1 in 4 consumers set to spend on Black Friday despite economic downturn

Despite the cost-of-living crisis, interest in Black Friday has held up, with 1 in 4 consumers set to participate, according to a new report by PwC.

The research reveals that 37% of consumers are interested and may buy, up 2% from 2021, and 24% of consumers will definitely buy – matching 2021 levels.

This is in contrast to 2020 levels where only 16% of consumers planned to purchase in the Black Friday period.

In addition, 48% of under 35s plan to spend, with interest from male shoppers sitting 10% higher than than females.

Among men, 29% plan to definitely purchase with 34% interested opposed to 19% of women definitely spending and 35% interested.


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PwC also estimates the average spend per consumer to be around £238 which will add £0.5 billion extra to the retail economy this year taking the overall spend on Black Friday bargains to £7.5 billion.

Shoppers will predominantly be shopping for electricals, 51%, fashion, 32%, and Christmas stocking fillers, 28%.

Interest in homewares, 25%, and beauty, 24%, have increased slightly from 2021 while shoppers are also showing a renewed interest in shopping in-store for a bargain rather than online.

Some 19% plan to hit the high street, 12% plan to click & collect, a 2% increase in both arenas from 2021. A further 69% plan to shop online, a 4% decrease from 2021.

“There has been a lot of commentary that shoppers are less interested in Black Friday this year, but that is not what consumers are telling us, with expected spend estimated to be £0.5bn higher than last year as people look for treats and bargains or try to spread the cost of Christmas over a longer time period,” PwC industry leader for consumer markets Lisa Hooker said.

“Consumers have been closely monitoring their favourite brands in anticipation of big ticket electronics, more pricey winter wear or Christmas stocking fillers being discounted, and they’re in search of bargains more than ever given rising inflation.

“Despite the consumer spending headwinds, many retailers have held their nerve this year, with the lower levels of promotional activity we saw last Autumn continuing into 2022.

“However, many retailers will still see Black Friday as an opportunity to engage with their customers, clear excess stock, and offer value for money, so we are expecting the usual ramp-up in sales and discounts as we approach the end of November.”

EcommerceIndustryNews

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