SOURCE: ListenLogic

ListenLogic Social Market Research and Analytics

December 01, 2010 10:32 ET

The 'Why' Behind the Buy: Black Friday and Cyber Monday 2010

Rationale Behind Consumer Holiday Shopping Behaviors Understood Through Social Media

FORT WASHINGTON, PA--(Marketwire - December 1, 2010) - Social market research and analytics company, ListenLogic, analyzed tens of thousands of public online conversations throughout the Black Friday and Cyber Monday shopping period to reveal how consumers think about, prepare for, and act upon Black Friday and Cyber Monday shopping and how these behaviors differ. 

"The numbers detailing sales figures for Black Friday and Cyber Monday are only part of the story. Actionable insights come when you investigate and understand the consumer mindset behind these purchases," said Mark Langsfeld, ListenLogic founder and CEO. "By analyzing aggregated public online conversations in real-time, our social market research enables retailers to quickly make informed merchandising decisions throughout the holiday shopping season." 

Top Reasons 'Why' Consumers Shop on Black Friday
1. The tradition of shopping with friends and family (40%)
2. Inspiration of holiday music and decorations (21%)
3. Prospect of finding a great deal (18%)
4. Afraid item(s) will sell out (17%)

Top Reasons 'Why' Consumers Shop on Cyber Monday
1. Couldn't resist the impulse to check out deals (39%)
2. Heard about a promotion through someone in their online social network (21%)
3. The ability to comparison shop with ease (18%)
4. Received feedback from their online social network for peace of mind (13%)

Planning and Purchasing Behaviors Differ Friday to Monday
Time spent planning purchases differed greatly between Black Friday and Cyber Monday. 22% of consumers who mentioned shopping on Black Friday noted making plans at least one week in advance, as compared to just 6% of those who mentioned shopping on Cyber Monday. Interestingly, 19% of consumers noted making purchasing plans within just 24 hours of Cyber Monday, as compared to 3% for Black Friday.

The short planning-to-purchase cycle of Cyber Monday is evidenced by the fact that 21% of consumers noted making an impulse purchase on Cyber Monday, as compared to just 6% of consumers who mentioned doing so on Black Friday. Furthermore, 18% of consumers completed their Cyber Monday shopping and then decided to shop at least once more that day, as compared to 2% of consumers who completed their Black Friday shopping.

Shopping Intent: Black Friday is for Friends and Family; Cyber Monday is for Me?
20% of consumers noted purchasing something for themselves on Cyber Monday, as opposed to only 6% who mentioned purchasing something for themselves on Black Friday. 

Top Recommendations for Brick-and-Mortar Retailers

  • Leverage online social networks to encourage offline social shopping
  • Utilize online promotions that stress immediacy to prompt in-store purchases

"Holiday shopping is a very social behavior both online and offline. Brick-and-mortar retailers should leverage online social networks, promotions that require checking-in, and immediate incentives such as timed deals via email, Twitter and Facebook to drive traffic into stores and extend their Black Friday success throughout the month of December," states Vincent Schiavone, ListenLogic co-founder and executive chairman. "Promotions such as those that encourage sharing a deal with one's social network and bringing a friend to the store can be used to cultivate a more social shopping experience offline."

Research is based upon public online conversations that mentioned shopping on Black Friday and/or Cyber Monday and were posted between 12:00 a.m. on Friday, November 26th and 11:59 p.m. on Monday, November 29th

Further information can be found at: www.listenlogic.com.

About ListenLogic
As the leading provider of social market research and analytics, ListenLogic combines proprietary technologies and rigorous research methodologies to provide Global 1000 companies with unparalleled insight into the mindset of the consumer. More than social media monitoring, ListenLogic social market research provides a deeper understanding of today's involved consumer to answer real business questions with advanced geographic, demographic, and psychographic segmentation that aligns with and informs traditional market research. For further information, please visit: www.listenlogic.com, http://blog.listenlogic.com, or http://twitter.com/listenlogic.

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