Although it is only mid-October, retailers on both sides of the Atlantic will be preparing for the Black Friday shopping event, encouraged by a new report that suggests consumers plan to spend even more than in previous years.
Scheduled this year for 23rd November, Black Friday has taken root beyond its American origins to the extent that more than half (54%) of British consumers took part in 2017 compared to just 19% in 2015.
There was a similar picture in Germany, where participation jumped from 9% in 2015 to 43% in 2017, while four in five (81%) Canadians have indicated they plan to shop or browse in 2018.
Overall, more than 70% of adult consumers in the US, Canada, Germany and the UK are expected to shop or browse at this year’s event, according to four surveys conducted by Periscope by McKinsey, the analytics platform.
And just as the number of shoppers is expected to rise, so too is their anticipated spend.
Based on responses from about 1,000 US consumers, 16% of them expect to spend $1,000 or more, while at least a fifth (22%) will be setting aside $500 for purchases.
The sample size numbered about 500 in each of the other markets surveyed and the results suggested that 14% of Canadian consumers have allocated $1,000 or more.
More than a third (37%) of shoppers in the UK are budgeting between £200 and £300, while 21% of German consumers expect to spend €200, with another 14% forecast to spend €300.
Clothing is expected to take the top spot on consumer shopping lists across all the countries surveyed, with consumer electronics coming in second.
Beauty and fragrances emerged as the third most popular category for British and German consumers, while American and Canadian shoppers cited movies, books and music as their third choice.
Interestingly, while online leads strongly as the main channel consumers plan to use when shopping for consumer electronics, at least half of shoppers in Canada (50%) and the US (54%) still prefer shopping in-store for new clothes.
Retailers should also be aware that nearly half (45%) of all respondents said they prefer to shop offline for groceries and beverages.
Also of note is the finding that at least a fifth of British (21%) and German (22%) consumers welcome and expect personalised messages and offers – an opinion shared by 14% of their American counterparts and 11% of Canadian shoppers.
Sourced from Periscope by McKinsey; additional content by WARC staff