What Marketers Should Know About Black Friday And Cyber Monday
The Male & Millennial Shopping Agenda
“Interestingly enough, the research shows that Black Friday and Cyber Monday may be a bigger deal for men versus women, and for millennial shoppers as compared to other age groups,” says Joe Migliozzi, Managing Director, Global Head of Shop+ for Mindshare. “There’s no one silver media bullet for reaching those groups—but ultimately, you start by grounding your commerce strategies in audience data and insights and building off of that. The right media plan will leverage those not just from the start, but with adaptive strategies throughout the holidays.”
When it comes to shopping for Black Friday and Cyber Monday, it turns out that men are more likely than women to know what they’ll spend. Mindshare NA’s survey found that 68% of men who plan on shopping on Black Friday or Cyber Monday have a specific budget in mind, versus 55% of women. When breaking the same question down by age groups instead, millennial shoppers took the majority: 76% of shoppers ages 18-34 answered in the affirmative, versus 59% of shoppers ages 35-54 and 37% from ages 55 and over.
Men also plan on spending nearly 69% more than women during these shopping events. Mindshare NA found that on average,1 men anticipate that they’ll spend $417 on Black Friday and/or Cyber Monday, while women anticipate that they’ll spend an average of $247—nearly 69% less.
When breaking the same question down by age groups instead:
- Those ages 35-54 plan on spending the most, with an average of $356.
- Millennials aren’t far behind with anticipated spending of $338.
- For those ages 55 and higher, the number drops to $244.
Men and millennials are also more likely to camp outside stores before they open—56% of male shoppers said that they do so, versus 29% of female shoppers. And, 58% of shoppers ages 18-34 do so, versus 42% of shoppers ages 35-54 and 14% of shoppers ages 55 and up.
What can account for these differences in attitudes and budget? There’s multiple factors involved. For one, the data suggests that men and millennials see Black Friday and Cyber Monday as bigger opportunities for sales versus other audiences looking for discounts year-round:
- 69% of male shoppers say that they can get deals on Black Friday that they can’t get at any other time, versus 58% of women.
- When broken down by age groups instead, that stat increases to 72% for millennials, versus 63% for those ages 35-54 and 48% for those ages 55 and up.
- 70% of male shoppers say that they expect in-store deals to be better than online deals, versus 51% of female shoppers.
- That 70% stat was also found specifically for millennial shoppers.
That also helps explain why 63% of male shoppers say that they do their holiday gift shopping during those shopping days, versus 49% of women. When breaking down the date by age groups instead, the number rises to 73% for millennial shoppers, versus 50% for those ages 35-54 and 31% for those ages 55 and up.
Another crucial factor in the differences in attitudes and spending is product choices—specifically that of big ticket items. For example, men are more than three times more likely to want to purchase auto/auto parts (22% versus 6% for women).
The biggest drivers for anticipated Black Friday and Cyber Monday spending are clothing/fashion and electronics (such as TVs, phones, DVDs, etc.). But when broken down further, the most popular drivers for men versus women are:
|Electronics (57%)||Clothing/Fashion (66%)|
|Video Games (48%)||Electronics (53%)|
|Clothing/Fashion (44%)||Toys (45%)|
|Toys (43%)||Home goods such as bedding, etc. (44%)|
Showrooming and Social
Mindshare NA also found that 58% of shoppers use their phones when in-stores to check prices on items. For men, that rises to 66% versus 49% of female shoppers.
The agency also found that 41% post about Black Friday/Cyber Monday deals to social media sites—which rises to 57% for millennial shoppers specifically.
- When broken down by income brackets, it hits 60% for those with an HHI2 of $75K or more, versus 32% with an HHI of $45-75K and 25% with an HHI of $45K or less.
- Male shoppers are also nearly twice as likely to post deals on social: 53% vs. 28% for women.
The purchase of more big ticket items is also why men are nearly twice as likely as women (52%
Other POS news and exclusive articles:
- Adyen adds WeChat Pay to its platform globally
- ShopAdvisor and Mobee to Make Retail Hyperlocal Proximity Marketing More Effective
- Reachify Launches New Technology to Help Retailers Select Enterprise Software Companies
- Opterus Announces Store Ops-Center Version 16.3
- B2B Soft Delivers Wireless Standard v9.3.2, Including New Features, Speed Enhancements and
- NFC Forum Unveils Tag Certification Initiative; Calls for Participation
- Six Michigan Healthy Food Retail Projects Split $380,000 In Catalytic Investment Awards
- Sales, Stock, and Inventory, Oh My! How to Use POS Data to Improve Retail Operations