Brits “won’t compromise on values” this Black Friday, despite cost of living crisis

Research released today by LoyaltyLion, the data-driven loyalty and engagement platform, reveals that, in response to the cost of living crisis, 66 per cent of British consumers are waiting until Black Friday and Cyber Monday to make certain purchases.

75 per cent said they hoped to find discounts over the pre-Christmas sales period. However, despite 92 per cent of Brits being impacted by rising prices, consumers’ BFCM shopping decisions won’t be driven by price alone, with 62 per cent saying they will prioritise 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 per cent will shop around for brands that align with their values. The survey revealed that just one per cent of consumers claim to have not been impacted by the cost of living crisis. Conversely, 34 per cent say they have been “severely impacted”.

The findings also show that 68 per cent 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, Brits most affected by the crisis are the most likely to prioritise brands they trust (65 per cent).

And despite suffering the most from the current financial climate, more than half (55 per cent), will shop around for brands whose principles align with theirs.

Charlie Casey, CEO at London based LoyaltyLion commented: “The cost of living crisis is now front and centre for many British consumers, significantly impacting shopping behaviours.

“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.”

Alongside alignment with values, Brits are also looking for brands where they can get the best overall value and experience. Consumers listed free shipping (82 per cent) and free returns (78 per cent) over and above getting the best price (75 per cent) in terms of factors motivating them to complete a purchase.

By Matthew Neville – Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →