Introduction
It is that time of year again and Black Friday and Cyber Monday are everywhere with special offers and fantastic deals.
In a global study commissioned by Kaspersky, 4,000 consumers from developed markets were asked about their views and shopping behaviour when it comes to these sales events. As is to be expected, the draw of a super-sale of this proportion is strong for almost everyone and as this study shows, there are many occasions when decisions against buying anything were all to easily overturned by a great offer or a strong recommendation.
Video gamers were a part of the research audience, taking about their ways of preparing for the sales and how they decided what to buy (or not). Another focus was consumers’ understanding and potential use of cryptocurrency in the context of Black Friday and Cyber Monday. Very much a rarity as a payment method in early 2022 (when a large-scale global study on cryptocurrency ownership, use and perceptions was also commissioned by Kaspersky), it now occupies wallet space and is used regularly for a wide range of purchases. And as it turns out, it is indeed the gamers who lead the way.
About the research
The data presented in this report is based on survey commissioned by Arlington Research for Kaspersky and conducted in October-November 2023 among 4,000 people in such countries, as Germany, Italy, UAE, Saudi Arabia, India, Brazil, Mexico and Russia.
Key findings
- 48% make lists on different vendors only to buy none of the items they selected in advance.
- 90% buy things spontaneously during Black Friday or Cyber Monday.
- 46% do not believe Black Friday or Cyber Monday really mean getting the best possible deals, most of them still end up buying something.
- 58% of Black Friday and Cyber Monday shoppers will try to find and get whatever products or special deals are recommended by the influencers and bloggers they follow online.
- 46% of men and 41% of women understand cryptocurrency, almost equally in the end of 2023.
- 38% would use cryptocurrency to buy groceries, and almost as many to pay for meals in restaurants or for their theatre or concert tickets – both 36%.
- 81% of video-gamers would use cryptocurrency to pay for their game-related purchases, including chairs, computer equipment and video games themselves.
- 83% of respondents see Bitcoin as safe, next in line are Ethereum and USD Coin, rated as safe by 65%.
Chapter 1. Super-Sales Shopping Madness, or Great Opportunities to Get More of What You Need?
Black Friday and Cyber Monday have become global super-sales events, with millions of consumers making the most of the price reductions on a huge range of products. Retailers open their doors to shoppers literally ready to fight for the best deals on offer, but in the online world, deals are announced longer in advance and many make plans for what they will purchase once the digital stores start their Black Friday offers.
In a brand-new global study, consumers were asked about the importance of these sales events, how they shop, and how their plans and their actual buying decisions usually match up.
There is a lot of anticipation when it comes to Black Friday and Cyber Monday – three quarters of consumers make shopping plans in advance
More than two thirds (69%) like to wait for the big sales events in expectation of a worthwhile bargain hunt. In preparation for Black Friday and Cyber Monday, 75% of consumers say that they make use of the run-up to these events to plan their bigger purchases in advance, hoping to make the most of price cuts and special deals.
With so many offers, it can be hard to choose, so 71% create wishlists and then buy as many things as they can from those lists on Black Friday or Cyber Monday. Of course, not all of these intentions turn into actual purchases – nearly half (48%) make lists with different vendors only to buy none of the items they selected in advance.
How do you make shopping plans?
Very few consumers avoid the super-sales events, and more than half agree that they are a worthwhile opportunity
Only 16% say that they avoid Black Friday and Cyber Monday because they see these events as over the top and encouraging unnecessary spending, but 57% actively disagree. And although 46% say that they do not believe Black Friday or Cyber Monday really mean getting the best possible deals, most of them still end up buying something.
Can you resist the flood of special offers? 90% of consumers cannot
In addition to getting things from their well-prepared lists, unplanned purchases are very common during the Black Friday and Cyber Monday super-sales. Even when consumers are determined that this year, they will not buy anything, the majority will be persuaded to make one or more spontaneous purchases by the many special offers hitting their screens, radio programs and email inboxes.
Those price cuts really are very persuasive: 90% buy things spontaneously during these sales, and as many as 57% do so most or even all of the time. Women are the more dedicated super-sales shoppers, with 22% saying they will always make spontaneous purchases during Black Friday and Cyber Monday, compared to only 17% of men. Those aged 25 to 34 years also stand out: 23% say that they will always buy something spontaneously during these events, significantly more than in any other age group.
How often do you make spontaneous purchases during Black Friday and Cyber Monday?
Influencers can make a big difference to consumer buying decisions
A surprising 58% of Black Friday and Cyber Monday shoppers say that they will try to find and get whatever products or special deals are recommended by the influencers and bloggers they follow online. This highlights the impact of social media marketing and sponsored content as a guide to finding worthwhile offers in a noisy and highly competitive marketplace.
