£10.1 BILLION Spent on Black Friday, Experts Predict
Spending on the week of Black Friday, Monday 21st to Monday 28th November, is expected to exceed £10 billion this year, a huge increase on last year.
This year, retailers have extended their Black Friday deals, with some starting almost two weeks before the sales day itself.
Currys, Argos, and Amazon are just some of the big name retailers kicking off Black Friday early, offering more discounts every day in the run up to the event.
The sales beginning early can also impact on how other stores carry out their pricing for the savings event. John Lewis, which aims to price match with their competitors, may be forced to lower their prices earlier than expected to keep up with other store’s Black Friday deals.
However, it may be better for customers to wait until Black Friday, rather than buying into retailers warm up deals.
It has also been predicted that on the day itself, shoppers will spend £2.6 billion, with up to £1.7 million being spent every minute at peak sales times.
This is a massive increase on 2016 spending, when £1.23 billion was spent on Black Friday, and £6.45 billion was spent in total.
Eleanor Parr, a retail analyst at GlobalData, said, “We expect more retailers to take part in the event this year.
“Electrical sales are predicted to continue to dominate Black Friday promotions, as poor sales throughout the year will mean retailers will need to participate in the event to stimulate demand.”
Online spending alone is expected to reach £1.15 billion, as companies like Amazon have launched Black Friday apps to make it easier for customers to get the best deals.
Although huge savings can be made on Black Friday, UK retailers didn't discount as heavily last year compared to other countries.
On average, UK prices were cut by 9%, whereas it was 23% in Germany, 29% in the United States, and 36% in Canada.
However, Latest Deals found that many of last years sought after products were cheaper to buy after the sales event.