GWI have revealed that despite financial struggles consumers are still planning to spend this Black Friday with Gen Z expected to lead as the highest spenders of any generation for this event.
As inflation rates hit an all time high, GWI Zeitgeist reveals that 54% of UK & US consumers are planning to shop this Black Friday. Interestingly gifting is not only the top priority for shoppers this season but it is the top product category that consumers will be looking for, with 52% of shoppers planning on purchasing presents.
Less surprising is that shoppers are less focused on purchasing big ticket items, like home furnishings compared to last year, with purchase intention dropping from 18% to 11% within the year.
Key insights
- Shoppers value an omni-channel experience – 69% are looking for an omnichannel experience this Black Friday, with plans to shop both in physical stores and online to some extent.
- Gift giving is important – Gifts are the top product category that consumers will be looking for, with 52% of shoppers planning to spend on presents
- Gen Z will be the big spenders this year – 28% of Gen Z think they will be spending more this Black Friday compared to 2021, the highest of any generation.
- Shoppers are prepared – 80% of Black Friday shoppers plan their shopping in advance, even if just a few days ahead.
Top Purchase categories
- Priority categories for shoppers looking to spend during this year’s Black Friday:
- Gifts (52%)
- Clothes (35%)
- Personal care items (24%)
Spending intentions
- 45% of UK shoppers are planning on spending about the same this Black Friday as they did last year.
- Though older consumers have more purchasing power, 28% of Gen Z think they will be spending more this year compared to last, which is the highest of any generation.
- 80% of Black Friday shoppers plan their shopping in advance , even if just a few days ahead.
Shopping experience
- Most Black Friday shoppers (69%) are looking for an omnichannel experience and plan to shop both in-person and online to some extent.
- Just over a quarter (27%) of UK Black Friday shoppers plan to shop exclusively online this Black Friday while only 4% plan to shop only in physical stores.
- 76% of Black Friday shoppers plan to buy from online retail websites like Amazon and eBay.
- 40% plan to buy directly from brand websites while just over a quarter (27%) plan to shop in shopping centers and department stores respectively.
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