For some, friends and family can change their mind if they had decided not to buy anything during the super-sales – if their loved ones make a strong recommendation, 40% will usually buy what they advise.
The smartphone is the most important device for super-sales shopping
The smartphone is easily the most important device for shopping during Black Friday and Cyber Monday: they are used by 79% of consumers. Laptops lag behind with only 47% saying they use them for shopping during these events, PCs come in third with 44%.
Buying on the go fit with the high proportion of spontaneous purchases and the growing use of mobile payments – from the standard online bank transfer to the crypto-wallet.
Consumers are surprisingly comfortable paying with cryptocurrency during super-sales events
Although some (20%) perceive particular vulnerability to wallet hacking during times of high activity like Black Friday and Cyber Monday, cryptocurrency is playing an increasingly important role as a payment method for consumers. 44% of those aged between 25 and 44 now own cryptocurrency, and many use their wallet as a means of payment for a range of purchases.
When asked how they feel about using cryptocurrency to pay in a physical store or for paying online, a quarter said they feel extremely comfortable with either and fewer than 15% express any kind of discomfort at the thought. Paying in a physical store is as easy as using cryptocurrency to pay online – it does not matter where the crypto-wallet is presented to make a payment.
Using cryptocurrency to pay in a store is…
Consumers actively wish to use cryptocurrency more often to pay for their purchases
44% see cryptocurrency as the future of paying for their online shopping and 57% say there are not enough opportunities to use it, underlining the rapid progression of cryptocurrency towards the mainstream.
Those retailers who can offer it as a payment option are likely to attract more customers as 34% wanted to use it in physical shops that would not accept cryptocurrency payments, and as many as 51% say that it is their preferred way of paying for most things when shopping during the Black Friday and Cyber Monday events.
Using cryptocurrency during super-sales events
Although some concern remains over volatility and vulnerabilities to cyberattack, confidence in cryptocurrency has grown exponentially, so perhaps it is time for retailers to create more opportunities for making it part of big events like Black Friday and Cyber Monday.
Chapter 2. Convenient, not Scary: Consumers are Embracing Cryptocurrency
Cryptocurrency gains traction as familiarity increases exponentially
With almost two years of remote working and switching life to “digital” for months on end, consumers have built up knowledge and confidence in many new areas over the last few years. In line with this, their understanding of cryptocurrency has grown and many have decided to buy into the cryptocurrency of their choice.
44% of consumers globally now describe themselves as very knowledgeable about cryptocurrency, a plus of 7% compared to a global study conducted early last year. Increased expertise also means that consumers from a wide range of backgrounds are not only happy to own but also to use cryptocurrency as one of their payment options.
This is especially true of the real “experts” among them, who tend to feel particularly comfortable in digital and virtual environments where they often play video games. In this group, 61% claim very good knowledge of cryptocurrency.
Women are catching up with men on cryptocurrency expertise.
Not only has consumer understanding of cryptocurrency improved significantly, the knowledge gap between men and women is also closing: early in 2022, men were ahead of women in their understanding of cryptocurrency by 10%. In this latest study, the difference has shrunk to 5%: now, 46% of men claim to be very knowledgeable about cryptocurrency, compared to 41% of women.
Who is very knowledgeable about cryptocurrency?
Cryptocurrency ownership has increased at an astonishing rate
Amongst the typically digitally versed 25 to 44 year-olds, ownership has reached 78%, up from 48% for the same audience in early 2022. Among frequent gamers, 81% are current owners. And far from being just an investment that will hopefully produce an excellent profit, cryptocurrency is becoming a part of consumers’ everyday digital wallets.
Cryptocurrency ownership by 25—44 year-olds
Using cryptocurrency is the future for many consumers.
Cryptocurrency is convenient and easy to use: 35% see it this way, and 44% see it as the future of paying for their shopping online, but in reality, there is a long way to go before it is accepted for all the purchases consumers want to make using this payment method. This lack of opportunity to use it is criticized by 57% of consumers.
Nearly one in four consumers would buy their groceries with cryptocurrency
There are now over 400 million cryptocurrency users worldwide. As familiarity increases, even average consumers are happier to use cryptocurrency as a payment method. According to Kaspersky survey results, 51% say that during big sales events like Black Friday, cryptocurrency is their preferred way of paying for most of the purchases they want to make.
This is reflected in a greater willingness to use it generally in different scenarios, with a surprising 25% of all consumers feeling extremely comfortable with the idea of using cryptocurrency to pay in a physical store, and 26% when shopping online. Only 5% say that they would not use cryptocurrency a means of payment now.
