- Up to 75% of Consumers Intend to Shop on Black Friday, Cyber Monday, or Singles’ Day
- Average Spend Is Anticipated to Increase by as Much as 32% Versus 2023, Depending on the Country Surveyed
- Holidays Come Early: Over 60% of Consumers Start Looking for Deals in October or Early November, and 66% of Shoppers Plan to Buy Gifts
- Consumers Expect a Minimum 30% Discount for a “Good Deal”
BOSTON, Nov. 14, 2024 /PRNewswire/ — As the cost-of-living crisis drives the hunt for bargains, consumers plan to spend a minimum of $310 over the course of this Black Friday, Cyber Monday, and Singles’ Day. Consumers in Switzerland ($525), the UK ($475) and the US ($460) expect to spend the most.
But this year’s Black Friday shoppers are armed with a new tool in their toolkit: generative AI. More than a third of consumers (38%) either have already used GenAI in their shopping journey or are planning to use GenAI to shop the major sales events. GenAI use is even more pronounced among younger consumers, with 46% of millennials and 52% of Gen Zers already using or planning to use GenAI to help them shop. Consumers report that they’re leaning on the technology to find the best deals, research products, and compare items. Among those who have already experimented with GenAI, more than 80% agree that the technology helps them shop smarter, and nearly 40% believe they’ll use it more while shopping in the future.
These are among the findings of the 2024 Black Friday survey by Boston Consulting Group (BCG). The survey, which was released today, examines the spending plans of more than 10,000 consumers across nine markets (Australia, Canada, Germany, France, Spain, Switzerland, Poland, the UK, and the US).
“As inflation squeezes household budgets, generative AI is empowering consumers to make fast, informed decisions about what and where they buy,” says Jessica Distler, a BCG managing director and partner, and coauthor of the study. “This Black Friday and beyond, GenAI-enabled consumers will push retailers to up their game.”
Despite Cost-of-Living Crisis, Consumers Still Plan to Spend
Price increases on essential goods (81%) and ongoing inflation (71%) remain top concerns for consumers. In response, 49% reported that they have cut back on nonessential purchases in the past three months, 45% check and compare prices more frequently, and 41% buy more at discounters or value retailers.
Despite these concerns, up to 75% of consumers plan to shop on Black Friday, Cyber Monday, or Singles’ Day this year. Across most countries surveyed, spending is expected to increase compared to 2023. In Switzerland, the UK, and Australia, spending is expected to increase by double digits (32%, 22%, and 18%, respectively).
Price conscious consumers are turning to the big sales events to get a head start on holiday shopping and to fulfill their basic needs: 66% intend to buy gifts and 59% plan to stock up on essentials. Adults clothing and consumer electronics remain the most popular product categories.
If the Price Is Right
In times of inflation, consumers are looking for hefty markdowns. When asked what would qualify as a “good deal,” shoppers said they expect at least a 30% discount. This expectation is even higher in categories such as adults’ clothing where consumers want at least 36% off.
They also want simplicity: across every country surveyed, consumers said their preferred type of deal was a clear discount on all items. Exclusive events and gamified activities were the least popular, although gamification was slightly more popular with Gen Z consumers compared to other age groups.
Price-sensitive consumers aren’t waiting until Black Friday—they’re on the hunt early. More than 60% are already looking for deals as soon as October or early November, providing retailers with an extended time to influence consumers’ choice.
“Retailers need to appreciate just how savvy consumers are these days. They start shopping early, and they want to see real, straightforward deals,” says Nate Shenck, BCG’s global head of retail. “Brands that deliver clear value with a personalized touch are best positioned to win over consumers this holiday season.”
Download the publication here:
https://www.bcg.com/publications/2024/black-friday-genai-helps-consumers-find-bargains
Local data is available upon request for Australia, Canada, Germany, France, Spain, Switzerland, Poland, the UK, and the US.
Media Contact:
Eric Gregoire
+1 617 850 3783
gregoire.eric@bcg.com
About Boston Consulting Group
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SOURCE Boston Consulting Group (BCG)
