Black Friday shoppers want deals, turn to generative AI
A new survey from Boston Consulting Group reveals consumers will spend on Black Friday with the right motivation and are getting some "smart" help.
The 2024 Black Friday survey by Boston Consulting Group (BCG), which polled more than 10,000 consumers across the U.S. and Australia, Canada, Germany, France, Spain, Switzerland, Poland and the U.K., indicates up to 75% of respondents plan to shop major holiday sales events such as Black Friday and Cyber Monday.
[READ MORE: Record number of shoppers expected Thanksgiving weekend, Cyber Monday]
Despite price concerns, customers may spend
Price increases on essential goods (81%) and ongoing inflation (71%) remain top concerns for respondents. In response, 49% reported that they have cut back on non-essential purchases in the past three months, 45% check and compare prices more frequently, and 41% buy more at discounters or value retailers.
Despite these concerns, across most countries surveyed, spending is expected to increase compared to 2023. Two-in-three (66%) respondents intend to buy gifts and 59% plan to stock up on essentials. Adults clothing and consumer electronics are the most popular product categories, as they were in 2023.
Let’s make a deal
The survey also indicates respondents are looking for holiday deals and discounts. When asked what would qualify as a "good deal," respondents said they expect at least a 30% discount. This expectation is even higher in categories such as adults' clothing, where respondents want at least 36% off.
Across every country surveyed, respondents said their preferred type of deal was a clear discount on all items. Exclusive events and gamified activities were the least popular, although gamification was slightly more popular with Gen Z compared to other age groups.
More than 60% of respondents were already looking for deals as soon as October or early November.
Black Friday shoppers have growing interest in generative AI
Close to four-in-10 (38%) respondents said they have either have already used or are planning to utilize generative AI when shopping major holiday sales events. Its use is even more pronounced among younger consumers, with 46% of millennial and 52% of Gen Z respondents already using or planning to use generative to help them with shopping tasks such as finding the best deals, researching products and comparing items.
Among those who have already experimented with generative AI, more than 80% agree that the technology helps them shop smarter, and nearly 40% believe they will use it more while shopping in the future.
"As inflation squeezes household budgets, generative AI is empowering consumers to make fast, informed decisions about what and where they buy," says Jessica Distler, a BCG managing director and partner and coauthor of the study. "This Black Friday and beyond, generative AI-enabled consumers will push retailers to up their game."
