Americans Won't Compromise on Values This Black Friday, Despite Cost of Living Crisis

Not driven by price alone, 68% of consumers will prioritize brands they know and trust

NEW YORK, Sept. 8, 2022 /PRNewswire-PRWeb/ -- Research released today by LoyaltyLion, the data-driven loyalty and engagement platform, reveals that, in response to the cost of living crisis, 69% of American consumers are waiting until Black Friday and Cyber Monday (BFCM) to make certain purchases. However, retailers should exercise caution as the survey of 2,000 Americans found that nearly half (48%) said BFCM typically goes on too long and they will get bored of hearing about it.

Not driven by price alone
US consumers' BFCM shopping decisions won't be driven by price alone, with 68% saying they will prioritize brands they know and trust for their BFCM purchases. The findings also show that, despite the worst cost of living crisis in a generation, 48% will shop around for brands that align with their values. Eighty-five percent of respondents said free shipping and free returns (74%) matter more than getting the best price when motivating them to complete a purchase. The new results indicate that consumers won't view price as the sole motivator for BFCM purchases even with squeezed household budgets.

Even the worst affected will prioritize values
The findings show that 67% of the most affected claim they'll use BFCM to make purchases they would not make at any other time of the year. In fact, Americans most affected by the crisis are the most likely to prioritize brands they trust (72%). And despite suffering the most from the current financial climate, more than half (53%) will shop around for brands whose principles align with theirs.

Charlie Casey, CEO of LoyaltyLion commented, "The cost of living crisis is now front and center for many American consumers, significantly impacting shopping behaviors. Our research shows there will be a huge appetite for BFCM this year - consumers worried about rising costs are already thinking ahead about how to take advantage of the popular shopping period. However, this doesn't mean they're willing to let go of their values, and despite the worst squeeze on incomes in years, our findings reveal that consumers will be looking for brands they can really trust - they won't be dictated to by price and deals alone."

Other key findings for brands to act on include:

• 67% of Americans said they'd join a loyalty program if they had a good BFCM experience, while 76% would make a referral after BFCM
• 79% of Americans said they'll actively look for discounts during BFCM
• 80% of Americans said early access to sales would likely make them buy during BFCM
• 53% of Americans said they're more likely to experiment and try new brands during BFCM

Preferred marketing channels for BFCM sales
The research also shows how consumers think brands should communicate their BFCM sales: 68% of respondents said email is best, followed by social media (43%) and Instagram ads (21%). Only 4% of consumers said they don't want to receive BFCM sales messages. Sixty-seven percent said they're more likely to buy from brands if they send personalized BFCM promotions.

"Right now, consumers are more concerned about when they make purchases, and from whom. In the face of financial worries, consumers increasingly need to feel they can trust the brands they spend money with. Consumers want more for less, but also want to make sure the brands they buy from align with their values. Treat customers well now, during this difficult time, and they'll become your advocates, and the key to driving more sustainable growth all year round," added Casey.

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Notes to editors

About LoyaltyLion
LoyaltyLion helps fast-growth ecommerce merchants turn unengaged customer bases into active communities that power longer-lasting relationships and sustainable growth. Use loyalty data and insights to connect and accelerate your marketing efforts and drive more revenue from a subsection of highly engaged, highly valuable customers. https://loyaltylion.com

About the research
This research was conducted by Censuswide in July 2022, with 4,000 consumers in the US and UK aged 16+ who have browsed or shopped with an independent, online retailer in the past twelve months. For the purpose of this press release, figures make reference to US consumers only. UK data is available as a comparison upon request.

Censuswide abides by and employs members of the Market Research Society which are based on the ESOMAR principles.

Media Contact

John Forberger, LoyaltyLion, 1 2674174199, [email protected]

SOURCE LoyaltyLion