Savvy Gen Z and Millennial consumers are expected to be among the most enthusiastic shoppers during the Black Friday promotional period later this month.
According to new research by referral marketing experts Mention Me, these younger consumers admit to holding off on big purchases in the two-month lead up to Black Friday (31% of 18-24 year olds and 26% of 25-34 year olds). During the event itself these shoppers gravitate towards the brands with the biggest discounts, with 30% of Gen Z and 23% of Millennials saying they decide on the day what to buy based on the saving.
However brand loyalty still plays a part with 33% of Gen Z shoppers saying they would only buy with brands they already know and are loyal to. When all age groups are added to the mix the figure comes down to 20%.
Across the board some 39% of shoppers said they had no intention of shopping Black Friday but this was down from 53% in 2018 and 63% in 2017 proving that the US import event is gaining more and more traction in the UK.
For the third year the report reveals that friend and family recommendations still top all other discovery methods for those planning to shop on Black Friday, with 26% of 18-34 year olds, 25% of 35-44 year olds and 24% of 45-54 year olds, only dropping to 16% of the 55+ age group.
Another strong influence is a brand’s ethical behaviour with with 29% of the 18-24 year olds, 25% of the 25-34 year olds and 20% of the 35-44 year old Black Friday shoppers surveyed stating that they will be influenced by brands with positive sustainable and ethical behaviour. Older consumers are less concerned with 14% of 45-54 year olds and 12% of 55+ saying this would influence them.
Black Friday shoppers also appear to have more selfish motives for their purchases according to the research of 2,000 UK shoppers, especially Generation Z with 36% of 18-24 year old Black Friday shoppers admitting that they are buying for themselves rather than presents for friends and family (27%).
The figures for self shopping are high across each age range but peak again for the 55+ group with 33% shopping for themselves compared with 24% shopping for presents. Men are also more selfish Black Friday shoppers with 23% more likely to shop for themselves than friends and family.
Andy Cockburn, CEO of Mention Me commented: “Black Friday remains a high octane impactful calendar event for our 400+ retail clients, echoed by our research revealing that 61% of the 2,000 consumers questioned are planning on Black Friday shopping. What’s interesting this year is that the movement towards trust in brands and ethical shopping is starting to have an impact on this shopping event previously focussed solely on discounting. Retailers need to work to sustain their image pre and post event and can no longer just rely on offering the best price on Black Friday if they want to build long term valued customers”.
Read our recent study Friends & Family: The New Power Influencers, created in partnership with Mention Me. Available to paid members of TheIndustry.fashion only. For information on how to sign up, visit our Join Us page.