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 37 per cent of consumers interested and may buy (up 2 per cent from 2021) and 24 per cent of consumers stating they will definitely buy, matching 2021 levels.

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

Almost half of those under-35s said they were definitely spending (48 per cent), with men leading the pack, with 29 per cent planning to definitely purchase and 34 per cent interested as opposed to 19 per cent of women definitely spending and 35 per cent interested.

PwC estimated the average spend per consumer to be around £238 that will add £0.5billion 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 per cent), fashion (32 per cent), and Christmas stocking fillers (28 per cent). Interest in homewares (25 per cent) and beauty (24 per cent) has increased slightly from 2021. Shoppers are also showing a renewed interest in shopping in-store for a bargain rather than online, with 19 per cent planning to hit the high street and 12 per cent planning to click & collect, a 2 per cent increase in both arenas from 2021. Sixty-nine per cent plan to shop online, a 4 per cent decrease from 2021.

Kien Tan, retail director at PwC, said with the World Cup approaching and the first opportunity to browse high streets without pandemic restrictions in three years, it may not be a surprise that almost two-thirds of men will be shopping over the Black Friday period, with the majority of them (57 per cent) looking for new tech or electrical products.

“By comparison, female shoppers intend to spend half as much as men (£168 v £310), and are mostly using Black Friday to get a head start on Christmas shopping, with 71 per cent planning to buy for their family,” Mr Tan said.

It’s the younger generations who are more interested in Black Friday sales according to the report with under-25s, with nine out of 10 Gen Zers saying they’ll be looking for a bargain and three-quarters planning to buy a treat for themselves.

Lisa Hooker, industry leader for consumer markets at PwC said with expected spending estimated to be £0.5 billion higher than last year, people are looking for treats and bargains or trying to spread the cost of Christmas over a longer time period.

“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,” she said.

“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.”