A 30 percent discount is needed to succeed on Black Friday

By: Trademagazin Date: 2024. 11. 20. 12:13

This Black Friday season, consumers are expected to shop more than last year, but they will definitely be better prepared: 38% of them have already used or plan to use generative artificial intelligence to find special offers, according to the Boston Consulting Group (BCG) 2024 Black Friday survey.

According to the research, conducted with a survey of about 10,000 people, nearly three-quarters of respondents plan to shop on Black Friday or Cyber Monday. According to the survey, conducted in Australia, Canada, Switzerland, the United Kingdom, the United States, Germany, France, Poland and Spain, average spending could increase by up to 32% compared to 2023.

For how much, when?

At the same time, according to the survey, consumers expect a discount of at least 30% for a “good deal” on Black Friday. The majority, six in 10, started looking for deals in October or early November, and two-thirds plan to buy Christmas gifts during the sales.

Consumers everywhere are actively looking for deals due to the rising cost of living. Of the countries surveyed, consumers plan to spend the least, $310, in New Zealand, and the most, $525, in Switzerland, according to the BCG survey. Poles expect to spend $355, the French $345, and the Germans $375.

AI also joins the treasure hunt

This year, shoppers are also using generative artificial intelligence (GenAI) to search and compare products and services. 38% of consumers have already used or plan to use GenAI when shopping. The technology is particularly popular among younger generations, with 46% of millennials and 52% of Gen Z using it or planning to use it.

More than 80% of GenAI users said they felt they were able to shop smarter and make better decisions with the technology, and nearly 40% plan to rely on it more in the future.

“Generative AI helps consumers make quick, well-informed decisions about their purchases,” said György Lakatos-Török, senior project manager at BCG. “Consumers using GenAI will encourage retailers to offer even better deals this Black Friday and beyond.”