Black Friday and Cyber Monday spending looks set to fall in the UK this year, with predictions emerging that consumers will part with some £1.4bn less than in 2018.
A survey by finance comparison website finder.com has revealed a big drop-off in the number of people looking to snap up bargains in the traditional pre-Christmas sale.
Last year, some 62% of Brits indulged in some Black Friday spending, but this year only 42% plan to, according to the survey’s findings.
Although the likely individual spend has increased – from £235.83 per buyer in 2018 to a predicted £251.20 this time around – the overall impact is that the overall spending will drop from £7bn to an estimated £5.6bn.
The finder.com survey – which polled 2,000 people across the UK – also revealed that most transactions will take place online. An overwhelming 92% of respondents said they planned to buy at least one item over the internet, while 56% planned to do all of their shopping in this way.
In contrast, only 9% plan to complete all of their purchases in-store.
Men will spend more than women, according to the data (£288.94 v £214.51), the post-1996 generation Z will be the top spenders (£261.29) and unsurprisingly, shoppers in London are most likely to splash the cash, with an average predicted spend of £374.74.
Jon Ostler, CEO at finder.com, said: “Typically Black Friday and Cyber Monday sales can be a great opportunity to find bargains. From our research, it’s clear that consumers favour online shopping and this can be great for comparing prices so you can get the best deal.
“However, it’s easy to impulse-buy. Our research last year found that a fifth of people regretted purchases they had previously made in the sales so it’s worth planning ahead to avoid post-Black Friday regret.
“Make lists of your target products and work out how much you can afford to spend and shop around.”
Parallel research in the United States and Australia showed that Black Friday continues to be more widely indulged elsewhere. Some 86% of American shoppers plan to buy up some bargains, along with 76% of Australian residents.