UK set for a bumper Black Friday: Barclays
In October, the retail sector recorded its steepest fall since November 2024, down 0.5% year-on-year.
Retail’s flat October can be partly explained by the month’s below-average rainfall and above-average temperatures, meaning there was less of a need for shoppers to go out and restock their wardrobes with cold-weather purchases.
While the unseasonally mild weather was one factor, the principal motivation for many to hold back was an interest in keeping their powder dry and waiting to see what both Black Friday and the Budget would bring, says banking group Barclays.
Saving up for Black Friday
Data from Barclays shows consumers are set to spend £14 billion over the Black Friday period, a £4 billion increase from 2024’s figure.
According to October’s Consumer Spend Report, 26% of shoppers have been saving money to spend during the Black Friday/Christmas sales. Even earlier, in September, consumers reported they had started their preparations for the festive season.
More than a fifth (22%) said they would be making use of sales, discounts, or Black Friday deals to buy Christmas presents, 13% said they were creating a savings pot for holiday spending and 11% were cutting back on other areas to free up money for the Golden Quarter.
Looking ahead to the Budget, two in five consumers are adjusting their finances and one in three are holding off on major purchasing decisions until after the announcement. Barclays said.
A report recently published by e-commerce marketing platform Omnisend found that consumers look set to spend £14 billion over the Black Friday period, a £4 billion increase from 2024’s figure.
Though a fixture in the US since the 1950s, Black Friday did not become a major milestone in the UK retail calendar until the early 2010s, when several American-owned retailers, like Amazon and Argos began to offer Black Friday promotions here in the UK.
Now it is a mainstay in retailers’ schedules, and consumers plan their big purchases around this date, with many holding off on major electronic purchases until Black Friday discounts are available.
“There is widespread hope that the sector will see consumers splurge this year. Many purchased and upgraded electronics at the outset of the COVID-19 pandemic, faced with the prospect of spending all their time indoors.
“With those products reaching the end of their natural five-year lifespan, shoppers are likely to be eyeing a discounted upgrade,” Barclays said.
