Rumors of a recession have been brewing for several years now — technically, we’ve even been in a recession — but, this year, consumers say those concerns will actually impact their shopping. According to RETAILBOSS, 78% of consumers plan on spending the same or less on holiday shopping than they did last year, though 82% still plan to shop at some point during Cyber Week.
To try to predict where these shoppers might land next week, we looked at the Black Friday Shoppers who hold off on purchases all year long, waiting for the deals.
Quick facts on the Holding Off for Black Friday Shoppers:
- 53% female
- 21% 35-44 years of age
- $68,087 median income
- 53% do not have children under 18
- Top values are authority, pleasure, tradition
- Top stores are Kohl’s, Best Buy
Resonate’s AI-powered data shows that there are nearly 85 million shoppers who wait all year, holding off on purchases until Black Friday rolls around. 75% of these shoppers say that price is a key shopping factor for them, so even if they cut back this year’s spending due to money worries, this festive celebration of deals is the time that they’re already planning on making purchases. If they’ve been planning on splurging on that frame TV when it’s half off, who’s to say the economy will hold them back? After all, Black Friday only comes around once a year.
For more on who’s spending vs. who’s saving this holiday season check out our 2023 Holiday Spending Predictions report.
They’re Shopping for Wants, Not Needs
While they may be concerned about the economy —, their wish lists indicate they’re not concerned enough to stop splurging on purchases. These buyers are eyeing watches and jewelry, gaming consoles, and outdoor furniture and fire pits at the top of their to-buy list this year.
If you want to win them over this Black Friday, these categories are where your doorbusters should be.
They Look at Social Media as More Than a Social Platform
According to Econsultancy, younger shoppers are looking to social media when they make purchases and it’s not just because of products they see on their feed. Younger consumers are actually using social media as a search engine to find products they might be interested in and hear from influencers and real people on whether the product is worth it.
Compare the Holding Off for Black Friday general audience in teal, which is 41% more likely than the average American to use influencer recommendations for a purchase, vs. Holding Off for Black Friday audience narrowed down to only Gen Z shoppers in red. They are 320% more likely than the average American to refer to an influencer recommendation when they’re making a purchase.
Don’t have influencer marketing in your 2023 Cyber Week strategy? You’ve got just days to tap a few creators for a UGC campaign (the beauty of social is it moves fast!).
They’re Splurging Within Reason
While these shoppers have waited all year for Black Friday to find a deal, that doesn’t mean they’re going to break the bank this holiday season. 22% will only spend between $100-249 on gifts this year, with another 25% saying they’ll spend between $250-$499. Add in the 13% that are spending less than $100, and you have 60% of these shoppers spending less than $500 on holiday gifts total — which could be a good idea in an anxious holiday season.
Only 2% Care About Chains as a Key Shopping Factor
Typically, Black Friday sales are the sweethearts of big box stores and chains. Target, Walmart, Macy’s. They all love a Black Friday sale. So it comes as a surprise that only 2% of the Holding Off for Black Friday shoppers care about chains as a key shopping factor. This opens the door for smaller brands to stay in the game and try to win their share of the Black Friday market.
44% are Christmas or Winter Holiday Shoppers
With 44% of the Holding Off for Black Friday shoppers considering themselves Christmas or winter holiday shoppers, now’s the time to dangle a deal on your holiday decor and items. Offer just enough of a little jingle jangle to get those shoppers excited and entice them in the door, then win them over for the holiday season.
Want to dive deeper into your specific Black Friday shoppers or other key EOY audiences? Resonate’s AI-powered data can provide insights against your own database, giving you a look into how your customers behave, shop and anticipate spending in the months ahead. Contact us today to see it for yourself.