
Black Friday: Unlocking Opportunities with FOMO-Driven Shoppers
This Black Friday, retailers have a unique opportunity to not only meet consumer expectations but also foster long-term customer loyalty. Recent research from Voyado highlights a significant trend: over a quarter (27%) of British consumers feel a heightened urgency to shop during Black Friday, primarily driven by fear of missing out (FOMO) on time-sensitive deals. For savvy retailers, understanding and leveraging this emotional driver can turn Black Friday into a launchpad for enduring customer relationships.
Decoding the Psychology of Black Friday Shoppers
Voyado’s study sheds light on the mindset of today’s Black Friday shoppers. The findings reveal:
- FOMO is a powerful motivator: Nearly half (48%) of those who feel pressured to shop on Black Friday attribute this to FOMO, underscoring the urgency created by limited-time discounts and exclusive offers.
- Advanced planning helps shoppers manage pressure: A significant portion of Black Friday shoppers take a strategic approach to their purchases, with 16% comparing prices two to four weeks in advance and 12% setting budgets more than a month ahead.
- Top categories driving purchases: Personal electronics lead the way, with 31% of consumers planning to buy these items, followed by fashion (25%), home goods (25%), toys (21%), and health/beauty products (20%).
This mix of urgency and planning creates a complex emotional landscape for shoppers. For retailers, understanding these behaviors is key to delivering impactful offers.
Winning Strategies for Retailers
Black Friday isn’t just about offering the steepest discounts; it’s about building trust and making meaningful connections with consumers. Erica Sandelin Ekelund, CEO of Voyado, emphasizes the importance of tailored communication:
“With consumers planning their purchases in advance and facing pressure to buy, it’s crucial for businesses to promote the right products to the right customers. Discounts matter, but trust is an equally important factor driving sales.”
To stand out in a competitive market, retailers can adopt these strategies:
- Leverage data to personalize offers
Using customer data effectively allows retailers to segment audiences based on preferences such as product interest, purchasing history, and location. Targeted promotions ensure that offers resonate with the right audience, increasing the likelihood of conversion. - Ease decision-making for shoppers
Overwhelmed consumers may be deterred by too many options. By curating tailored recommendations and sending timely, relevant offers, retailers can simplify the shopping experience and reduce stress for customers. - Build trust to drive loyalty
Transparency around discounts, inventory levels, and return policies can help establish trust, a crucial factor in turning one-time Black Friday shoppers into repeat customers.
Data-Driven Insights for Maximum Impact
The research highlights that today’s consumers are more informed and deliberate than ever before. Many shoppers engage in price comparisons and budgeting well ahead of Black Friday. For retailers, this underscores the need for precision in their marketing efforts.
By segmenting customers and analyzing behaviors, businesses can identify what matters most to different groups. For example, a tech-savvy audience might prioritize personal electronics deals, while fashion enthusiasts are more likely to respond to seasonal wardrobe promotions.
A Long-Term Vision Beyond Black Friday
While Black Friday provides a high-stakes opportunity to drive immediate sales, the real win lies in cultivating long-term relationships. Retailers who invest in personalized and thoughtful customer experiences can convert one-day buyers into loyal patrons who return long after the sales have ended.
As Voyado’s insights reveal, Black Friday is more than just a sales event; it’s a chance for retailers to connect with their customers on a deeper level. By understanding shopper motivations and delivering tailored solutions, businesses can position themselves as trusted partners in the shopping journey—not just during Black Friday but for years to come.
Research Methodology
This survey was conducted by Censuswide on behalf of Voyado among 2,010 UK respondents aged 16 and older. The data, collected between November 1 and November 5, 2024, adheres to Market Research Society (MRS) and ESOMAR principles, ensuring reliability and transparency.