Boston Consulting Group: 2024 Black Friday Consumer Research Report

Boston Consulting Group released its "Black Friday Consumer Study 2024". The cost of living crisis is driving people to look for bargains, with consumers planning to spend at least $310 during Black Friday, Cyber ​​Monday and Singles Day. Consumers in Switzerland ($525), the UK ($475) and the US ($460) are expected to spend the most.

But this year, Black Friday shoppers have a new tool in their toolbox: generative artificial intelligence (GenAI). 38% of consumers either already use GenAI in their shopping process or plan to use GenAI during big promotions. The use of GenAI is even more pronounced among younger consumers, with 46% of Millennials and 52% of Gen Z already using or planning to use GenAI to help them shop. Consumers report that they rely on the technology to find the best deals, research products, and compare items. Among respondents who have already tried GenAI, more than 80% believe the technology can help them shop smarter, and nearly 40% believe they will use GenAI more when shopping in the future.

Consumers still plan to spend despite cost of living crisis

Rising prices for essential items (81%) and ongoing inflation (71%) remain top concerns for consumers. 49% have reduced their purchases of non-essential items in the past three months, 45% are checking and comparing prices more frequently, and 41% are shopping more at discount or value retailers.

This year, up to 75% of consumers still plan to shop on Black Friday, Cyber ​​Monday or Singles Day. In most countries surveyed, spending is expected to increase compared to 2023. In Switzerland, the United Kingdom and Australia, spending is expected to increase at a double-digit rate (32%, 22% and 18% respectively).

Price-sensitive consumers are turning to big sales to get a head start on holiday shopping and meet their basic needs: 66% plan to buy gifts and 59% plan to stock up on essentials. Adult apparel and consumer electronics remain the most popular product categories.

If the price is right

In times of inflation, consumers expect deep price cuts. When asked what qualifies as a “good deal,” shoppers want a discount of at least 30 percent. In categories such as adult apparel, that expectation is even higher, with consumers looking for a discount of at least 36 percent.

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