// Black Friday is expected to fall flat as spending is predicted to fall from £2bn to £1.7bn over the sales period – down by 15%
// Although, 33% of shoppers will try and spend more on discounted items to save more over the winter
New data has predicted that Black Friday spending this year will be down 15% compared to 2021, from £2 bn to £1.7bn, with almost half of consumers planning to reduce spending amid the cost-of-living crisis.
As Brits struggle with soaring prices and energy bills as the cost of living crisis takes hold, households are expected to spend £177 each, down from £200 in 2021.
While 43% said they will be less likely to purchase items over Black Friday and more than half (51%) of those earning under £25,000 will be avoiding the sales as 57% believe the new proposals won’t help their financial situation this winter.
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Although, a third admitted that they will try and spend more as a way of offsetting price increases and taking advantage of the sales period to make their purchases while discounts are available, with 31% expecting to spend more on essential items they need for their families.
The research, commissioned by hotukdeals in partnership with Retail Economics, surveyed over 2,000 UK respondents examining their attitudes towards Black Friday spending for 2022 against the challenges of the current economic climate.
Most of the spending is expected to be led by Gen Z and Millennial shoppers as they focus their purchases on electrical items or clothing and footwear.
Half of shoppers will spend on electricals, the most popular category during Black Friday, followed by 42% buying clothing and footwear and 30% purchasing toys and games in the run up to Christmas.
While Brits are finding times tougher, many are still looking to Black Friday as a way to get the things they need for less, with 85% of shoppers using the event to get their Christmas shopping done and a third wanting to get all the gifts bought during this time.
Hotukdeals savings expert Vix Leyton said: “We know UK shoppers are being more careful than ever when planning their spending for the next six months and they are clearly seeing Black Friday as an opportunity to try to beat the price hikes we’ve been seeing across all sectors. While overall spending looks like being down on previous years we still expect there to be heavy discounting as retailers look to kick-start the season of shopping especially in electronics and clothing categories.”
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