Golden Quarter 2024: UK Shoppers Are Cautious But Confident!
When it comes to holiday spending, UK consumers are feeling "cautious but confident" ahead of the Golden Quarter, according to new research from e-commerce provider Visualsoft. The average spend for Christmas and Black Friday this year is projected to be £567.97.
In June 2024, Visualsoft conducted a One Poll Survey of 2,000 UK consumers aged 18-65 from various regions to explore their online shopping attitudes. The findings are detailed in the report, ‘Make Golden Quarter 2024 shine: Unwrapping UK shopper gifting trends for dazzling engagement’.
Key insights include:
13% of consumers plan to increase their spending year-on-year.
21% prefer supporting independent retailers.
Only 26% plan their shopping one month or more in advance.
Younger generations are more optimistic, with a third of 18-24 year-olds planning to spend more than in 2023.
While 13% of consumers intend to spend more this year, the majority (57%) aim to match their 2023 spending, potentially leading to flat revenues for some retailers.
One in three (35%) plan to spend between £101 and £500, and a notable 19% are looking to invest between £501 and £1,000, leading to the average budget of £567.97.
Generosity varies by region, with Londoners and Scots being the most liberal spenders—14% and 13% respectively plan to spend over £1,000, compared to 5% in the East Midlands and 6% in the South West.
Not everyone is planning their spending early. With 27% still unsure, retailers have a chance to leverage last-minute trends and smart marketing campaigns to boost sales.
Ashley Wright, CCO at Visualsoft, emphasized the importance of the Golden Quarter, which includes Black Friday, Cyber Monday, and Christmas, as a key sales period. He urged retailers to enhance online engagement and marketing efforts to capture and convert shoppers’ interest.
With just 26% of shoppers planning their Christmas purchases more than a month in advance, brands have ample opportunities to influence buying decisions right up to the holidays.
Retailers targeting younger consumers could see higher returns, as a third (33%) of 18-24 year-olds plan to spend more, compared to just 4% of those aged 55-64. Top items across all age groups include fashion, skincare/cosmetics, and gadgets, with younger shoppers also showing interest in luxury items, virtual experiences, and subscription boxes.
Nearly half of shoppers (47%) treat small online brands and big retailers equally, though there’s a growing trend toward supporting smaller independent businesses, favored by 21% of respondents.
Sustainability and purposeful purchasing are increasingly important, particularly among 18-24 year-olds (18%). This trend suggests a significant opportunity for independent retailers to capture a larger market share during the Golden Quarter.
Wright added that despite the cost-of-living crisis, some consumers are likely to increase their spending. Retailers can influence spontaneous and undecided buyers through targeted messaging and curated offers, but planning ahead with multiple touchpoints in the coming months will be crucial for maximizing sales this year.
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