UK’S online retailers are ‘victorious’ on Black Friday
Spending over weekend to Cyber Monday expected to be near £8bn
Online retailers look to have emerged victorious in the battle for Black Friday sales as early figures suggested overall spending rose compared to a year ago despite a decrease in the number of shoppers in stores.
Analysts said a drop in web traffic and fewer consumers out on high streets suggested the popularity of the Usinspired discount day had taken a hit.
However, indications were that spending increased yesterday, with Barclaycard estimating that Black Friday purchases finished up 8 per cent on 2016.
Vouchercodes and the Centre for Retail Research also said Britons were on course to increase year-on-year Black Friday spending by 8 per cent just under £2.6 billion. And they are expected to spend £7.8bn over the four-day period including Cyber Monday, up 7 per cent on last year.
Meanwhile, John Lewis described its promotional bonanza as “one of its most successful days”.
The department store chain said it had its busiest ever single hour of online trading, but that it was too early to say if a sales record had been set.
Retailers are relying on a successful weekend and are hoping consumers will continue to spend confidently despite the first rise in interest rates in ten years and a squeeze on disposable income driven by rising inflation and stagnant wage growth.
A number of big-name chains such as John Lewis, Game, Tesco and Argos have extended their high street opening hours and many retailers have already offered days of deals in an effort to maximise hype and spending around the global event.
But many retailers, from luxury brands to discounters, are opting out.
Luxury London department store Harrods is running a small number of “seasonal discounts” and waiting until after Christmas to run bigger sales because it believes that frenzied sales “cheapen the brand”.
Marks & Spencer has also bowed out because it believes that, instead of increasing sales, discounts bring Christmas purchases forward.
At the other end of the spec- trum, low-cost retailers decided to skip Black Friday and focus on year-round bargains.
Furniture store Ikea said: “Our ambition is to offer everyday low prices all year round, which is why we don’t take part in temporary discounting events.”
Clothing retailer Primark said in a blog: “Black Friday? *Yawn* As if we’d make you wait all year for a flash sale, just to wow you with our totes increds prices.”
The UK spends more money during the Black Friday to Cyber Monday event than in any other weekend of the year, figures from the Financial Conduct Authority show.