Retail sales in the UK are predicted to hit £8.74bn across the upcoming Black Friday weekend as consumers make the most of the discounts in the run-up to Christmas.
The Shopping for Christmas 2023: Black Friday Weekend report by VoucherCodes.co.uk predicts that total Black Friday weekend retail sales will rise by a marginal 0.4% from the £8.71bn recorded in 2022. Although retail sales will remain steady this year, the data shows that consumers will wait until Cyber Monday to ensure they are getting the best deal available to them.
Retailers are predicted to see the highest spend figures of the Black Friday weekend on Cyber Monday, with sales predicted to reach £3.34bn, a 6% increase on the previous year. In comparison, retail spend on Black Friday itself is set to fall 0.2% to £3.01bn.
Despite the cost of living pressures, 40% of consumers said they are likely to make a purchase over the Black Friday Weekend. With this in mind, it is expected that for each minute over the Black Friday Weekend, retailers will generate a staggering £2.63m both online and in-store this year, equating to £157.79m every hour – rising 0.6% year-on-year.
When it comes to the items consumers are snapping up first, nearly half (46%) of shoppers plan to pick up big-ticket items such as electricals, followed closely by discounted clothing and footwear (44%), toys (35%) and cosmetics (30%).
“After a tough year of economic uncertainty and with consumers being cautious with their spending, it’s good news that UK retailers can expect to see Black Friday Weekend sales remain steady,” said Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk.
“It’s clear from our data that people will be using the weekend to stock up on presents ahead of Christmas. However, shoppers will be making much more considered purchases this year – with many expected to wait until Cyber Monday to ensure they are getting the best deals. This year, more than ever, retailers should think about how they can provide genuine value and make the customer experience as convenient as possible. Offering services such as free shipping, click & collect, and nominated day delivery can help build loyalty with your customers and differentiate you from your competitors.”
NAM Implications:
- i.e. savvy consumers wanting nothing less than demonstrable value for money…
- …and a potentially vicious response to any perception of being short-changed.
- And any supplier wanting above-average sales…
- …will have to do so at the expense of rivals.
