Gen Z and Millennial consumers are the most eager to buy fashion during this Black Friday period with 40% of 16-24 year-olds and 31% of Millennials (25-34 year-olds) saying they intend to do so.
With sales getting underway already across the UK and set to crescendo on “Cyber Monday” on 2 December, TheIndustry.fashion releases its latest in-depth consumer study outlining the intended fashion spending of 2,000 British consumers this week.
Black Friday: will the shoppers come and will they shop for fashion?reveals that overall 23% of consumers say they will buy fashion this week, with Christmas Gifts & Toys and Personal Technology proving more popular choices with 35% and 24% intending to buy from those categories respectively.
The 23% figure for this year contrasts with 27% of shoppers who say they typically shop for fashion during the Black Friday sales, suggesting fashion has slipped down the priority list or shoppers are holding back overall.
If they do spend on fashion, however, customers are expecting big discounts. Some 46% of consumers say it would take a discount of 50% or more to convince them to buy a fashion item they otherwise would not have purchased, with only 7% saying they could be swayed by a 20% saving.
Last year online fashion giant ASOS tried to get away with a site-wide 20% discount for Black Friday and its lack-lustre performance contributed to a subsequent profits warning. It is expected to offer more convincing discounts this year and has already been offering “warm up” discounts. Rival etailer Zalando has said it intends to use Black Friday as a customer acquisition drive, to add to its 29m existing active users, and is tempting consumers with 50% savings all of this week, which will lead to over 200,000 articles discounted across the entire assortment on Black Friday.
One of the many concerns retailers and etailers have about the high volume of sales during Black Friday is the inevitable high volume of returns, however our study also shows that consumers say they are no more likely to return items bought during Black Friday than at any other point during the year. Some 57% say that Black Friday makes no difference to their return habits and 13% say they are more likely to keep items purchased during the promotional period.
The in-depth study, which was created with leading consumer research agency Savanta, also reveals the channels consumers prefer to use during Black Fridayand their attitudes towards retailers who do and do not take part, plus more insight, data and charts.
For paid members of TheIndustry.fashion, the Black Friday 2019: will the shoppers come out and will they shop for fashion? report can be downloaded here.
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