Heading into the festive season, offering discounts has become more and more competitive if you want to stay ahead. But how much are consumers expecting to save this year, and where will they be shopping in comparison to last year?
This Black Friday and Cyber Monday is expected to be bigger than ever, as online and physical retail continues to boom. A study from ING has indicated that more than 64 percent of Australian adults will be more likely to spend up a storm at this year’s events, compared to previous years.
The Black Friday and Cyber Monday sales are going to be bigger than ever, but as more consumers add to cart this year, will they be expecting bigger discounts than before? According to ING, all signs point to ‘yes’.
Two out of three consumers (69 percent) are expecting bigger discounts at this year’s events. This is likely a result of the pandemic and its financial impact. In contrast, one out of five consumers in Australia are not expecting large discounts, but are, in fact, growing to expect ‘more for less’ this year.
So, what kind of discounts are we talking about here? According to ING, most shoppers are anticipating an average discount of 37 percent. But one in five (21 percent) are expecting discounts larger than 50 percent.
But it’s not just discounts that they’re hunting for, the report found. More than half (51 percent) of savvy online shoppers will be comparing various retailers to snag the best discount, with 47 percent looking for retailers that offer free shipping or no hidden costs. Interestingly, a small number of consumers (15 percent) said they would be buying in bulk with friends.
“It’s a telling sign of the times that Aussies are looking to Black Friday and Cyber Monday as a way to make big savings,” said George Thompson, the Head of Daily Banking at ING. “As the sales get bigger every year, it’s great to see so many are striving high when it comes to discounts and getting smart with navigating the best deals.”
Over the course of the sales weekend, ING is forecasting that the majority of Aussie consumers (61 percent) will be shopping with local retailers and Australian businesses. What’s more, more than half of shoppers (68 percent) will be turning to e-commerce for their holiday purchases, compared to 48 percent that is choosing to shop in-store.
The e-commerce landscape is changing. With a Power Retail Switched On membership, you get access to current e-commerce revenue and forecasting, traffic levels, average conversion rate, payment preferences and more!