Brands may be starting promotions and offers earlier each year, but new research indicates that a significant share of Golden Quarter spending still takes place well after Black Friday.
According to Reward Gateway | Edenred’s Golden Quarter Report 2025, just over half of consumers (54%) begin shopping in early November or before.
A further 18% wait until Black Friday itself, while 29% hold off until December.
Combined, this means nearly half of all seasonal spend is still up for grabs after the industry’s headline event.
The report breaks shoppers into four distinct behavioural groups, each driven by different motivations:
The Bargain Hunter makes up the largest share (59%), responding directly to discount depth and clear value.
The Last-Minute Hero (19%) waits until December, prioritising delivery guarantees and stock certainty.
The Planner (14%) spreads purchases throughout the year and reacts to early access and reward-style incentives.
And the Self-Gifter (9%) buys for themselves as much as for others, creating pockets of opportunity in beauty, fashion and premium categories where “permission to treat” messaging resonates.
The data also pushes back on the long-held idea that tech dominates seasonal spending.
Clothing and fashion lead at 18%, followed by gadgets and electronics (17%), food and drink (17%), gift cards (15%), beauty (14%), toys (13%) and home décor (7%).
Notably, 80% of respondents expect to spend over £100 on food and drink – an oft forgotten vertical for this sales flurry; those Christmas dinners aren't going to stock themselves.
Reflecting on the research, Andy Philpott, Chief Merchant Strategy Officer at Reward Gateway | Edenred, said, “While brands are right to go early to capture pre-Black Friday shoppers, those who can tap into the motivations of self-gifters, last-minute shoppers and deal hunters are the ones who will maximise revenue.
“Combining this understanding with investment in channels that consumers turn to for deals and trust is the best way to win at this ultra-competitive time of year.”
