Black Friday Consumers Tell All: What They Want From Retailers During BFCM 2022
Retailers don’t have to guess what shoppers’ buying motivations will be this Black Friday and Cyber Monday (BFCM) and which marketing channels should generate holiday sales. According to a LoyaltyLion survey of 2,000 American consumers, 68 percent said they’ll prioritize brands they know and trust for their BFCM purchases, and 80 percent said early access to sales would likely make them buy during BFCM.
And despite the worst cost of living crisis in a generation, 62 percent of shoppers said they’re looking forward to the 2022 BFCM shopping period. Before marketers start cheering, the research found that consumers still have concerns about BFCM and they won’t be dictated to by price and deals alone.
Fighting Black Friday Fatigue
Consumers need convincing that BFCM is worth the hype and that deals aren’t myths. Fifty-four percent of American respondents predict that discounts won’t be as good as they expect, 50 percent anticipate that the products they want to buy won’t be discounted, and 52 percent say they expect to bored of hearing about BFCM. When it comes to the timing of purchases, survey findings show that 68 percent are waiting for BFCM to make certain purchases, and 67 percent are more interested in BFCM thanks to the cost of living crisis.
It should be noted that before BFCM 2021, 56 percent of consumers said that brands push lower quality products during BFCM, but this year that number has dropped to 48 percent. Also, 57 percent of consumers said last year that BFCM made them feel pressured to make purchases vs. just 36 percent this year.
Not Driven by Price Alone
Price isn’t the only deciding factor driving U.S. consumers’ BFCM shopping decisions. More than half (52 percent) of Americans said they’ll shop around for brands that align with their values.
Eighty-five percent of respondents said free shipping and free returns (74 percent) matter more than getting the best price when motivating them to complete a purchase. The research finds budget-squeezed consumers won’t view price as the sole motivator for BFCM purchases.
Preferred Online Marketing Channels for BFCM Sales
The research also specifically investigated holiday shopper attitudes toward where digital BFCM sales should be promoted. Sixty-eight percent of survey respondents said email is best, followed by social media (43 percent) and Instagram ads (21 percent). Only 4 percent of consumers said they don’t want to receive BFCM sales messages.
Now has e-commerce “personalization” become a passing trend? The research suggests personalization isn’t a dead buzzword: more than two-thirds (67 percent) said they’re more likely to buy from brands if they send personalized BFCM promotions.
Even the Worst Affected Will Prioritize Values
The findings show that 67 percent of the most affected by the cost of living crisis claim they’ll use BFCM to make purchases they wouldn't make at any other time of the year. In fact, Americans most affected are the most likely to prioritize brands they trust (72 percent). And despite suffering the most from the current financial climate, more than half (53 percent) will shop around for brands whose principles align with theirs.
The research shows there will be a huge appetite for BFCM shopping this year. Today’s consumers are more concerned about when they make purchases, and from whom. This survey revealed that consumers want more value from their shopping experiences, but also want to make sure the brands they buy from align with their values. Retailers should treat customers well during this difficult time. If so, they’ll become brand advocates and the key to driving more sustainable growth year-round.
Charlie Casey is CEO and co-founder at LoyaltyLion, an e-commerce loyalty platform.
Related story: The Real Deal About Black Friday and Cyber Monday
Charlie Casey is CEO and co-founder of LoyaltyLion, a data-driven loyalty and engagement platform that powers ecommerce growth. Proven to increase retention and spend, LoyaltyLion is trusted by thousands of fast-growth ecommerce merchants worldwide. Prior to founding LoyaltyLion, Charlie joined the Foreign and Commonwealth Office as an Economics Advisor before becoming a consultant at Deloitte.