53 per cent of UK consumers are planning to make purchases in Black Friday/Cyber Monday sales, according to new research commissioned by enterprise customer data platform Treasure Data. This rises to 75 per cent for 18-34 year olds, 64 per cent for 35-54 year olds, and falls to 35 per cent of over 55s.
Of the 2,000 adults surveyed, nearly a quarter (23 per cent) said they were definitely not planning to make purchases during the discount weekend. Over 55s were the most likely to say that they definitely or probably weren’t (65 per cent), falling to 36 per cent of 35-54 year olds, and 25 per cent of 18-34 year olds.
The data also highlights that 21 per cent of consumers would not buy from a brand they didn’t know during the Black Friday/Cyber Monday weekend. This rises to three in 10 (29 per cent) of over 55s, in contrast to 9 per cent of 18-34 year olds.
But despite this, the sales weekend offers retailers and brands alike a key opportunity to attract new customers and build brand loyalty.
Those that would buy from a brand they didn’t know, stated the following reasons for buying from the brand again:
- Just under half 47 per cent said if they were happy with the quality of the product they bought
- Over a quarter (27 per cent) said if they saw more offers from the brand
- And 18 per cent answered if they sent them information about other products that appealed to me.
Andrew Stephenson, director of marketing, EMEA at Treasure Data commented on the findings: “What’s clear is that Black Friday and Cyber Monday remain key retail dates for young people – those that have grown up watching the retail phenomenon evolve and grow. Brands catering to gen x and millennial audiences, in particular, have a huge opportunity to engage new and loyal customers.
“But while many brands might be tempted to think that eye-catching discounts alone will drive sales – our research highlights that many consumers will categorically not buy from a brand they do not know. It makes obvious how critically important it is for marketers to really put the work in to understand where their customers are, and how to reach them, ahead of the discount day.
“Doing this effectively relies on a robust data collection strategy, and the capability to gain a 360 view of your customers. Retailers must not view the weekend in isolation – whether brands succeed, or fail will come down to which can drive customer awareness and loyalty before and after the major sales.”
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