Simon-Kucher & Partners: the impact of the lockdown on Italians' propensity to buy

Simon-Kucher & Partners: the impact of the lockdown on Italians' propensity to buy
Black Friday and Cyber ​​Monday, the commercial recurrences that correspond to the last Friday in November and the following Monday, are also two highly anticipated events in Italy for shopping in search of business. A recent study conducted by Simon-Kucher & Partners, a global consultancy firm specializing in strategy and marketing, investigated the purchase intention of Italians during Black Friday and Cyber ​​Monday in this 2020 when pandemics and lockdowns have led to social uncertainty and economic slowdown.

According to the report, almost all of the interviewees, ie 99%, know what Black Friday is (+ 1% vs 2019, referred to as "promotional sales day in which they are offered discounts ") while Cyber ​​Monday notoriety is growing to 80% (+ 11% vs 2019, referred to as the" day of online special offers "). Almost 8 out of 10 Italians have declared their intention to buy something during these days (79% vs 81% 2019) and the number of those who will make purchases in both moments is growing (58%, + 16% vs 2019). While electronics (66%, + 12%), clothing (54%, + 11%) and small household appliances (52%, + 20%) confirm themselves on the podium of the most desired categories, household products take the 4th place place (37%, from 7th in 2019).

However, Covid-19 leads to the search for new savings opportunities. "Overall, the pandemic does not negatively affect purchase intentions, however it leads to evaluate these events in a logic of saving: those who declare that they have been impacted by COVID19 are more interested in making purchases (48%," it is precisely during these days that you can find the best deals ")".

More rationality, this year, shopping cart planning and limitation of impulse purchases for 86% of Italians in view of Black Friday and Cyber ​​Monday. Of these, however, 63% are informed only in the previous two weeks. The search for information is mainly carried out on the official websites of the brands, while for videogames one gets more information on social networks.

This propensity for more thoughtful shopping translates into an average expected expenditure of 188 euros, a decrease of -9.8% compared to 2019, confirming how the virus is limiting purchasing power this year in Italy: 58% of Italians impacted by Covid-19 said they had to reduce their expenses as direct consequence of the pandemic.

Men expect an average expenditure higher than that of women (211 euros vs 169 euros), in particular the highest-spending clusters are men 35/54 years and women 35- 44 years old. The average expenditure forecast also has a slight territorial gap: on the Islands and in the North West it is greater (204.3 euros and 199.5 euros), less expenditure is expected in the South (178.3 euros). Are Black Friday and Cyber ​​Monday really the most convenient days of the year for shopping? 43% of Italians designate Black Friday as the one with the best deals, followed by the end of season sales 16% and Prime Days 10%.

«From punctual to linear. The promotion of Black Friday has now been extended and spread over a longer period of time, effectively impacting the logic and expectations of consumer savings "commented Francesco Fiorese, Partner of the Milan office of Simon-Kucher & Partners. "The discount paradox is confirmed, if low does not work and if too high it does not generate additional sales appeal: Italians see the sweet-spot between 30% and 40% discount".

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