Ve Global highlights Golden Quarter challenges and opportunities
Brits plan to spend less this Christmas, with sales scepticism rife, according to research from Ve Global.
The e-commerce technology venture surveyed 2,005 British consumers.
42% plan to cut back on their festive spending this year. 73%, meanwhile, believe retailers bump up original prices to make discounted prices look more appealing.
48% will browse or buy only from the brands they know and trust during the Golden Quarter. When asked what makes a good deal 73% said value for money, followed by quality (62%), price (58%) and customer service (23%).
Consumers are more likely to think the best deals are found online (44%), in comparison to in-store (14%), though 35% felt there is no difference. When specifically asked about Christmas, 51% will do their shopping online instead of at the shops this year
Jack Wearne, CEO at Ve Global, says: “In the current climate of economic uncertainty and scepticism towards sales, getting consumers to part with their cash this year won’t be as easy. Consumers plan to browse or buy from the brands they trust and have good experiences with.”
“So retailers shouldn’t see it as a mere price war, but an opportunity to really connect with the customer. Though many brands have built up trust and good customer experience in-store, this is under threat with the shift to online.”
“And with the data showing that many consumers plan to do their Christmas shopping online, online retailers must learn how to build trust and deliver the great experiences that are associated with bricks and mortar stores.”
Younger shoppers are most likely to enjoy the sales and intend to buy during the Golden Quarter. 51% of 18-24 year olds intend to make purchases during Black Friday this year, compared to only a third of consumers on average.
While 56% of consumers said they generally enjoy shopping in the sales, this rises notably for those aged 18-24 (68%), 25-34 (69%) and 35-44 (67%).
Consumers admitted they browse the sales even if there isn’t anything in particular they want, which rises again significantly from 68% on average to 77% for 18-24 year olds.
48% of 18-24 year olds also said they are likely to buy a sale item they see even if they don’t really need it, compared to only 28% of consumers on average.
