The feelings of Greek consumers ahead of Black Friday and Cyber Monday regarding possible purchases in the upcoming sales seem to be mixed.
This results from the first processing of the findings of EY’s major survey, Future Consumer Index Greece 2024, which is expected to be presented in its entirety in December. Specifically, in a related question, one in two survey participants (50%) stated that they intend to make purchases taking advantage of the Black Friday and Cyber Monday sales.
The survey, which is carried out annually in Greece from 2021 in collaboration with MRB, as part of EY’s corresponding global survey series, monitors consumer trends, preferences and concerns, in the fluid environment of high inflation and economic uncertainty of recent years.
Black Friday-Cyber Monday: Who Will Buy?
As expected, the willingness to buy is linked to income criteria and the price of the products, as among the five types of consumers monitored by the research, 62% of those who attach primary importance to the price and affordability of the products (Affordability First) state that they do not they intend to buy something.
Young people aged 18-29 (65%) – and especially students (69%) – and secondarily the 40-49 age group (54%) are more willing. The presence of children in the family also seems to be decisive, with the percentages of those intending to make purchases being higher among those with minor children (60%).
Despite the reluctance of consumers to proceed with purchases, it is clear that they attach importance to the offers made during this period. Thus, of those who said they plan to make purchases, nearly four in five survey participants (79%) said they are postponing some shopping until Black Friday and Cyber Monday.
Will uncertainty win?
These findings come to confirm the findings of EY’s global research, that the uncertainty caused to consumers by the economic slowdown and inflation makes them particularly cautious in their purchases, while many of them limit themselves to the absolute necessities. However, they may also reflect the wariness of some consumers who feel that big sale events do not always meet their expectations of great bargains.
Commenting on consumer shopping intentions during Black Friday and Cyber Monday, Mr. Thanos Mavros, Partner at EY Greece and Head of EY’s Retail Sector in Southeast Europe, said: “Although the consumer public in Greece is now familiar with the big discount events, such as Black Friday and Cyber Monday, economic uncertainty and high prices make consumers wary, as, moreover, in the rest of the world. Retail and consumer goods businesses will have to adapt their strategic moves to the new data.
There are many global best practices that businesses in Greece could learn from – among others, leveraging real-time consumer data with the help of artificial intelligence for demand sensing and formulating personalized offers based on preferences; as well as the use of dynamic pricing algorithms to monitor the course of competition prices and readjust them in real time».
Source: ot.gr
#Black #Friday #Cyber #Monday #consumers #plans
