Britons ‘will spend over £2.5billion’ in Black Friday spree
SHOPPERS are set to spend a record amount on Black Friday despite intensifying political uncertainty, according to analysts.
They are expected to hand over £2.53billion on November 29 – 3.4 per cent more than was spent last year.
Over the four-day weekend, which ends with so-called Cyber Monday, Britons will spend £8.57billion, or £310 per household, the Centre for Retail Research said.
Spending in the UK is predicted to be the highest in Europe – almost a third higher than second-placed Germany and more than Italy, Spain, Belgium and the Netherlands combined.
But high street shops will sell less this year, with online stores snatching the lion’s share of Black Friday sales, the research found.
Consumers are increasingly opting to stay away from ‘manic’ stores to shop online instead, a survey of 2,000 consumers suggested.
Sales are predicted to grow by 8.3 per cent online, compared with last year, with in-store sales dropping by 0.2 per cent.
Earlier this week, figures from the Office for National
Statistics suggested the retail sector was facing a ‘long, hard winter’.
Total sales fell 0.1 per cent in October, the third consecutive month of decline, making it retail’s worst three-month run since late 2016.
Black Friday has grown to dominate this period of the Christmas sales, with price competition hitting shops’ margins.
Many stores now offer a fortnight of sales around the end of November. Overall, shoppers are expected to spend a total of £29.5billion on deals over the 14 days.
Anita Naik, from Voucher-Codes, which commissioned the research, said: ‘Even with concerns over consumer confidence due to Brexit and the upcoming General Election, it looks as though enthusiasm for Black Friday is showing no sign of slowing down.
‘Black Friday falls slightly later in November this year, so there’s a possibility this will create a greater sense of urgency among shoppers.’
A separate study published today by PwC suggested Black Friday spending would average £224 per consumer.
However, Scottish shoppers were planning to spend only £155 – half the amount of Londoners at an average of £326.
In the country as a whole, those aged 35 to 44 are likely to spend the most – an average of £288.
The study reported a split, with only half of consumers saying they were planning to buy something. Men intend to spend a third more than women, £254 compared to £191, the report said.
But three-quarters of men said they intend to buy something for themselves, while women said they primarily hoped to use the day to purchase presents for their families.
Electrical items and technology are expected to be the most popular purchases.
However, despite rising spending, experts say Britons are tiring of the shopping festival.
Shoppers increasingly doubt the quality of the cut-price deals on offer and see them as poor value.
It is also suggested shoppers have increasing environmental concerns, feeling that discount deals encourage people to purchase things they do not need.