Millions are expected to spend hundreds of pounds despite cost of living (Image: Getty)
UK shoppers will fork out £365 on gifts for themselves and loved ones – up an extra £65 from last year. Way ahead of their neighbours France and Germany and the US.
They will spend their hard-earned cash on items such as adults’ clothes, shoes and accessories.
On top of that, Brits will be splurging on consumer and mobile electronics and appliances, and beauty and perfumes, according to the .
Millennials will be going even further, splashing a massive £485 each during the November sales, while Gen Zers are only spending £260, according to the report.
It comes despite the majority of Brits being concerned about price increases for essentials like food and energy, and almost three-quarters of consumers believing inflation will be a long-term issue, with 69% predicting a ‘long-term economic recession’.
Free or reduced shipping costs were the second highest incentive to spend for Brits, with that often determining what website they are choosing to shop from.
But just a quarter of Brits said the Government is taking the ‘right initiatives to support people’ with higher prices.Surprising no one, Amazon remains the channel with the most influence on purchases, with 55% of shoppers saying they used the platform to ‘get inspired’ ahead of the November sales.
remained the most influential social media platform for purchasing goods, with a quarter of shoppers saying they used it for inspiration – beating , Facebook, Snapchat, Youtube and Pinterest.
Jess Frame, Managing Partner and Director at BCG, said: “Black Friday is still a significant period for consumer spending across the UK, with retailers cutting prices earlier and earlier in order to win over shoppers and maximise the opportunity for sales. This is reflected in consumer shopping habits, with recent research from BCG showing that British consumers are now starting their deal searches as early as October in order to find the best deal.
“In good news for retailers, Black Friday is likely to remain resilient this year, with consumers looking to spend £365 on average during this period. This is significantly up from last year, but it does not guarantee sales. The negative rhetoric surrounding the UK economy has led to low levels of consumer confidence and this will translate into increased scepticism surrounding holiday spending.
“Our research revealed that UK consumers want clear, money-off deals so that they can trust they are making a saving. Retailers should therefore keep their Black Friday price-cuts simple in order to entice shoppers that are already wary from a challenging economic climate.”