U.S. consumers are in a cautious mood, with 69% waiting until Black Friday and Cyber Monday (BFCM) to make some purchases, according to a survey of 2,000 U.S. consumers by LoyaltyLion.
But businesses should be careful, since 48% of shoppers feel the BFCM period goes on so long that they will get bored of hearing about it, the report notes.
The most popular medium for highlighting BFCM sales is email — 68% prefer it. Plus, 67% are more likely to buy from brands that send personalized BFCM promotions.
Despite inflation, 68% are prioritizing brands they know and trust, while 48% will seek firms that align with their values.
However, 79% will actively look for discounts during BFCM. And 80% say early access to sales would prompt them to buy during BFCM.
The percentages change for consumers most affected by inflation. Of that group, 67% say they will use the BFCM period to make purchases they would not make at any other time of the year. In addition, 72% will focus on brands they trust, and 53% on those they perceive as having shared principles.
The big incentives appear to be free shipping (85%) and free returns (74%).
The survey also found that 67% would join a loyalty program if they had a good BFCM experience, and 76% would make a referral. In addition, 53% are more likely to experiment during BFCM.
“The cost of living crisis is now front and center for many American consumers, significantly impacting shopping behaviors,” states Charlie Casey, CEO of LoyaltyLion. “Our research shows there will be a huge appetite for BFCM this year — consumers worried about rising costs are already thinking ahead about how to take advantage of the popular shopping period.”
But Casey adds that “consumers will be looking for brands they can really trust. They won’t be dictated to by price and deals alone.”