Black Friday is traditionally one of the biggest shopping days of the year, with research showing that an estimated ￡5.6bn will be spent on Black Friday this year.* However, the impact of COVID-19 has delivered a level of uncertainty for brands.
As the recession starts to make an impact, and values shift from a material-driven past to a desire for simpler living, we wanted to understand how this has affected the Hearst audience and their relationship with Black Friday.
We discovered that despite the current climate, with 74% expecting the UK’s economic situation to worsen, the majority (78%) of our audience believe their financial situation will be the same or get better over the next 12 months. As the Hearst audience is financially resilient, Black Friday continues to remain a retail focal point. 60% plan on spending the same or more this year compared to last year.
Perhaps unsurprisingly, given in-store restrictions on the number of people able to shop at any one time, Black Friday is set to be more of an online affair. Although a quarter of our audience plan purchases up to a week before the day, it’s actually on Black Friday itself that almost three-quarters decide what to buy. They are open-minded and willing to try new brands, providing they are of quality. Therefore, there is a huge opportunity for brands to convert new audiences by using Hearst on Black Friday.
As we’ve explored in our previous research, we know our audience is very socially and environmentally aware. Almost half will lean to brands who are more ethically or socially responsible, and the same amount also prefer products which are environmentally friendly. For socially conscious brands, Hearst is a strong platform from which to reach a receptive audience this Black Friday.
Interestingly, our research uncovered a shift in attitudes to Black Friday based on age since the pandemic. Younger audiences are more focused on planning their purchases versus older audiences who are less likely to be affected by the recession, and therefore more spontaneous in what they buy on the day.
While Black Friday may look a little different this November, some aspects will remain the same. Technology is the biggest category that our audience want to spend on, as well as fashion, beauty and items for the home.
We have seen triple-digit growth in eCommerce and audience since the start of the pandemic, so combined with an audience who are financially resilient, actively wanting to spend on Black Friday and a portfolio of titles to reach audiences around their passions, we are the ideal partner this Black Friday.
Download our infographic to?discover how you can convert new audiences this Black Friday.
*Finder.com, Photo: Markus Spiske/Unsplash
Download our infographic to discover how you can convert new audiences this Black Friday