Online Shopping on the Rise as Consumers Seek Deals
- Overall Black Friday spending per person expected to halve from £168.18 in 2021 to £86.06 in 2023
- Two-thirds of shoppers plan to buy from Amazon this year
- 76% of shoppers expect to increase online spending
- Christmas gifting is the top reason for purchasing during Black Friday
- Retailers must work harder to encourage spending amid cost-of-living crisis and debt concerns
- Opportunity for retailers, brands, and marketplaces to adapt and reach consumers through various channels
According to Wunderman Thompson Commerce’s findings, Black Friday spending per person is projected to drop from £168.18 in 2021 to £86.06 in 2023 due to the cost-of-living crisis and inflation concerns. Despite this decline, over two-thirds of shoppers plan to buy from Amazon, with three-quarters anticipating an increase in online spending. Christmas shopping remains a primary driver for expenditure, as half of surveyed consumers purchase items for gifting purposes. Hugh Fletcher, global head of consultancy and innovation at Wunderman Thompson Commerce, emphasizes the need for retailers to adapt and leverage multiple channels while prioritizing transparency and speedy service to connect with customers amid increased competition.
Factuality Level: 8
Factuality Justification: The article provides relevant information about the expected decrease in spending during Black Friday due to the cost-of-living crisis and inflation, cites a source (Wunderman Thompson Commerce’s findings), and offers insights from an expert in the field. It also includes statistics on shopper behavior and preferences. However, it could benefit from more context or sources for the predictions made about retailers’ strategies.
Noise Level: 3
Noise Justification: The article provides relevant information about the expected decrease in Black Friday spending due to the cost-of-living crisis and inflation, as well as insights into consumer behavior during this period. It also offers advice for retailers and marketplaces on how to adapt their strategies to meet shoppers’ demands. However, it could benefit from more data or examples to support its claims and a deeper analysis of the underlying reasons behind these trends.
Financial Relevance: Yes
Financial Markets Impacted: Retailers, Amazon, eBay
Financial Rating Justification: The article discusses the impact of the cost-of-living crisis and inflation on consumer spending during Black Friday, which affects retailers’ sales and marketplaces like Amazon and eBay. It also mentions opportunities for retailers to adapt their strategies to attract customers.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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