According to a new report by VoucherCodes.co.uk, UK consumers are projected to spend a total of £8.74 billion during the upcoming Black Friday Weekend and Cyber Monday (BFCM). While this represents only a slight increase of 0.4% compared to last year, it still signifies a significant amount of spending during this popular shopping event.
The report also reveals that 44% of Britons who plan to participate in the weekend will be on the lookout for deals on clothing and footwear, while 30% will be searching for beauty-related discounts. Despite rising living costs and economic uncertainty, 40% of consumers surveyed still expect to make a purchase during the BFCM period. This translates to approximately £2.63 million being spent both online and in-store every minute, with a total of £157.79 million being spent every hour. These figures represent a 0.6% increase compared to last year.
Interestingly, the report predicts that many shoppers will be holding out until Cyber Monday to ensure they secure the best possible deal. Sales on Cyber Monday are projected to reach £3.34 billion, a 6% increase from the previous year. In contrast, spending on Black Friday alone is expected to decline by 0.2% to £3.01 billion.
In response to the popularity of Black Friday, some retailers are planning to extend their promotions to a two-week period in 2022. The report estimates that during this extended period, shoppers will spend a total of £22.67 billion, reflecting a growth rate of 0.2%. The region expected to see the highest spending during the BFCM period is London, with a projected total of £1.674 billion, followed by the South East with £1.269 billion and the North West with £885 million. Northern Ireland is anticipated to experience the largest increase in spending, with a growth rate of 30.3% to reach £342 million. Conversely, Scotland is forecast to experience the biggest decline, with spending expected to decrease by 5% to £782 million.
Anita Naik, a Savings Expert at VoucherCodes, provided her insights on the findings of the report. She noted that after a challenging year of economic uncertainty, Black Friday Weekend sales are expected to remain stable as cautious consumers continue to be mindful of their spending. While shoppers will still take advantage of the event to stock up on Christmas presents, Naik suggests that people will approach their purchases more thoughtfully this year, with many waiting until Cyber Monday to secure their desired products at the best possible price.
Useful links:
– VoucherCodes.co.uk
– This Is Money article
