Consumer Behavior

Consumers heading online Black Friday, Cyber Monday

Photo by istock.com

November 11, 2022

A big number, 71%, of U.S. consumers plan to shop online this upcoming Black Friday and Cyber Monday and 40% of those shoppers will spend more on those days compared to shopping on Amazon's Prime Day.

Those are top findings from Wunderkind's 2022 Consumer Market Insights Report which also revealed that shopping activity during Cyber Week is expected to grow 12% this year.

Nearly half, 48.8%, of shoppers intend to use buy now, pay later options and 46.2% will be comparing prices and researching deals more this year, according to a press release on the findings.

"Consumers have become smarter about how they spend their money, which has changed the way they shop and the criteria that leads them to commit to a particular product or retailer," Richard Jones, chief revenue officer at Wunderkind, said in the release. "As brands prepare for the most important revenue generating season of the year, they must emphasize holiday deals, discounts, low prices and budget friendliness now. If products are unavailable or misaligned with consumers' budgets, even the most loyal shoppers will look elsewhere."

The report found consumers will rely heavily on emails from their favorite brands to learn about general sales (79.6%), unique price drops (74.8%), loyalty programs (76.2%), coupon codes (73.4%) and reminders of items in their carts (77.8%).