Black Friday spending power matches enthusiasm despite COVID

With the Retail Golden Quarter soon to be in full swing, new data from Blue Yonder and GWI, reveals that Black Friday spending power matches enthusiasm despite COVID variant fears this Christmas, with 30% of UK and US consumers planning to spend more this year.

Key highlights:

Spending power matches consumer enthusiasm in season of giving
37% of UK consumers feel their personal finances will improve in the coming months compared to only 23% last year. Nearly 30% in the UK and U.S. say that Black Friday spending will be more this year than last year.

Santa’s workshop is open for business – earlier than normal
The research found that 29% of gift givers in the UK say they will plan for winter holidays at least a month in advance. Pay early attention to visibility across supply chains to know where stock is, work to better predict customer demand and provide a more enhanced omnichannel experience for shoppers.

Finding ‘Omni-channel Nirvana’
Generally, consumers are continuing to opt for online shopping experiences, as 38% say their digital shopping has increased compared to last year, while 91% estimate their online shopping will either stay the same or increase in the future.

Amid shortages, shoppers are looking to vary their gifting
As we head toward the holiday season, we’re seeing stock shortages, price increases, and a shift among consumers away from traditional goods. According to data, 34% of UK gift givers are on the hunt for the latest tech deals this season, compared to clothing and accessories (63%); entertainment (50%); jewellery (46%) versus gifting an experience – such as a spa trip or day out (39%).

“While we’re still having to contend with COVID-19 concerns, people are ready to celebrate the holiday season with loved ones – the way we’re used to doing. This new research from GWI shows just how eager people are to spend and make purchases over the Christmas period. Fuelled by concerns around stock shortages, more people are getting organised earlier in a bid to ensure they have the Christmas they hope for. This all means retailers have to work that bit harder to keep up with increased demand for certain products and ensure they don’t lose out,”
– Katie Gilsenan, Trends Manager at GWI

Source: https://tamebay.com/2021/11/black-friday-spending-power-matches-enthusiasm-despite-covid.html