Black Friday Sale Gets Boost in UK as Shoppers Seek to Save Money
Black Friday Sale could be more important for UK retailers this year as they try to encourage shoppers to spend cash now before the cost-of-living crisis erodes their Christmas budgets.
Almost 70% of British shoppers plan to participate in the discount event imported from the US, up from 57% last year, according to McKinsey & Co. Online searches for Black Friday sales have risen by a quarter since last year as customers look to save money, according to the Audit Lab, a data research firm.
Sales in the week leading up to Black Friday have increased by a third compared to last year, according to Klarna, the buy-now-pay-later firm.
“Black Friday is going to be even more key in the shopping calendar,” said Anita Balchandani, head of the UK consumer practice at McKinsey in London. “All of Christmas has been pulled forward.”
It doesn't mean consumers are splashing out. The broader picture shows that they are pulling back from spending this Christmas as energy bills rise and higher mortgage costs loom. Nearly half of UK consumers plan to spend less this festive season with a third buying cheaper gifts for friends and family, according to Ernst & Young. Some people are abstaining from Christmas shopping altogether.
In many cases, Black Friday has turned into Black November. Department store John Lewis Partnership Plc and drugstore chain Boots both offered deals from the start of the month. Retailers also began offering Christmas sales in September and October to entice shoppers to spend earlier than normal.
Big Discounts
Retailers are having to discount more heavily as a result in a bid to push spending during what is the most critical time of the year for most brands. Maternity fashion brand Seraphine Group Plc is offering 30%
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