UK retailers are set for a record November as new research reveals UK consumers will spend £2.6 billion on Black Friday this year, an 8% increase on the £2.4 billion spent in 2016.
According to VoucherCodes and the Centre for Retail Research (CRR), 21 million customers are expected to splurge £1.8 million per minute both in-store and online.
Despite being notorious for securing deals in-store, consumers are increasingly seeing Black Friday as an online savings event. This year, an estimated 11.6 million shoppers will spend £1.15 billion online, up 15% on 2016.
In contrast, high street spend is set to be more in line with last year’s figures (4% up on 2016).
More than two thirds (68%) of those planning to shop online will do so to avoid the busy high street crowds, while 41% are hoping to escape the long queues and 27% will log on to easily compare prices and reviews online, the report says.
A separate study by VoucherCodes and Opinium reveals that one quarter (25%) of shoppers are feeling positive about Black Friday. Those looking forward to the savings day will purchase items they couldn’t otherwise afford (28%), while 16% intend to buy cut price Christmas gifts and one in five (21%) want to treat themselves to something special.
Top items on shoppers’ Black Friday wish lists include gifts (23%), followed by clothing, footwear and accessories (20%).
VoucherCodes recorded a 78% increase in site visits over the four-day savings weekend from Black Friday through to Cyber Monday last year. Over 8,500 offers were added to the site by a dedicated team of deal hunters, equating to an average of 234 new deals every hour – helping shoppers to save a massive £780,000.
Paul Lewis, senior director of Marketing at VoucherCodes said: “Black Friday is no longer just a day of bumper bargain deals, as an increasing number of shoppers are wising up to the phenomenal deals over the course of the weekend, from Black Friday through to Cyber Monday – with plenty of opportunity to secure a must-have item for less.
“We’ve worked closely with our 5,000 partners to make sure they’re maximising the opportunities presented by the shopping weekend with hundreds of thousands of offers due to go live from a range of well-known retailers on our site and app.”