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ARCHIVED - Black Friday online boom anticipated in Spain this year due to Covid-19
Studies predict even more Spanish consumers will shop online this year to compensate for the feelings stemming from confinement as well as because new markets, such as the older generation, have become used to buying online during lockdown
Spanish consumers are expected to make significantly more Black Friday purchases this year than in previous years due to the coronavirus restrictions and the insecurity caused by COVID-19 in making Christmas purchases in physical stores, according to a Google study.
Professor of Economics and Business Studies at the Open University of Catalonia (UOC) Neus Soler, explained that the pandemic will favor Black Friday, as it permits clients to take advantage of discounts and buy virtually, without implying any risk or inconvenience.
According to the Google study carried out in Spain, there will be a 40% purchase intention on "the Black Friday of COVID-19", which represents an increase compared to 2019 (33%).
“Consumers who have a real need and who have delayed their purchase decision until now will take advantage of those days to meet their needs with more competitive prices. On the other hand, there will also be more conservative consumers, without a real need for consumption, who will delay their purchases in the face of uncertainty ”, explains Maria Teresa Ballestar, collaborating professor at the UOC's Economics and Business Studies.
Confinement and sanitary limitations have led to almost involuntary savings: the closure of schools and leisure activities and the cancellation of extracurricular activities have allowed savings. “For those who have not been affected by the crisis at work, there has been a clear increase in family savings: the inability to invest economically in certain activities due to restrictions because of the pandemic and consumer fear of future situations have increased these savings”, explained Ballestar. According to the Bank of Spain, in the midst of the COVID-19 pandemic and during the state of alarm, households saved up to a record 22.5% of their disposable income in the second quarter, while reducing their consumption.
Consumption to compensate for the crisis situation?
"The degree of accumulated frustration, the long-term health limitations that are not resolved, the critical moments suffered, all these situations can guide the consumer towards compensation and the feeling of worthiness", warns Soler. Leisure, travel and hospitality are categories that are contained and limited. Therefore, in the categories in which the consumer can consume, whims, enjoyment and some compensation are allowed. “This will enhance the purchase intention of Black Friday. It represents "the occasion" to indulge and try to alleviate the frustration or anger caused by the crisis situation”, explains Soler.
According to the Google survey, this year the buyer's profile will be more female (54%) than male (44%). The reason for this difference is explained, according to Soler, by the fact that the woman is "responsible" for a wide variety of purchases of products for herself, for other people (children, for example) and for the entire population. family (household clothing and decoration). That implies that she is the one who accumulates a higher probability of purchasing. “Although this does not mean that they are the one who spends more, because the type of product that men usually buy (technological products, for example) can be more expensive, so that the intention to purchase is greater in women, but the percentage of spending may be higher in men, "adds Soler. In fact, according to the study, by sex, men are more willing to spend more (200 euros) than women (160 euros).
Older buyers have lost their fear during the confinement
Although the intention to purchase may exist, the final decision to buy will depend mainly on the offers. 53.4% of those surveyed affirm that their spending will depend on the offers they find.
45% of Spaniards say they buy more online now than before the pandemic, according to a study by Ipsos.
The forecasts for Black Friday indicate that online purchasing will be the trend this year: their study says 70% of those surveyed affirm that they will buy online this year. In fact, 50% will only purchase online and 20% in physical stores and online the study reports. "The current situation has encouraged the use of the online channel as a way to avoid contagion risks," says Ballestar. Since the confinement, it has been observed that older population segments, initially reluctant to buy through virtual channels, now feel comfortable using them. "If we add to this the resistance that persists around offline shopping (for fear of the risk of contagion), it is logical that online channels will gain followers for this Black Friday," she concluded.
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