Why you should expect to see Aussies move away from brand loyalty this Black Friday
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The upcoming Black Friday period could see a huge shift away from brand loyalty in Aussie consumers, according to new research from brand tracking platform, Tracksuit.
In the lead up to Black Friday, Tracksuit surveyed over 1,000 Aussie consumers to see where they are planning to spend their dollars.
According to the data, the top three spending categories are apparel (27%), electronics (24%) and appliances (16%).
Across age brackets, 38% of 18-34 year olds, 27% of 35-64 year olds, and 13% of 65+ plan to spend on apparel – however, the latter is the least likely to spend at all this Black Friday period.
According to the data, 77% of consumers aged 65+ claim they have never made a Black Friday or Cyber Monday purchase.
Interestingly, younger generations are more easily won over by a promotion, such as Black Friday, than older generations.
72% of 18-34 year olds are more likely to make a purchase based on promotion, over purchasing a preferred brand. Comparably, only 49% of consumers aged 65+ and 64% of consumers aged 35-64 agreed.
Co-founder and co-CEO of Tracksuit, Matthew Herbert told Mumbrella: “When we dig into Tracksuit’s latest Black Friday and Cyber Monday (BFCM) consumer survey, it becomes clear that there is a generational shift in consumer behaviour especially when it comes to the younger generations.
“For those aged between 18 and 34, spending habits seem to be focused largely on promotions and the best deals often take precedence over traditional brand loyalty.”
96% of Aussie consumers aged 35-64 love brands who regularly discount, with 90% arguing a brand regularly discounting is ‘value for money’.
According to Tracksuit’s data, 76% of Aussies will wait for a sale or discount before making a purchase – stemming from cost-of-living pressures and tighter household budgets.
Herbert continued: “With the upcoming generation focused on making every dollar count, sales periods like BFCM become increasingly important for brands. These retail moments aren’t just about consumers going on a shopping spree.
“Rather, it’s an opportunity for brands to capture the hearts (and wallets) of a budget savvy consumer, striking a balance between quality and affordability.”
