Shoppers courageous the chilly to bag themselves a Christmas bargains with Brits set to splurge greater than £3bn… but it surely’s noticeably quieter than final yr
Black Friday has officially begun with as Brits braving the cold to grab themselves the best Christmas bargains.
However, concerns are already on the rise for businesses as it appears to be quieter than last year, after some superstores across the country had no one waiting outside when doors opened this morning.
Online trading has also been reported as poor in the lead up to Black Friday, leaving retailers wondering if there will be a big rise this weekend, when discounts increase alongside payday for many workers.
Despite this slow start consumers are expected to defy the cost-of-living crisis by spending £3.33million every minute today as they stock up on discounted Christmas presents.
The majority will stay at home with £1.92billion of today’s total to be spent online, up 3 per cent on last year.
But it could be the biggest four-day weekend ever with a total spend of £9.14billion from Black Friday through to Cyber Monday – up 5 per cent on last year.
Clothing retailers will be hoping the recent cold snap helps clear coats and boots that have been languishing on shelves amid a warmer autumn.
Pictured a tesco superstore without anyone queuing for Black Friday sales in Newcastle (left) compared to the same store in 2018 (right)
Ailes remain quiet when doors opened in Newcastle this morning
Majority will stay at home with £1.92billion of today’s total to be spent online, up 3 per cent on last year
Financial commentator Susannah Streeter, head of money and markets at Hargreaves Lansdown, said a combination of the minimum wage increase, being close to payday and a slight rise in confidence in personal finances should see spend increase.
She told MailOnline today: ‘We’re deep in the golden quarter for retail with Christmas sales crucial for so many stores but Black Friday is a mixed blessing.
‘It provokes such shopping mania in the quest for a good deal that around three quarters of people will actually put off spending in the run up to the event.
‘During the promotional period it also means selling at a discount, with means a smaller profit margin at a time when they are being squeezed by rising staff costs.
‘It also puts pressure on their distribution chains, which can cause problems for their reputation in they run into difficulties.’
The overall Black Friday weekend spend is expected to be up 4.5 per cent on last year’s £8.74billion.
Spending is expected to peak over the four-day weekend on Cyber Monday at £3.33billion, but this would be down 0.5 per cent on last year’s figure for the day.
However, spending across the Saturday and Sunday combined of £2.63billion will be up 10.2 per cent on last year.
A total of £23.70billion is expected to be spent over the two-week Black Friday period from November 22 to December 6, up 4.5 per cent on last year.
