Black Friday 2024 has kicked off with Britons poised to spend more than £3 billion in the hunt for discounted Christmas gifts and other bargains. However, early scenes from high streets and
superstores suggest a subdued start, with many shoppers opting to take advantage of online deals instead.
Despite predictions of a 6% increase in spending compared to last year, queues were sparse across major cities. At the Tesco superstore in Kingston Park, Newcastle, just three customers showed up for the 6 a.m. opening—marking a stark contrast to past years when long lines formed before doors opened. Similarly, London’s Oxford Street saw minimal activity early in the morning, with only six people queuing outside the Disney Store and no visible crowds at JD Sports.
According to research by VoucherCodes, Britons are expected to spend £3.18 billion today, including £1.92 billion online—an increase of 3% from last year. Offline sales are also forecasted to rise by 10%, reaching £1.26 billion. However, while today’s figures may fall just short of the 2021 Black Friday record of £3.2 billion, the total spending over the Black Friday to Cyber Monday weekend is projected to hit £9.14 billion, a 5% increase from 2023.
Nationwide reported a brisk start to transactions, with 1.66 million purchases made by 9 a.m., reflecting an 11% year-on-year increase.
Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown, highlighted both the opportunities and challenges Black Friday presents for retailers. While the promotional period boosts sales, it also squeezes profit margins and strains distribution chains. Yet, several factors, including a minimum wage increase, proximity to payday, and improved consumer optimism about personal finances, are expected to bolster spending.
“This year’s timing—just days after payday—is likely to drive higher sales,” Streeter explained. She noted that retailers like Dunelm are optimistic, with the minimum wage increase providing consumers with greater purchasing power ahead of Christmas.
Retail expert Jonathan De Mello observed that Black Friday has transformed into a multi-day event. He emphasized its dual purpose this year, serving as an opportunity for shoppers to secure personal bargains and start their Christmas shopping early. However, he cautioned that inflation and rising supply chain costs could limit the depth of discounts offered by retailers.
“Retailer profit margins remain thin,” De Mello noted. “While spending is likely to surpass prior years, the discounts may not be as substantial.”
While shoppers are eager to make the most of Black Friday deals, caution is advised. Harry Rose, editor of Which? magazine, reminded consumers that many deals are often available at similar or lower prices throughout the year. He urged shoppers to use price comparison tools like PriceSpy or PriceRunner to verify bargains.
Rose also warned of potential scams during the Black Friday period, advising consumers to verify deals directly on retailer websites and report suspicious activity to their banks or authorities.
The VoucherCodes study predicts a 5.6% increase in Black Friday spending compared to 2023, indicating that consumers are willing to defy the ongoing cost-of-living crisis to indulge in holiday shopping. This optimism, fueled by stable inflation and wage growth, is expected to make this year’s Black Friday weekend one of the most lucrative in recent history.
As shoppers splurge an estimated £3.33 million every minute today, the holiday season kicks off with a clear preference for online convenience over traditional high street shopping. Photo by Paalnisja, Wikimedia commons.