The biggest focus for Brits is sales with 66 per cent taking the time to strategise ahead of major sales to get the biggest bang for their buck. In addition to this, Quantum Metric’s research reveals that Brits will put a limit on social events for the festive season with one-third (31 per cent) planning to forgo Christmas parties altogether and almost half (47 per cent) being selective about what they choose to attend.
To combat consumers’ cautious spending this Christmas, the research found that personalised promotions and offers will continue to be critical for retailers to foster long-term loyalty. Data found that many consumers are building monthly wish lists which can be used to create custom recommendations or promotions – when budgets are tight these can go a long way versus more general sales or promotions.
The research also reveals that, despite storefronts being fully open this year and no COVID-19 restrictions in place, the majority of sales traffic on Black Friday will still happen online. In fact, three-quarters (75 per cent) of consumers noted that they will do the majority of their shopping digitally.
Elissa Quinby, Senior Director, Retail Marketing at Quantum Metric, comments, “With many consumers feeling the strain of the cost-of-living crisis, we’re seeing people prioritise spending on necessities and cutting back on everything else. As a result, Christmas gifts will likely take a back seat this year.
With shoppers being more strategic and cautious with their spending, taking full advantage of events like Black Friday and Cyber Monday to promote goods at discounted prices will be crucial for retailers’ success. Those that also offer an outstanding online customer experience, particularly during these sales, will come out on top.”
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