Shoppers are set to continue their buying spree today as the industry enters Cyber Monday, with forecasters predicting a total spend of over £7 billion across today and Black Friday.
Consumers will head online today to take advantages of cut-price offers and bargains from e-commerce sites, drawing shoppers away from the high street in the first days of peak Christmas trading.
Speaking to The Guardian, the British Retail Consortium said Black Friday sales were likely to improve on last year, when spending rose eight per cent from 2016.
“Black Friday and Cyber Monday have become a staple fixture of the calendar year and an important one for many retailers,” a BRC spokesman told The Guardian.
“While it is too early to say how retailers have fared on Black Friday itself, we expect the weeks surrounding Black Friday to show some growth on last year. Whether the day itself breaks records will depend on how consumers have responded to the promotions offered this year.”
Early data through from Springboard reported that footfall was down more than five per cent year-on-year on Friday, Saturday and Sunday, after a significant rise in online retailing over the Black Friday weekend.
While the attention might be on saving the high street, shopping centres were in fact the hardest hit, with an annual decline in visits of 8 per cent or above on all three days.
“While online transactions are up, the vast majority of spending is still in shops, so this indicates there was a fall in spending,” said Springboard marketing and insights director Diane Wehrle.