Black Friday is expected to be a massive spending event in the UK this year, surpassing previous records with an estimated £8.7 billion ($11.6 billion) in sales. Despite the absence of prominent retailers like M&S and Next, experts predict that the average spend per person will reach £280 ($372). This surge in spending comes as a surprise, given the ongoing pandemic and its impact on the economy.
Barclaycard, one of the leading credit and debit card processors in the UK, reported a 21.4% increase in transactions compared to last year’s Black Friday, when COVID-19 restrictions heavily affected sales. Transactions were also 5.4% higher than in 2019, indicating that consumers are still eager to take advantage of Black Friday deals.
The most coveted items on Black Friday wishlists include popular brand trainers like Nike and Adidas, as well as Airpods, games consoles, and fragrances such as Dior Sauvage and Yves Saint Laurent Black Opium. PwC’s research highlights technology, clothing, and beauty products as the most sought-after bargains during this shopping extravaganza. Many consumers, particularly those aged 18-24, view Black Friday as an opportunity to buy must-have items before Christmas.
While saving money on holiday gifts remains the primary motivation for Black Friday shoppers, there are other factors influencing their purchasing decisions. PwC’s survey reveals that 15% of consumers plan to complete the majority of their Christmas shopping during the Black Friday sales period. Additionally, 26% of respondents expressed concerns about supply chain issues and stock availability affecting their Christmas shopping plans, with 45% of 18-24 year-olds feeling particularly impacted.
Interestingly, a quarter of consumers claim to have already finished the majority of their Christmas shopping, with 28% aiming to spread the cost of Christmas and 27% wanting to ensure they get the gifts they truly desire. On the other hand, 28% of consumers plan to shop closer to Christmas, with 16% seeking last-minute bargains. Men are more likely to wait until the days before Christmas to do their shopping.
Environmental consciousness has also influenced consumers’ shopping attitudes this year. Around one-third of respondents stated that recent coverage of environmental issues has impacted their purchasing decisions. Among environmentally aware consumers, 54% said they would only support brands or companies with good ethical and environmental practices. Men and young consumers (18-24-year-olds) were the most likely to consider the environmental reputation of the retailers they choose to shop from.
Overall, Black Friday is shaping up to be a significant event for both retailers and consumers in the UK. Despite the challenges posed by the pandemic and the absence of certain major retailers, projected spending figures indicate that consumers are still enthusiastic about taking advantage of the deals and discounts available during this annual shopping extravaganza.
Useful links:
1. BBC News: Black Friday 2021: Shoppers’ ‘spending spree set to grow’
2. PwC: UK shoppers expected to spend £8.7bn this Black Friday – a new all-time high
