Online shoppers in the UK witnessed a remarkable 3.7% year-on-year surge in spending during the extended Christmas trading period (1 November – 31 December), hitting an impressive £24.4 billion. Savvy consumers strategically capitalized on major discounting events like Black Friday, Cyber Monday, and Boxing Day, contributing significantly to the overall increase.
Black Friday saw a total spend of £1.04 billion, a 4.1% increase from 2022. Cyber Monday continued the trend with a total spend of £881 million, marking a 7.4% rise. Boxing Day sales sustained the momentum, prompting a £461.8 million spend, showcasing a 4.4% increase compared to the previous year.
The cumulative online spending for 2023 reached £111.2 billion, according to Adobe Digital Insights.
Britons embraced buy-now-pay-later (BNPL) services, with a festive season splurge of £3.3 billion, contributing to a total spend of £16.8 billion in this sector for the entire year. However, this trend may impact early 2024 spending as consumers settle their BNPL bills.
The report, analyzing millions of visits to retail sites from UK shoppers and tracking prices across 18 product categories, revealed popular purchases, including personal beauty care, fragrances, and luggage/handbags.
Vivek Pandya, Lead Analyst at Adobe Digital Insights, commented on the findings: “After a slow start to 2023 from an online spending perspective, our data shows spend accelerating towards the end of the year, peaking over the holiday period to end the year on a high.”
Pandya noted, “Much of this growth is propped up by deep discounting from retailers and growth in the use of BNPL services, showing consumers are still keeping a close eye on their finances.
