July 26, 2023
The annual shopping extravaganza known as Black Friday has become an essential event in the marketing world. As consumer behaviours evolve, businesses must adapt their strategies to meet changing demands.
Our PPC Manager, Laura, delves into recent Black Friday insights in the UK and explores how we can leverage these trends to your advantage - from the impact of the cost of living on consumer spending to the growing importance of early shopping and brand trials, let's uncover the key takeaways for successful marketing campaigns in this dynamic landscape!
The Cost Of Living and Consumer Behaviour
The Cost of Living Crisis Will Impact Shoppers This Year
In the face of the cost of living crisis, it's evident that many Brits are feeling the impact. Only 14% of the population remains unaffected, while others are making various adjustments in their spending habits to cope.
Delays in purchases, reduced discretionary spending, and switching to lower-value tiers so long as they still offer value for money are prevalent strategies among 23% of consumers. Meanwhile, 31% are struggling with bills, leading to reduced spending and even selling of items.
However - there are positives; despite these challenges, Google's forecast suggests growth across most categories in Q4, indicating opportunities for businesses to tap into.
Black Friday Insights & The Evolving Consumer Journey
The Changing Consumer Journey Is Transforming The Black Friday Landscape.
Notably, a significant shift has occurred in the timing of holiday shopping.
In 2022, 30% of purchases were completed by the end of October, highlighting the importance of early planning and strategic marketing campaigns.
Moreover, an overwhelming 67% of Brits now express a more thoughtful approach toward spending, indicating a desire for greater value and purpose in their purchases.
A staggering 72% of consumers have already committed to conducting online research before making peak purchases, reinforcing the need for businesses to optimise their online presence and provide compelling information.
Businesses are also capitalising on this trend; in 2022, more companies were going into Black Friday sales earlier than in 2021.
As for this year - well, 37% of UK consumers plan to initiate their shopping earlier. This trend can benefit both consumers, who can spread their expenses throughout the year, and businesses, who can enjoy more consistent sales.
Unsurprisingly, 27% of consumers have already started their holiday shopping, while 16% have already made purchases. These figures emphasise the need for marketers to be prepared and proactive in capturing early-bird shoppers.
The Influence Of Brand Trials and Pricing
Consumer Loyalty Is Changing
The latest data reveals that customers are less brand loyal than in previous years, with 40% being open to trying a new retailer during the last peak season.
Additionally, 34% of UK consumers expressed a willingness to experiment with brands they had not purchased from before. This trend stems from the allure of competitive prices, deals, and promotions.
As consumers spend more time browsing online and discovering new options, their willingness to switch brands has increased.
Offering the best value for money and offering high quality products are still what customers are most interested in, but they also want reassurance that the brand they’re looking to trial is also trustworthy.
Key Takeaways
How You Can Prepare For Peak
- Capitalise on early shopping trends: By planning and executing marketing campaigns early, businesses can target the growing number of consumers who prefer to shop ahead of the traditional Black Friday rush. This approach spreads expenses for customers and ensures a more consistent revenue stream.
- Adapt to shifting brand loyalty: Rather than solely relying on brand loyalty, marketers should emphasise competitive pricing, exclusive deals, and promotions. Engaging consumers through personalised offers and delivering superior value can foster loyalty even in an era of increased brand experimentation.
- Embrace the extended consumer journey: The consumer journey has become longer and more complex. Brands must provide engaging online experiences, tailored content, and clear product information to meet consumer expectations at every touch point.
Black Friday remains a pivotal moment for businesses in the UK. As the cost of living impacts consumer spending patterns and the consumer journey continues to evolve, it's essential for companies to adapt their strategies.
By understanding the shifting dynamics, early shopping trends, and the role of brand trials, we can position ourselves for success. Building customer loyalty through competitive pricing, attractive deals, and memorable experiences will be crucial in creating a meaningful impact during this high-stakes shopping event.
If you're looking for a helping hand for your Paid Marketing as we navigate the run up to Q4, get in touch with our team using the button below!
