Black Friday spending set to fall by £850m as the cost of living crisis bites
Shoppers across the UK are expected to spend an estimated £850 million less on Black Friday and Cyber Monday according to research from shopping comparison site finder.com.
The study found that Black Friday and Cyber Monday spending is set to drop by almost a fifth (18%) this year, as Brits seek to rein in their spending as the cost of living crisis takes its toll. The average shopper is expected to spend 31% less this year, falling from £275 per person in 2021 to £189.59 in 2022.
Despite shoppers reducing their spending, participation in the Black Friday sales is set to increase, rising from 33% (17 million) of Brits in 2021 to 39% (20.8 million) in 2022. This indicates that although shoppers have less to spend this year, motivation to shop in the sales has increased, as financial hardship sweeps the UK.
When analysing how consumers were planning to shop the sales this year, the researchers found that 46% of shoppers intended to make their purchases online-only, while just 10% were planning to shop solely in-store. There was little difference in the amount that these shoppers planned to spend, with online-only consumers expected to spend around £167 on average, compared to £175 for those planning to shop solely in-store.
In comparison to 2021, in-store spending has taken the biggest hit this year, with the average spend per person falling by 36% (£96) from £270 in 2021 to £174 in 2022. Online-only shoppers have also reduced their spending this year, but not quite as significantly. The average spend of online-only shoppers has fallen by 19% (£40), dropping from £207 in 2021 to £167 in 2022.
Across the UK, it was found that Londoners will be the most likely to still shop on the high street, with 62% planning to use a hybrid of both in-store and online shopping in the Black Friday sales this year, compared to a UK average of 49%. Comparatively, those in the East of England will see the lowest number of in-store shoppers, with 57% planning to only shop online.
Liz Edwards, editor-in-chief at finder.com said: “It’s undoubtedly been a tough few years for the British high street, after suffering through the effects of the pandemic, shops now have to brace themselves for the impact of the current economic crisis, with rising energy bills and reduced consumer spending likely to take its toll.
“Although the average shopper has reduced their budget significantly, we can see a spike in the number of those looking to take part in Black Friday shopping this year, indicating that many families are turning to the sales in the hope of stretching their money further during the cost of living crisis, and in preparation for Christmas.
The full study can be viewed here: https://www.finder.com/uk/black-friday-statistics