Dive Brief:
- As retailers prepare for Black Friday and Cyber Monday, Shopify’s international survey of more than 24,000 consumers and over 9,000 small and medium sized businesses found that 57% of shoppers will spend the same amount or more during this year’s Black Friday and Cyber Monday than in 2021. Meanwhile, Shopify’s data indicates that three-fourths of brands and retailers are offering better deals during the Black Friday and Cyber Monday shopping holidays.
- Forty-percent of shoppers are open to paying extra for eco-conscious products during the holiday shopping season. Forty-three percent are more willing to buy from brands with sustainability practices like carbon-neutral shipping or low-waste operations.
- Nearly two-thirds of shoppers (63%) would recommend a product if they think it isn’t very harmful to the planet. The same share of respondents said they are researching more to find brands that are fulfilling their climate ambitions, prioritizing items with eco-friendly packaging and purchasing goods from local businesses to lessen the environmental impact, the survey found.
Dive Insight:
So far, research suggests shoppers are planning to spend about the same or more money for fewer goods and are on the hunt for bargains amid inflation woes. An October report from Adobe predicted that shoppers will spend $11.2 billion on Cyber Monday, up 5.1% from 2021. As for Black Friday, shoppers are only expected to spend $9 billion, a 1% bump. Meanwhile, a Signifyed report released earlier this month predicts that Cyber Week sales will rise by roughly 5%, but product volume will drop by 13%.
With concerns about rising prices, Shopify’s report suggests that consumers are looking for better quality as well as markdowns this holiday season. The survey found that 76% of shoppers worldwide are searching for quality items that last.
“Black Friday Cyber Monday is more than just a weekend — it’s a season. It is without a doubt the biggest commerce event of the year,” Harley Finkelstein, president of Shopify, said in a statement. “I’ve said this before: modern retailers need to sell wherever their customers spend time — online, offline, and everywhere in between. If you’ve built a community and a direct relationship with your customers, you’ll also secure their loyalty. Consumers are voting with their wallets to support the brands they love that reflect their values.”
It remains to be seen just how many consumers plan to shop on Black Friday and Cyber Monday, because some analysts say that this year’s discounts are not as deep as last year’s. A PwC survey released last week found that 17% of shoppers are waiting until after Thanksgiving for their holiday shopping. One in five survey respondents said they are shopping on Black Friday.
Source: Retail Dive
