Deciphering the aftermath of Black Friday 2023 reveals a nuanced picture with notable trends. Despite speculations about waning interest, the event continued to draw significant attention and spending in the UK.
One standout trend is the revival of in-store footfall, challenging the dominance of e-commerce during Black Friday-Cyber Monday (BFCM) periods. According to footfall tracking expert MRI Software, UK footfall experienced a robust 7.9% surge during Black Friday week compared to the previous week. Overall footfall across all UK retail destinations increased by 2% compared to 2022, with high streets leading the charge with a remarkable 10% uplift.
On Black Friday itself, footfall, while showing an 11.8% week-on-week jump, marginally fell short (-1.6%) of 2022 levels. Central London emerged as a winner, boasting a 16.4% rise for the entire week. Despite an overall year-on-year increase in footfall across six out of 10 UK regions, the figures remain 12.6% below 2019 levels.
Sensormatic Solutions reported a 3.1% year-on-year drop in in-store traffic on November 24, contrasting MRI Software’s data. Yet, it noted a remarkable 52.4% week-on-week surge in shopper traffic on Black Friday.
Turning to spending, PwC’s forecast predicted a 25% drop in consumer spending during Black Friday. While it’s too early to confirm this, Adobe Analytics revealed a 4.1% increase in online-only spending to £1.04 billion. This growth, however, falls short of the inflation rates seen in the past year.
Barclays, handling nearly half of the UK’s card transactions, disclosed a 1.42% year-on-year rise in card payment transactions leading up to Black Friday. While Black Friday sales volumes were slightly lower than 2022, down 0.6%, they remained 2.7% higher than the previous month.
In conclusion, the evolving landscape of Black Friday, spread over several weeks, challenges the notion of it being a single-day event. Barclays’ findings emphasize the enduring importance of Black Friday, demonstrating its sustained popularity and impact on consumer behavior.
