Sunday, 19th December 2010
At first glance, a column on Holiday shopping may not seem a good fit for the VIP LiveWire audience, but businesses can learn from two recent surveys about consumer shopping habits.
Market Research industry leader Quirks Research article, “The “Why” Behind the Buy: Black Friday & Cyber Monday 2010” explores a study from ListenLogic (http://www.listenlogic.com/) a US based social market research company. Why do US consumers, not you or me of course, put themselves in those long lines at stores and crowded parking lots the day after the US Thanksgiving Holiday, and why do they spend an inordinate amount of time online the following Monday. Here are some findings:
Top reasons why consumers shop on Black Friday
1. The tradition of shopping with friends and family (40%)
2. Inspiration of holiday music and decorations (21%)
3. Prospect of finding a great deal (18%)
4. Afraid item(s) will sell out (17%)
Top reasons why consumers shop on Cyber Monday
1. Couldn't resist the impulse to check out deals (39%)
2. Heard about a promotion through someone in their online social network (21%)
3. The ability to comparison shop with ease (18%)
4. Received feedback from their online social network for peace of mind (13%)
Shoppers also spent different amounts of time planning purchases. 22% of consumers shopping on Black Friday made plans at least one week in advance, compared to just 6 percent of those who shopped on Cyber Monday. In fact, 19 percent of consumers made purchasing plans within just 24 hours of Cyber Monday, compared to 3 percent for Black Friday. Cyber Monday’s short “planning-to-purchase cycle” is supported by the fact that 21% of consumers admitted to making impulse purchases on Cyber Monday compared to just 6% for Black Friday. Cyber Monday shoppers are also more likely to buy things for themselves (20%) than Black Friday shoppers (6%).
Businesses and retailers should see that combining online social networks with offline shopping could be a winning recipe. Consider using online social networks to encourage offline social shopping and use online promotions to prompt follow up immediate in-store purchases.
A Fast Company article, “Luxury Goods Affect the Brain and Drive More Purchases” (http://digbig.com/5bdcqt) discusses a neuromarketing study showing that buying expensive items for yourself or your home (jewelry or furniture) that don’t fit with your current décor or clothing style can lead to more shopping. It appears that a vicious cycle of consumption is begun when people buy items that don’t fit with what they already have. Rather than return items, they continue to buy more to complement their new purchases. The authors note that there is relevance to manufacturers and retailers of all types. Imagine the consequences and Happy Holiday Shopping!
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