Shoppers are hunting for energy-saving bargains this Christmas; Gen Z and millennials are going for "Buy Now, Pay Later"

According to new research announced this November by the research platform quantilope, more than a quarter (28%) of consumers plan to buy products to help save on their energy bills this winter, while a third (34%) are looking for basic essentials for themselves or their family.

"Sheep" and "Duck" blankets, made with a pure wool and cotton (80%/20%) blend, measuring 130 x 180 cm from J.J. Textile, an independent business based in Derbyshire, UK., known for their cosy blankets, cushion covers and throws in their original designs.

Quantilope executives said shoppers today are planning to hunt for energy-saving bargains, including blankets and small space heaters. According to new research announced today by quantilope, the research platform that automates advanced research methodologies, more than a quarter (28%) of shoppers plan to buy products to help save on their energy bills this winter, while a third (34%) will look for basic essentials for themselves or their family.

The rising cost of living is clearly having a big impact, with a quarter of those surveyed abstaining from Black Friday shopping saying that inflation has affected their discretionary spending.

The research platform that automates advanced research methodologies had recently surveyed 400 consumers in the UK (and 400 in the US) to understand more about their Black Friday shopping habits and how they plan to pay for their purchases. 

Rainbow Stripe Wool Blanket Throw
measuring 150 x 183 cm and cushion, all made
with 100% pure new wool
from Cushy Home & Style, a 
family-run business based in
Taunton, Somerset, UK.

A quarter of consumers said they were avoiding Black Friday this year, with the majority saying there is nothing they need to buy on a Black Friday deal (64%). Nearly half (46%) thought Black Friday was over-hyped and one in ten said it stressed them out. 

Alex Hall, Associate Director at quantilope, says. “(Black Friday) is a time when people usually look for deals on gifts for themselves and their families ahead of Christmas. While this still holds true this year, we’re also seeing substantial metrics for those stocking up on basic essentials, items for the household, and even energy-reducing items. This might signal the start of a changed perception about Black Friday.”

The ‘Buy Now, Pay Later’ generations

Additionally quantilope’s research revealed that younger shoppers are planning to use "Buy Now, Pay Later" (BNPL) services – perhaps so that they don’t miss out on any Black Friday bargains that could save them money in the longer term. While around a quarter of all consumers (26%) plan to use BNPL in the UK, this rises significantly among younger generations, with 40% of Gen Z (between age 12 and 25) and 36% of millennials planning to do so.

This is backed up by new research from McKinsey & Company, which indicates that BNPL services are becoming increasingly popular as the cost of living crisis worsens and people turn to shopping on credit. 

It also states that millennials and Gen Z are more likely to use BNPL in the coming months.

“This is further evidence that the current economic climate impacts what shoppers buy and how they plan to pay for it. But what’s really interesting is that as well as people planning to buy on no interest credit services like BNPL as well as credit cards, cash is also still a common form of payment. Despite the rise in contactless payments, one-in-four shoppers in the UK are planning to pay for their Black Friday purchases in cash”, adds quantilope’s Alex Hall.

Multifunctional wardrobe set to drive athleisure market, says GlobalData

It seems that the popularity and influence of the athleisure trend will continue as our favourite fashion choice, as we seek multifunctional clothing more than ever before, driven by the demand for comfort, performance and style.

Li-Ning, SS20 - Paris Men's Fashion Week.

According to GlobalData, a data and analytics company, 20% of UK consumers purchased sports clothing specifically for leisure activities and free time in the last two years, not to exercise in.  Also 68% of consumers who purchased sport clothing for exercise also wore such items for leisure activities and free time, eating our or shopping.

Consumers are purchasing more consciously and reducing spend on fast fashion, playing into the hands of those retailers and brands that can showcase the versatility of their items, as well as the durability and quality.

GlobalData forecasts that the global athleisure market will rise 9.0% in 2019 and will continue to outperform the total clothing and footwear market beyond the company’s 2023 forecast period.  

Athleisure fashion pushing boundaries.

A catwalk show at Pure London,

July 2019.

Photo by Lucia Carpio.

Honor Strachan, Principle Retail Analyst at GlobalData, commented: “Over the next five years, the sportswear market will be one of the leading retail sectors. Activewear brands are selling consumers a lifestyle, and fashion retailers are leveraging their style credentials to produce affordable fitness ranges to sell alongside core casual and formalwear collections."

Strachan explains: “This willingness to pair sportswear with core wardrobe pieces has opened sportswear brands up to new audiences and allowed them to diversify into new product areas, boosting their share of the global clothing & footwear market.”

Moreover, increasing consumer appetite for comfort has also fuelled sales of activewear and trainers with brands utilising their technical expertise in ensuring products offer freedom of movement, aid temperature and sweat control, shape the body and provide support. These qualities have filtered into consumers’ everyday wear and not just when they are at the gym.

Adoption of the athleisure trend in much of Asia has been slower, so international and national brands are leveraging social media, third party selling platforms and brand ambassadors to sell the appeal of having a sports and street influenced wardrobe.

Strachan concludes: “Chinese brand Li-Ning has exploited its credentials as a sports manufacturer to produce high fashion casualwear which can be worn for training or leisure, while Nike’s instore and online outfit styling provides inspiration on how to wear pieces for multiple uses encouraging consumers in China, Taiwan, South Korea and Japan to incorporate sportswear into their everyday wardrobes.”






Photos above and left are from Chinese sportswear and fashion brand Li-Ning's catwalk show staged in June 2019 during the Paris Men's Fashion Week.