Consumers worldwide are ready to spend on Black Friday Cyber Monday (BFCM) weekend, according to data from the Shopify BFCM 2023 Report.
The report, which is derived from surveys of over 2,000 consumers and 1,000 SMBs in the UK, alongside global responses from 12,000 consumers and nearly 5,000 businesses across six nations, indicates that despite prior spending cutbacks many intend to maintain or increase their expenditure. In particular, shoppers seek specific deals and intend to utilize AI to discover new brands and products.
In the UK, 74 percent of consumers reduced discretionary spending recently, yet more than half (53 percent) are allocating more money than in previous years for this season. Consequently, 66 percent plan to spend as much or more during BFCM weekend this year.
UK consumers are discerning, with 83 percent comparing prices and 68 percent citing cost as a primary reason to switch brands. Quality is also paramount, with 77 percent favoring long-lasting, high-quality products.
Online and offline retail are both popular, with 33 percent of UK consumers discovering new products in physical stores. The significance of brick-and-mortar shops is increasing, according to 76 percent of UK merchants, up from 68 percent in 2022.
Social media is emerging as a sales channel, with 32 percent of UK consumers willing to make direct purchases on Facebook. Meanwhile, technology, notably AI, plays a key role in driving sales and brand loyalty. Around 67 percent of brands are increasing technology investment to maximize BFCM and upcoming seasonal spending opportunities.