Black Friday + Cyber Monday 2018 = £7bn
The combined revenue to UK retail from Black Friday and Cyber Monday is predicted to have reached £7 billion, according to industry forecasts.
However, there have also been reports that the focus on online has been associated with a decrease in store footfall overs the sales weekend.
The British Retail Consortium (BRC) told The Guardian that Black Friday were expected to be up on 2017, which itself saw revenue rise 8% year on yeah.
“Black Friday and Cyber Monday have become a staple fixture of the calendar year and an important one for many retailers,” a BRC spokesman said. “While it is too early to say how retailers have fared on Black Friday itself, we expect the weeks surrounding Black Friday to show some growth on last year. Whether the day itself breaks records will depend on how consumers have responded to the promotions offered this year.”
Deals comparison website Finder.com said it expected punters to spend an estimated £7bn on Black Friday and Cyber Monday purchases, combined.
And a survey by F&C Investment Trust said Britons would be spending £7.7bn over the extended shopping weekend (on top of an eye watering £19.2 million on sales so far this year).
Meanwhile, market analyst Springboard said that Black Friday and the weekend that follows do very little to help the beleaguered High Street.
It anticipated that footfall would drop by -3.7% YOY compared to Black Friday 2017 and by -2.7% over the weekend as a whole.
This follows a decline in footfall on Black Friday 2017 of -3.6%, and -1.1% over weekend, revealing the UK’s appetite for this pre-Christmas spending spree may be wavering.
“Whatever happens on Black Friday, our data over the past few years has established that it brings Christmas spending forward,”| Diane Wehrle, Marketing & Insights Director at Springboard. “This creates a magnet of spending activity at the beginning the peak trading period which then suppresses spending until the final week before Christmas, when consumers take advantage of last minute deals that are likely to be introduced by retailers to drive sales in what is a highly challenging trading climate.”