Get set for a monumental Black Friday Weekend and Cyber Monday (BFCM) as Britons gear up to spend a projected £8.74 billion, showcasing a subtle 0.4% year-on-year increase, according to exclusive insights from VoucherCodes.co.uk.
While this year’s spending surge isn’t significantly larger than the previous year, the excitement is palpable as shoppers actively pursue discounts while maintaining a cautious approach in the run-up to Christmas.
Notably, 44% of participating UK consumers are targeting unbeatable deals on clothing and footwear, with an additional 30% on the lookout for irresistible beauty-related bargains.
In a strategic move, a significant number of consumers plan to wait until Cyber Monday, ensuring they secure the best deals. Cyber Monday sales are poised to reach a formidable £3.34 billion, reflecting a robust 6% year-on-year increase. In contrast, spending on Black Friday alone is expected to experience a slight dip of 0.2% to £3.01 billion, down by £6 million from 2022.
Despite financial pressures from rising living costs, 40% of shoppers express their intent to make purchases during this period. This translates to a remarkable £2.63 million being spent both online and in-store every minute over the weekend, equating to £157.79 million every hour—an impressive 0.6% increase.
Continuing the trend observed in 2022, select retailers are extending Black Friday promotions to a two-week period. The report forecasts that consumers will contribute to a total spend of £22.67 billion during this extended period, reflecting a subtle growth of 0.2%.
Delving into regional insights, London leads with an anticipated spend of £1.674 billion, marking a notable 1.7% increase. The South East closely follows, contributing £1.269 billion, showcasing a modest 0.3% rise, while the North West secures the third spot with an expected expenditure of £885 million—a robust 5.6% increase. Northern Ireland stands out, projecting a substantial 30.3% surge to £342 million, while Scotland is expected to experience a modest decline of 5% to £782 million.
Anita Naik, Savings Expert at VoucherCodes, offers insights on this year’s shopping trends, stating, «After a challenging year of economic uncertainty, Black Friday Weekend sales are projected to remain steady as consumers exercise caution in their spending. While shoppers utilize this time to stock up on presents ahead of Christmas, there’s a notable shift towards more considered purchases, with many strategically waiting until Cyber Monday to ensure they secure their desired products at the most economical prices.» Brace yourself for a weekend of strategic shopping and savvy savings as consumers navigate this year’s Black Friday Weekend and Cyber Monday extravaganza.
