Black Friday Spending Trends Unveiled:
Britons are gearing up to contribute a staggering £3 billion on Black Friday this year, according to recent reports by Mark Duell.
Despite concerns of chaos on high streets, more than 60% of purchases are anticipated to be made online.
Queues on High Streets, Online Transactions Soar:
While scenes of queues were observed on London’s Oxford Street outside John Lewis and the newly-reopened HMV store, Nationwide reported a 9% increase in transactions up to 9 am compared to Black Friday last year.
However, the majority of purchases, over 60%, are expected to take place online.
Projections for the Black Friday Weekend:
VoucherCodes research suggests that over the four-day weekend, including Cyber Monday, shoppers will collectively spend £8.74 billion both in-stores and online.
This marks only a 0.4% increase from 2022, despite the ONS inflation rate standing at 4.6%.
Black Friday Spending Figures:
On Black Friday itself, spending is expected to reach £3.01 billion, approximately the same as last year but down 6% compared to the £3.2 billion total in 2021.
This still equates to Britons spending an impressive £2.09 million a minute.
Shift to Online Shopping and Projections for Cyber Monday:
A significant 62% of sales on Black Friday are forecasted to be online, with the remaining 38% in-store. Projections for Cyber Monday estimate that shoppers will spend £3.34 billion, reflecting a 6% annual increase compared to the previous year.
Overall Black Friday Period Projections:
When considering the entire two-week Black Friday period, retail sales are expected to reach £22.67 billion this year, aligning closely with the figure of £22.62 billion for the same period in 2022.
HSBC UK Banking Disruption:
Amidst the Black Friday shopping frenzy, HSBC UK faced issues with customers struggling to access banking services.
The disruption led to an investigation ‘as a matter of urgency,’ causing inconvenience for customers trying to make Black Friday purchases.
HMV’s Return to Oxford Street:
In other Black Friday news, HMV marked its return to Oxford Street after a four-year absence. The historic store, first opened in 1921, now stands as the largest entertainment store in London, offering an array of merchandise, vinyl albums, CDs, and more.
Amazon Workers Strike:
As the Black Friday shopping day unfolded, Amazon workers in Coventry walked out on strike in a long-running dispute over pay.
Despite the strike, Amazon assured customers that it would not impact their shopping experience.
Conclusion:
Black Friday 2023 presents a dynamic landscape of shifting consumer behaviors, with online dominance and high spending figures marking the annual shopping event.
The convergence of technological disruptions, banking issues, and strikes adds an extra layer of complexity to this year’s Black Friday experience.
