christmas gifts. Consumer electronics and clothing top the lists of almost 50% of buyers on Black Friday, and almost one in three Spanish consumers plans to buy more Christmas gifts than in previous years.
While online shopping continues to rise, the study shows that brick-and-mortar retailers can benefit by adapting to the demands of the growing number of hybrid consumers. In 2021, more consumers are expected to return to stores on Black Friday, while 48% say they prefer a hybrid online and offline shopping experience. This figure is increased to 52% in Spain due to the low adoption of online channels in some generations.
“The survey data highlights that the adoption of the hybrid model is the reality of the new purchasing context”, explains Joan Sol , Managing Director & Partner at BCG and head of the Consumer Specialization area in Iberia. “Omnichannel in Spain represents the best formula to achieve complete adaptation to the consumer, although retailers must increasingly improve their processes to be competitive with online channels.” “The retail battle for consumer spending is going to be more intense than ever. Retailers will have to be nimble and responsive to adapt to changing customer demands to benefit from what looks like an abundant shopping season. “, concluded Adriana de José, Managing Director & Partner of BCG