Black Friday forecast expects Brits to spend 850 million pounds less
Black Friday sales in the UK are expected to decrease by 850 million pounds, as shoppers have tightened purse strings and are expected to spend 31 percent less.
Research from data comparison site Finders.com suggests the average shopper will spend approximately 189 pounds versus 275 pounds last year.
Liz Edwards, editor-in-chief at finder.com, stated: “It’s undoubtedly been a tough few years for the British high street, after suffering through the effects of the pandemic, shops now have to brace themselves for the impact of the current economic crisis, with rising energy bills and reduced consumer spending likely to take its toll.”
“Although the average shopper has reduced their budget significantly, we can see a spike in the number of those looking to take part in Black Friday shopping this year, indicating that many families are turning to the sales in the hope of stretching their money further during the cost of living crisis, and in preparation for Christmas.”
Despite a reduction in overall spend, the number of Brits who plan to shop in the Black Friday and Cyber Monday sales has risen by 6 percent from last year, increasing from 33 percent in 2021 to 39 percent in 2022. This spike could be attributed to more people looking to save some extra money ahead of the holidays, with the cost of living crisis quickly taking its toll on the British public.
Online versus in-store
46 percent of Black Friday and Cyber Monday shoppers intend to make their purchases online only, while 10 percent will solely shop in-store. Despite this, the average spend of those shopping in-store will actually be higher than those online, with in-store shopping set to reach approximately 174 pounds per person, compared to 167 pounds per person online.
In-store spending has dropped significantly this year compared to last, with the average shopper spending around 96 pounds less. This represents a 36 percent decrease from 2021, where the average in-store shopper was expected to spend around 270 pounds each.
Article source: www.finder.com/uk/black-friday-statistics