Using cryptocurrency to pay in a store is…
Illustrating the extent to which things have changed, almost half of all consumers (46%) would happily pay for their clothes shopping with cryptocurrency, 38% would use it to buy groceries, and almost as many to pay for meals in restaurants or for their theatre or concert tickets (both 36%).
Booking a holiday? Pay with cryptocurrency.
37% would pay this way for their plane tickets, 34% to book their entire holiday, and even very high value purchases make perfect sense for 41%, for example a new car (31%) or a house (24%). The furniture for their home is also seen as a perfect opportunity for using cryptocurrency by 31%.
Gaming equipment tops the list for cryptocurrency purchases.
81% of those involved in video gaming would use cryptocurrency to pay for their game-related purchases, including chairs, computer equipment and video games themselves.
What to buy with cryptocurrency
Many consumers would like more opportunities to use cryptocurrency
An amazing 68% identified specific purchases for which they wanted to use their cryptocurrency but were unable to pay that way. These range from video games (59%) to groceries (39%) and new cars (32%). Retailers will certainly have to up their game when it comes to keeping up with the pace of change in consumers’ digital payment habits, where a credit card is quickly becoming old school whilst cryptocurrency has become established in highly developed digital environments like video games. As many as 31% believe that it is completely normal now to pay for in-game purchases – so when will the rest of the world catch up?
Bitcoin is uncontested No. 1 for safety for over 80% of consumers
When faced with the question of how safe the world’s top cryptocurrencies are, Bitcoin still holds #1 as the most well-known and stable option for those wanting to invest: 83% see this currency as safe. Next in line are Ethereum and USD Coin, rated as safe by 65%. With more than 22,000 of these currencies available now, it is becoming ever more important for consumers to be able to judge which one is right for them.
Which cryptocurrencies are safe?
Volatility and scams remain the key concern for consumers…
Cryptocurrency does have its risks, of course, and consumers remain concerned about the volatility of its value which could mean significant financial loss for them. This aspect is named as the main concern by 40%, together with being scammed by fake sellers (also 40%) deceiving consumers into believing their offer is genuine.
Concerns when using cryptocurrency
More generally, 24% of consumers are convinced that cryptocurrency is safer than others believe, but 20% are concerned about the potential vulnerability to hackers and 15% feel unsure of how to protect cryptocurrency adequately, making them less likely to use it.
General concerns around cryptocurrency
Cryptocurrency is…
…but cryptocurrency is unstoppable on its way into the payment portfolio of most consumers
40% of consumers say that they would use cryptocurrency more if they had the opportunity, paying for anything from groceries to holidays or even their new car. This includes physical shops, where 34% of consumers want to be able to use cryptocurrency to pay for their chosen goods.
And even if it seems tricky to start, once you have a bit of practice, 29% are convinced anyone can use it – for making the most of those special deals during Black Friday and Cyber Monday, or just doing your regular shopping.
Chapter 3. Gamers turn into Savvy Shoppers during Black Friday and Cyber Monday
With a projected annual revenue of US$249.60bn for 2023, it is indisputable that the video gaming industry is very successful in encouraging players to spend increasing amounts of money on in-game items and gaming equipment. In a Kaspersky study, gamers were asked about their shopping habits as Black Friday and Cyber Monday are underway globally, and it turns out that they are strategic, focused and determined to make the most of the chance to land some serious bargains during these super-sales events. And interestingly, many of these purchases are paid for with cryptocurrency.
Gamers don’t want to miss out on Black Friday and Cyber Monday specials
The majority use these specific events as important opportunities to upgrade their equipment, buy new games or take advantage of great in-game offers. Many make plans and lists of what they want to buy in advance, and as everyday their calendars contain reminders of when digital or physical products are launched so they don’t miss out, the preparation for the super-sales is child’s play for them.
39% say that special offers and promotions play role when planning to buy gaming equipment, but when it comes to the super-sales, 74% of all gamers say this is a very or even extremely important opportunity.
Importance of Black Friday and Cyber Monday for buying gaming equipment
Those investing most in their gaming often plan bigger purchases well in advance to make the most of opportunities to get discounts or special deals (84%), but 75% of all gamers are keen to be ready when those special offers drop. And even though committed gamers will often get what they need then and there (31% of those playing 21 or more hours per week), the other 69% wait for Black Friday and Cyber Monday, even for essential purchases This is a big deal and they will make the most of it.
Lists and key dates help gamers keep on track to prioritize what they will buy during the super-sales
Having built up their lists of desirable purchases in advance, 71% of gamers get as many listed items as they can during the sales events. They are used to working with their calendar when it comes to avoiding disappointment: 65% set themselves a reminder for the time when new things like games, upgrades or equipment become available so they can buy them immediately.
