Total spending on Black Friday bargains is predicted to surge by almost £2 billion this year to hit £7.1 billion, with interest rebounding to levels seen before the pandemic.
If correct, that would be up a remarkable 37 percent on the sale event last year, with average spending per head on household, fashion and Christmas deals put at £258.
The easing of the cost-of-living pressures of the last two years, and the fact that Black Friday weekend falls later this year – and after payday for many – is expected to support shoppers’ spending power.
The spending drive is being led by men with one in four expecting to splash out more than last year and the sums involved are some 50 percent higher than women.
The figures come from an annual spending prediction from retail experts at the accountancy giant PwC, and it offers some hope to retailers who rely on the Christmas ‘Golden Quarter’ for sales and profits.
The research found that women will be using the sales to buy gifts for others (Image: Getty)
Lisa Hooker, Leader of Industry for Consumer Markets PwC, said: “2024 has proved a tough year for non-food retail spending, so with the general election and Budget behind us, it is good to see a renewed interest in shopping this Black Friday.
“Technology is again the most popular category, followed by fashion, with health & beauty seeing growing interest versus last year, particularly amongst women and younger shoppers. Whilst primarily an online phenomenon in the UK, many younger shoppers are still keen to browse and buy in stores, particularly if the sector can give customers reasons to visit, whether through exclusive bargains or an inspiring physical experience.”
She added: “Overall Black Friday should bring much-needed good news for retailers this Golden Quarter, after a challenging few years.”
PwC said the average spending figure per head is set to rise 17 percent to £258, while the overall total is set to rise by a much higher 37 percent to £7.1 billion because more people are taking part.
The firm said: “Overall interest in Black Friday has recovered with UK consumers with 53 percent saying they are interested in grabbing a bargain.
“This is a significant increase on the 44 percent who said they were interested in Black Friday last year at the peak of the cost-of-living crisis, which put a curb on both interest levels and spend per head.
“At the other end of the scale, one in three adults say they are not interested in the event at all this year, with a further 6% saying they are actively avoiding the Black Friday sales (down from 12 percent in 2023).”
The research found that women will be using the sales to buy gifts for others. By contrast for many younger people and men Black Friday is an opportunity for self-care and to bag bargains for themselves.
PwC’s Black Friday research found that shoppers’ top spending categories are technology (49 percent), fashion (38 percent), health & beauty (28 percent) and Christmas stocking fillers and treats (28 percent).
Men’s anticipated spending at £311 per person is 50 percent higher than women’s at £208, and almost three-quarters of male shoppers (73 percent) plan to buy something for themselves. Three-in-five male shoppers have technology, electronics and other gadgets on their shopping list, which is twice as many as are shopping for fashion, the next most popular category.
Female shoppers are expecting a more modest 10 percent increase in their spending from £190 per person last year. Tech is also high on women’s priorities (40 percent), but fashion is top of their shopping list (43 percent), with health and beauty and Christmas treats not far behind (both 33 percent).
The keenest and biggest spending age group is the 25 to 34 year olds, with 72 percent interested in buying something, and an average spend of £343 per head, compared with £258 across all shoppers.
When Black Friday, which is a US import, was first popularised as an event in the UK in the early 2010s, it was promoted as an in-store event with queues of shoppers fighting over bargains such as cheap TVs. Now around two-thirds of spending is online. This is largely because most of the major retailers, including Amazon and John Lewis, have been running Black Friday promotions since the start of the month.