Exclusive: All eyes on Black Friday sales as cost of living pressure grows
Consumers will be less driven by spontaneity during this year’s Black Friday weekend, according to new research from Future Publishing Australia.
Across a nationally representative sample of 1,086 Australian consumers, Future Publishing Australia found that 63% were expected to engage with Black Friday and Cyber Monday deals this year.
But with cost-of-living pressures squeezing Christmas budgets, the majority of consumers will be using the sale period to save money on planned purchases, with 73% of respondents admitting to starting their Christmas shopping back in September.
APAC managing director Neville Daniels said the research highlighted an opportunity for retailers and advertisers to connect with consumers, especially as new economic data shows retail sales volumes are down 1.7% year on year.
“A key focus for advertisers in this peak period leading to and during Black Friday sales is to find ways to connect with consumers who are searching for useful, trustworthy and timely content directly related to their passions and interests,” Daniels said.
“Consumers are planning their purchases in advance, with less spontaneity in their shopping habits, and are actively searching for good deals and advice to counter the rising cost of living.”
The insights were drawn from across Future’s audience of 9 million Australian users between key Future PLC titles, including Mozo, TechRadar, PC Gamer, What Hi-Fi, Who What Wear and GamesRadar.
According to the study’s global findings, 8 out of 10 Future readers had researched their purchases ahead of the sales, with 67% indicating intent to spend more in 2023 than in previous years.
The research mirrors similar insights published by strategic insights consultancy Nature back in September, which found over 10 million Australians were tipped to spend an average of $440 each at this year’s Black Friday sales – a boost of 14% on the last year.
Commenting on the research from Nature, CEO of the Australian Retail Association, Paul Zahra, noted the earlier Christmas shopping trends last year were driven by cost-of-living concerns.
“We know that many people are more conscious about their household budgets with the cost of living going up and interest rates on the rise, so the Black Friday sales are an ideal time to complete your Christmas purchases, save money and ensure that your gifts are delivered on time.”