So waiting for specific special offers during Black Friday and Cyber Monday is all in a day’s work: 67% queue virtually to be first through the door when their chosen items go on sale.
I like to wait until big events like Black Friday or Cyber Monday to get the best deals
Spontaneous buys are part of the game as Black Friday and Cyber Monday push out an avalanche of price cuts
Gamers approach the super-sales with great tactical planning and careful selection of their priority items – and then that super-special offer drops and they can’t resist: 19% click ‘buy now’ every time, and 38% most of the time, when buying any kind of product.
And shopping as gamers, 53% agree that although they had decided not to buy anything, they will spontaneously buy something for their gaming after all (21% say they would definitely not do so – but that probably depends on how good the deal on offer is).
I usually decide not to buy anything, but then it’s Black Friday or Cyber Monday and I spontaneously buy something for my gaming after all
Buying decisions can be volatile as 48% of gamers do not follow through with their shopping plans – until someone makes a recommendation…
Coming up to Black Friday or Cyber Monday, almost half make a wishlist online with one or more vendor websites but end up not buying anything at all.
The impact of influencers in the gaming world is strong – many have a dedicated following and are trusted as experts in gaming equipment or other related product categories. So it is no surprise that as many as 58% say that they follow some influencers or bloggers online, and if those recommend specific products or special deals during Black Friday or Cyber Monday, they will usually try to find and buy those products.
I follow some influencers or bloggers online, and if they recommend specific products or special deals during Black Friday or Cyber Monday, I will usually try to find and buy those
Friends and family also have considerable influence if their recommendation is strong enough: 40% would buy a recommended product, even if they had decided that they would not buy anything during this year’s super-sales.
I don’t really want to buy anything during Black Friday or Cyber Monday, but if my friends or family strongly recommend something, I will usually buy it
One the surface, gamers shop online like everyone else during the super-sales
They use their smartphones to shop as much as everyone else (79%), around half (49%) use their PCs as access points to Black Friday and Cyber Monday, and they mostly go through online stores (37%) or multi-seller websites like Amazon (28%) to buy equipment for their gaming.
It gets interesting when it comes to the means of payment they use when shopping online: in addition to the classics like credit cards (55%) and PayPal (44%), as many as 19% use cryptocurrency to pay. This increases to a staggering 24% for those gaming 21 or more hours a week.
Payment methods for buying physical gaming equipment
Payment methods for buying in-game items like skins, inventory or currency
76% of all gamers own cryptocurrency, and they really know what they are talking about
An impressive 81% of those spending 21 hours+ per week on video games own cryptocurrency, but even those gaming between 3 and 10 hours a week are significant cryptocurrency owners with 69%. Unsurprisingly, their knowledge of cryptocurrency is also well developed, with 61% of those high frequency gamers describing themselves as very or even extremely knowledgeable. Regular players with 3 to 10 hours of gaming per week are not quite as expert, with 44% claiming very good or excellent knowledge of cryptocurrency. And they are not shy to use it in real, practical terms.
Gamers are the perfect cryptocurrency shoppers
57% are perfectly happy using cryptocurrency in online, and 56% in physical stores. This goes up to two thirds for committed players (21+ hours of gaming per week). So it is no surprise that 44% see cryptocurrency as the future of shopping online, and 40% would use it more if they had the opportunity.
Particularly those investing most in their gaming are vocal advocates (81%) and 54% even say that they would want to use cryptocurrency to pay for everything they buy during the Black Friday and Cyber Monday events.
24% would buy a house with cryptocurrency, 46% would shop for clothes
Quite logically, the kind of things they want to buy with cryptocurrency often relate to video gaming (for 65% its games, 54% equipment and 47% in-game items or upgrades). But even everyday items like clothing (46%), groceries (38%), meals in restaurants (36%) and tickets to entertainment events (36%) are natural cryptocurrency purchases. Almost a third would even use it to pay for a new car (31%), a quarter (24%) to buy a house.
What to buy with cryptocurrency
As many as 68% say that they had come across items during the super-sales that they would have wanted to purchase using cryptocurrency, but were unable to use it as payment. To them, this is frustrating and when it comes to game related products, quite illogical. After all, 31% believe that paying with cryptocurrency for in-game purchases is completely normal now.
What I would like to buy during Black Friday and Cyber Monday with cryptocurrency if I could
As the largest group of Digital citizens, perfectly comfortable in virtual worlds with their own trading rules and currencies, Gamers are the logical pioneers for using cryptocurrency to pay for the things they want to buy. This goes way beyond gaming related purchases – although these play a prominent role – and is fast becoming the new normal for those playing video games on a regular basis.