Spending during the Black Friday weekend and Cyber Monday is forecast to hit £9.14bn, a 4.5% increase on last year.
This is to according to VoucherCodes.co.uk’s Shopping for Christmas 2024: The Black Friday sales report. It notes that with Black Friday falling later in 2024 and retailers launching their deals increasingly early, shoppers will be bringing their spending forward this year.
Whilst shoppers are predicted to spend the most on Cyber Monday at £3.33bn, sales on that day are expected to fall 0.5%. However, Black Friday (£3.18bn) and Saturday and Sunday (£2.63bn) are set to see significant increases in spending compared to last year, with sales predicted to be up 5.6% and 10.2%, respectively.
The report noted that for the first time since 2022, offline Black Friday Weekend sales are set to increase 9.1% YoY to £4.29bn as shoppers head to stores to find bargains in-person. However, the ease of online shopping means the channel will remain the most popular way to spend this Black Friday, with sales expected to hit £4.85bn.
Although Black Friday sales are set to be up this year, the study notes that many consumers are moving towards Green Friday, favouring a more sustainable approach to their Christmas shopping. Currently, just 9% of consumers are aware of the event unprompted, but when informed, one-third say they’d be keen to participate (32%).
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, commented: “Our report paints a very nice picture for retailers this Black Friday. With the end of the year inching closer, it’s a great opportunity for brands to capitalise on the bargain buzz and boost end-of-year sales.
“The big winners from Black Friday will be brands who offer genuine savings to their customers and prioritise discounts on in-demand items, such as clothing and footwear, toys and electricals. With shoppers increasingly savvy at finding the best deals, prices will have to be competitive to encourage consumers to part with their hard-earned cash.”
NAM Implications:
- Plenty of fingers crossed…
- …given the inevitable build-up of stocks of consumer durables…
- …arising from consumers’ reluctance to purchase big ticket items thus far this year.
