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More than a third of UK shoppers are planning to participate in this year’s Black Friday, with 36% stating they will make a purchase during the annual event, according to new research by KPMG.
Its latest study polled 2,000 consumers about their spending intentions for Black Friday, and found that one in seven consumers are planning to spend more during the sales period than they did last year.
Demand was particularly driven by 18-34-year olds, with 56% of consumers surveyed in this age group stating that they plan to buy a gift during this time, while 28% intend to spend more than they did the prior year.
Technology, clothes and toys topped the list of the most “sought-after” Black Friday bargains. In addition, 61% of consumers will be shopping online in light of ongoing store closures amid the pandemic.
The survey also showed that news of an impending Covid-19 vaccine has had a “positive impact” on consumer sentiment, with 29% of respondents “more likely to feel confident” in their long-term financial situation. A further 21% said they are now likely to spend more this Christmas.
Nonetheless, only 10% of consumers said they will make impulse purchases during Black Friday this year, down from 21% in 2019. In addition, 26% said they would not “buy for the sake of it”, with 13% of consumers claiming to only buy Black Friday bargains from brands and companies that have good ethical and environmental practices.
Linda Ellett, UK head of consumer markets at KPMG, said: “After a tough year for retailers it’s encouraging to see that consumers are planning to engage with this key event in the calendar, though retailers will have an eye on their margins with many consumers choosing to hold off their purchases until the serious discounting begins.
“News of a COVID-19 vaccine that could be rolled out as early as next month is a light at the end of the tunnel for struggling retail and hospitality businesses. A vaccine breakthrough signals the potential for eventually lifting social distancing restrictions, which would bring a much-needed boost to footfall in the High Street.”
She added: “2020 has seen the shift to online shopping accelerate significantly, so it is little surprise that the trend from last year continues, with large numbers of people searching for deals from home and with younger tech-savvy consumers even more motivated to grab a bargain.
“For many consumers, shopping online has now become a choice and a habit. The winners in the battle for the Christmas pound will be those retailers that have invested heavily in their digital capabilities to take advantage of this step up in online activity.”
