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UK Black Friday starts muting amid cost-of-living crisis | black friday

UK Black Friday starts muting amid cost-of-living crisis |  black friday

 


Black Friday got off to a muted start, with the number of courier bookings booked around 5% in the UK and no surge in central streets.

On Friday morning, the number of transactions processed by Barclaycard Payments, which accounts for a third of all spending in the UK, was only up 0.7% compared to the same period on Black Friday morning a year earlier, and up just 5% sequentially. – Pandemic level.

Meanwhile, delivery demand fell by 5% on what is traditionally the busiest shopping day of the year, according to delivery technology group Metapack.

According to analytics firm Springboard, the number of shoppers has increased by 5% in the past year, but fears of the Omicron variant of Covid have hit high streets and shopping centers.

The number of shoppers is still well below pre-pandemic levels, averaging less than 15% in 2019, and down more than 30% in central London.

Diane Wehrle, director of insights at Springboard, said the number of shoppers isn’t going off scale, nor is it catastrophic.

She said shoppers are more likely to be more cautious about their spending, wanting to pick out items themselves, suggesting that the whole deal could be worse than the footfall figures suggest. She said: It’s tough trading conditions for retailers and it’s going to be a tough Christmas.

Head of Barclaycard Payments, Marc Pettican, said:

Analysts suggested that spending on US-inspired bargains was more spread out this week as households geared up for the World Cup match between Wales and England on Friday.

Barclaycard said it saw a 3.5% year-over-year increase in transaction volume in the week leading up to Black Friday.

Pettican said: The World Cup feel-good factor with England and Wales playing this Monday gave retail and hospitality a boost. Additionally, we could see Black Friday discounts kicking off earlier each year, so many retailers kicked off their deals earlier this month, although today remains a major event.

Things were uncertain until Friday evening, with the Nationwide Building Society saying customers had made 8% more purchases through 2pm than on Black Friday 2021 and a third more than in 2020, when spending was reduced due to the pandemic.

Nationwide’s Director of Payments Strategy Mark Nalder said: Despite cost of living pressures, transactions are already up 7% over last year.

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Analysts suggested that Friday’s World Cup match between Wales and England could dampen spending, as did delivery fears in the wake of the Royal Mail strike this week and next week.

Forecasters are divided over how the Black Friday period will unfold given many uncertainties, including the amount of extra cash for households dealing with rising energy costs offset by milder weather in many parts of the country.

The amount of purchased items is expected to decrease. Analysts at GlobalData estimate that Britons will spend $22.62 billion over the two-week Black Friday period, from November 22nd to December 5th, up 2.1%, well below inflationary levels.

The Center for Economics and Business Research think tank has warned of a bleak Friday as a cost-of-living crisis, and discounts are often more generous at other times, combined with warnings that the threat of a Royal Mail strike will hit trade.

That said: This year people simply don’t have any disposable income to spend, and it turns out that many households are cutting back on spending.

Retailers are under pressure with inventories as economic uncertainty has sharply slowed spending on high-end items such as furniture, while fashion retailers have seen a mild fall start to reduce demand for winter coats and knitwear.

Metapack’s Tom Forbes said: We expect Black Friday discounts to go deep into December as retailers continue to shift excess inventory and consumers seek to spread their Christmas spending over weeks rather than days.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/business/2022/nov/25/uk-black-friday-cost-of-living-crisis-high-streets-home-deliveries

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