In a year like no other, predicting consumer demand through Black Friday and the Christmas season probably makes a fiendish festive crossword puzzle seem like child’s play. But it’s something that consumer businesses must do.
The good news is that, according to new KPMG research, consumer spending intentions for Black Friday remain broadly like last year and that should give brands some reassurance. Indeed, one in seven consumers are planning to spend more than they did last year, and this rises to nearly a third of the younger demographic (18-34 year olds). More than half of consumers say they are likely to make purchases through the Black Friday/Cyber Monday period.
A further boost is that news of an impending Covid-19 vaccine has improved consumer sentiment, with a fifth of respondents saying they are now likely to spend more this Christmas. In good news for in-store shopping, a third say they are also more likely to hit the High Streets once restrictions are lifted.
So, my prediction is that we can still expect a frenzy of goods flying off the shelves – or at least, off the racks in the warehouse, as six in ten consumers will predominantly be shopping online, up over ten percent from last year.