Despite Black Friday and Cyber Week, consumers are reluctant to hunt for bargains

Fatih-Kağan Taşkoparan

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A new laptop, a new cell phone or a new washing machine - technology enthusiasts and bargain hunters around the world see Black Friday and the subsequent Cyber Week as the perfect time to finally make their wish lists (or price comparison lists this year) a reality. The period of Black Friday and Cyber Week is seen as the starting signal for the approaching Christmas season - especially for online retail and consumer electronics products. But what light will be shed on the bargain days this year? Rising inflation and price increases are having a lasting impact on consumer behavior: how a Representative online survey on shopping behavior and consumer trends by ECC Cologne and Salesforce, consumers are planning to save more in 2022 and tend to make fewer impulse purchases than in the previous year.

According to the Trend Check retail study by ECC Cologne purchases during Black Friday and Cyber Week are planned and prepared in advance. The price focus of consumers has increased many times over, as the figures from the study suggest: a strong 76 % of respondents confirm that they are focusing on the price offer of purchases already planned, while a full 43 % of consumers admit to having already made offer and price comparisons in advance as part of planned purchases during Cyber Week. This equates to an increase of 13 % compared to the previous year. At the same time, however, the willingness to make impulse or spontaneous purchases has fallen from 46 % to 33 %.

This year's reluctance to spend can be attributed, among other things, to high inflation and general price increases. Nevertheless, the general climate of economic uncertainty and dwindling confidence in the offers during the "bargain days" are also contributing to consumers' savings behavior. Around 55% of respondents doubt that the products on offer represent a real cost reduction - a skepticism that online retailers should keep in mind.

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