Black Friday vs. Boxing Day
Shoppers anticipate Black Friday and Boxing Day sales all year long. Many people take advantage of the bargains to finish their holiday shopping or even treat themselves to something expensive. The retail events we’ve grown to enjoy will unquestionably look different as a result of shifting economics, with bargain hunters set to turn out in greater numbers but with tighter budgets.
Knowing where best to position your sales to take advantage of the increasingly oversaturated sales market can be challenging. Looking at the two powerhouse annual events, we can see clear trends for the season ahead.
Black Friday & Cyber Monday
According to Finder research, British shoppers will spend an average of £189.59 during this year’s Black Friday and Cyber Monday sales. There is a 31% (£85) decrease since last year’s statistics when consumers spent an average of £275. With the cost of living crisis showing no signs of improvement in the New Year, this more frugal figure shows that many Britons are genuinely trying to cut back on their expenditures. UK consumers will spend £3.95 billion less on Black Friday and Cyber Monday in 2022 compared to £6 billion in 2020 and £4.8 billion in 2021. Spending in the UK is anticipated to decrease by more than £850 million (18%) this Black Friday and Cyber Monday due to Brits choosing to spend significantly less.
That said, despite a decline in overall spending, the percentage of Brits planning to shop during Black Friday and Cyber Monday sales has increased by 6% from the previous year, going from 33% in 2021 to 39% in 2022. This increase could be explained by people wanting to make more savings before the holidays.
Black Friday has become a firm favourite for those looking to pick up bargain deals for Christmas gifts, with electronics, toys, clothes, and entertainment making up a large percentage of sales.
As record inflation affects consumer budgets, sales are predicted to decline by £2.51 billion from Christmas 2021’s expected total of £84.7 billion, sliding below 2019’s pre-pandemic numbers of £83.1 billion. Sales are not anticipated to fall to the levels observed during Christmas 2020 when the pandemic peaked (£79.7 billion). Analysts predict a 6.8% decrease in gift spending compared to 2021 (£11.59 billion vs. £12.44 billion), with consumer electronics suffering the brunt of this loss with a forecasted £2.27 billion vs. £2.7 billion. Jewelry is down 11.1%, followed by apparel and footwear, both of which have experienced declines of 12.1%.
Boxing Day sales are increasingly seen as a chance for people to spend any money they’ve received for Christmas. Alcohol and confectionary see strong sales in the period between Christmas and New Year. At the same time, shoppers are more likely to ‘treat themselves’ to luxury items they might have missed out on over the holiday period.