The latest information on UK Black Friday sales is slowly being revealed, and it is providing a somewhat uncertain picture of the event. Despite speculation that Black Friday may be losing its appeal, it still managed to capture a significant amount of interest and spending. What’s interesting is that it also led to an increase in footfall, which is particularly noteworthy considering the growing emphasis on online shopping during the Black Friday-Cyber Monday period.
According to MRI Software, a footfall tracking specialist, footfall in the UK rose by 7.9% during Black Friday week compared to the previous week, as shoppers took advantage of discounts. Across all retail destinations in the UK, footfall increased by 2% compared to 2022, with high streets experiencing a boost of 10%. However, footfall on Black Friday itself was slightly below 2022 levels (-1.6%), despite an 11.8% week-on-week increase. Central London performed exceptionally well, seeing a rise of 16.4% compared to the previous week. Additionally, footfall increased in six out of ten UK geographical regions year on year, although it remains 12.6% below 2019 levels.
Jenni Matthews, Marketing and Insights Director at MRI Software, highlighted that high streets, shopping centers, and retail parks all witnessed consistent rises in footfall throughout the week. Shopping centers, in particular, excelled on Black Friday, with a doubling of activity compared to the entire week. High streets also surpassed expectations, suggesting that the attractions and promotions offered by town centers are effectively attracting visitors.
However, Sensormatic Solutions, another footfall tracker, offered a different perspective. Although it reported a 52.4% week-on-week increase in shopper traffic on Black Friday, it also observed a 3.1% decline in in-store traffic on November 24 compared to the previous year. These variations in data can be attributed to differences in measurement criteria.
Concerning spending, PwC predicted a 25% decrease in consumer spending on Black Friday, estimating a drop from £7.1 billion in 2022 to £5.6 billion in 2023. It will take some time to determine whether this forecast holds true. In contrast, Adobe Analytics reported a 4.1% increase in online-only spending, reaching £1.04 billion. Although this growth is lower than the inflation figures seen in the past year, it indicates a sustained interest in online shopping.
It’s important to note that the Black Friday event now extends beyond a single day, with deals being spread out over several weeks before and after the official day. Barclays saw a 1.42% year-on-year increase in card payment transactions during the week leading up to Black Friday, with transaction volumes surpassing those of the same period in 2022. The bank, which processes nearly half of the UK’s credit and debit card transactions, found that 34% of consumers planned to shop during the extended Black Friday-Cyber Monday sales period, rising to 50% for those aged 18-34.
Although Barclays noticed a slight decrease in on-the-day transaction volumes compared to Black Friday 2022, this can be attributed to the spread-out nature of deals throughout November. Transaction volumes were down by 0.6%, but still 2.7% higher than the previous month. Marc Pettican, Head of Barclaycard Payments, acknowledged that the impact of the cost of living on discretionary spending may have influenced the slight decline in sales volumes. However, he emphasized that Black Friday continues to hold significant importance for retailers, indicating its continued popularity and relevance in the retail calendar.
In summary, while the data about UK Black Friday sales is still unfolding, it is evident that the event generated substantial interest and spending. Although footfall and in-store traffic numbers might vary slightly according to different tracking systems, the overall trend indicates an increase in physical store visits. Additionally, despite a slight dip in on-the-day transaction volumes, the extended Black Friday-Cyber Monday sales period remains a significant shopping milestone for both consumers and retailers.
Useful links:
– BBC: UK Black Friday Footfall Up on 2022
– PwC: Black Friday and Cyber Monday Set for Record-Breaking Spending Spree
