Despite the expected drop in retail footfall as the Christmas shopping season nears, data from Shopify has revealed that 53% of UK shoppers are allocating more money to spend during Black Friday Cyber Monday (BFCM) than in previous years.
Amid the cost of living crisis, BFCM is set to be a key revenue-driving moment for retailers that embrace the weekend according to Shopify’s Black Friday Cyber Monday 2023 Report into more than 2,000 consumers and 1,000 SMBs in the UK.
The report showed that 73% of consumers globally – rising to 74% in the UK – have reduced their discretionary spending over the last couple of months, but shoppers want to spend this season with over half putting aside more money each month than they have in previous years.
This is resulting in 69% being more likely to shop during BFCM weekend and upcoming peak sales moments to get more for their money.
66% of UK shoppers, increasing to 67% globally, plan to spend as much or more during BFCM weekend this year compared to last year.
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But UK consumers are becoming more savvy with 83% revealing they will compare prices to see where the best deals are, with 68% citing cost as one of the biggest reasons they would switch brands.
However cost isn’t the only thing consumers care about, it’s also quality with three quarters saying they want higher quality products that will last for a long time.
Shopify managing director EMEA Deann Evans said: “Despite many studies predicting a challenging period for retailers as consumers look to tighten their purse strings, our data indicates that this could be a key revenue moment for those that embrace BFCM.
“In fact, shoppers have recently cut back so they are ready to spend during BFCM to get more for their money. Brands need to embrace this opportunity by offering competitive deals and higher quality products as if they don’t, consumers may move away to another.”
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