According to a report by VoucherCodes, it is estimated that Britons will spend £8.74 billion during the upcoming Black Friday Weekend and Cyber Money (BFCM). While this represents a slight increase of 0.4% compared to last year, it suggests that consumers will be careful with their spending as they hunt for discounts leading up to Christmas. The report also highlights that a significant portion of shoppers, 44% to be specific, are specifically looking for clothing and footwear deals, while 30% are interested in beauty-related bargains.

Interestingly, despite the consistent sales forecast for this year, many consumers are planning to delay their purchases until Cyber Monday in order to secure the best possible deals. Sales on Cyber Monday are predicted to reach £3.34 billion, indicating a 6% year-on-year increase. In contrast, spending on Black Friday alone is projected to decline by 0.2% to £3.01 billion, a decrease of £6 million compared to 2022.

Despite the financial challenges posed by rising living costs, 40% of shoppers still anticipate making a purchase during the BFCM period. This translates to an astonishing £2.63 million being spent every minute, both online and in-store, and a total of £157.79 million being expended every hour—an increase of 0.6%. Similar to last year, some retailers are planning to extend their Black Friday promotions to a two-week period. The report estimates that shoppers will spend a total of £22.67 billion during this extended period, marking a growth rate of 0.2%.

Geographically, London is expected to have the highest spending during the BFCM period, with an estimated £1.674 billion (+1.7%) to be spent in the city. The South East region comes in second with £1.269 billion (+0.3%), followed by the North West with £885 million (+5.6%). Northern Ireland is anticipated to experience the largest increase in spending, with a notable surge of 30.3% to £342 million. Conversely, Scotland is likely to witness a decrease of 5% to £782 million.

Anita Naik, the Savings Expert at VoucherCodes, commented on the findings, stating, “After a challenging year of economic uncertainty, Black Friday Weekend sales will remain stable as consumers continue to be more cautious with their spending. Although shoppers will be using this time to stock up on presents ahead of Christmas, people will be making more deliberate purchases this year, with many waiting until Cyber Monday to ensure they are getting their desired products at the lowest price.”

Useful links:
VoucherCodes
BlackFriday.com