Black Friday sales bounce back as shoppers scramble for savings

Black Friday sales have bounced back this year as shoppers looked to make use of deals before the festive period.

Predictions for the sales holiday were initially glum, however Barclaycard Payments said transactions rose 3.2% on last year.

An all-time Black Friday record was made for the number of transactions per second between midday and 1pm.

Electronics retailer Currys said energy-efficient products led its sales as customers sought to save money on their energy bills.

Retail experts predicted overall sales and profits would fall below last year’s figures, however Barclaycard Payments head Marc Pettican said that sales continued to rise throughout the day despite the economic challenges, “confirming that Black Friday is still an important milestone in the retail calendar”.

“This is encouraging news for retailers who will have been unsure about the outcome of today, given the rising cost of living,” he told the BBC.


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Pettican also cited the World Cup’s importance in boosting consumer demand over Black Friday.

“It will have been helped along by the World Cup coinciding with Black Friday for the first time, providing a welcome boost as football fans head out to socialise and watch the match.”

According to data from payment firm Mollie, overall buy now, pay later (BNPL) spend increased by 57%, accounting for 6% of overall Black Friday spend.

Merchants also saw the continued increase in importance of local payment methods amongst European shoppers. Dutch consumers, for example, used iDEAL for 74% of their Black Friday spend (up from 72% in 2021) and Belgians used Bancontact for 55% of their spend (up from 54% in 2021).

Mollie chief operating officer Ken Serdons praised the sector and said: “The macro economic situation in Europe created a decline in ecommerce transaction volumes earlier this year.

“But during the days leading up to Black Friday it became clear that spend levels were significantly higher than we and the market had anticipated – especially in home electronics.

“A 14.5% increase in sales volume on Black Friday, and 13.5% over the whole week is phenomenal and something retailers should be proud of.”

While retail sales in general saw an uptick on Black Friday, online sales in the UK fell 4% compared with last year’s data, according to digital commerce protection provider Signifyd.

EcommerceIndustryNews

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