Slack Friday: Retailers offer great bargains and 60% off – but fear shoppers may tighten their belts this Christmas
- Even before Black Friday, offers are offered with a discount of up to 60 percent
- Retailers fear consumers will tighten their belts next weekend
- Figures show retail spending has fallen for the first time outside of a pandemic in 14 years
As the cost-of-living crisis deepens and consumers brace for the chancellor’s tax crackdown, Black Friday offers shoppers a welcome opportunity to save hard-earned cash.
For those looking to bargain, 60 per cent off are already being offered by stores desperate to run out of stock after Christmas. Some sales started weeks ago.
Gadgets are popular Black Friday purchases, but off-highway retailers including dentists, handymen and even window dressers are offering Black Friday promotions.
Shoppers’ spending for next weekend is expected to be 0.8 percent higher than last year, but 11 percent inflation means actual shopping volume will fall
But retailers fear the shopping weekend that begins Friday may have to be renamed Slack Friday – as consumers tighten their belts.
Shoppers’ spending for next weekend is expected to be 0.8 percent higher than last year, but 11 percent inflation means actual shopping volume will fall.
According to a study by GlobalData Retail for VoucherCodes.co.uk, stores will only see a near-average day, with the majority of shoppers being settled online and nearly £2billion of the £3billion expected to be spent on Friday.
But Friday night’s trading will be impacted by people watching England v USA in the World Cup at 7pm instead of hitting the shops after work or spending online.
Grim Christmas numbers show retail spending has fallen for the first time outside of the pandemic since the credit crunch 14 years ago, when a number of retailers including Woolworths went bust.
A £2.5bn year-on-year fall will see spending fall to £82.2bn in the six weeks leading up to the New Year.
A frugal holiday season will hit spending on gifts the hardest, dropping by seven percent.
This is largely responsible for electronics sales plummeting 16 percent, GlobalData Retail said. Professor Joshua Bamfield, director of the Center for Retail Research, added: “Because it’s Christmas people will still be spending but they will be very wary of expensive items like electronics.
“Black Friday will primarily be an online event. Retailers will be keen to sell as much as possible, so there will be generous discounts.’
GlobalData retail analyst Joseph Robinson said: “The Black Friday period will be a relative bright spot after the retail months and ahead of a very weak Christmas.
“Although Black Friday spending increased by 0.8 percent, actual purchase volume will decrease due to inflation.
“For cost of living reasons, promotional items are more attractive, so some people have put off their spending until Black Friday. But people will cut spending on gifts during the holiday season as groceries and travel now cost more.