Consumer Confidence and Fear of Recession Impact Black Friday Spending Plans

18-Nov-2022

- 82% of Global Consumers Concerned About Rising Prices for Energy and Food

- 51% Cutting Back on Non-Essential Purchases and 39% Shopping More in Discount Retailers

- Only US Shoppers Plan to Spend More this Black Friday Compared with Last Year...

Boston Consulting Group (BCG) today published the results of a major Black Friday consumer survey examining the spending plans of consumers in nine markets (Australia, Austria, Brazil, France, Germany, Italy, Spain, Switzerland, UK, and US).

The study found that Black Friday is an integral part of the shopping calendar, with 98% of consumers aware of it, and 66% saying they will hunt for bargains. In this context, year-end holiday gift shopping will happen early this year as 95% of shoppers intend to use Black Friday to bag bargains for their gift list. However, consumer spending is changing as the impact of rising prices for food and energy, and increasing fear of a global recession, lead consumers to look for more promotional purchases and make greater use of discount stores.

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