Connect with us

Hi, what are you looking for?

Editor’s Pick

Black Friday expected to beat UK online sales records

Black Friday is expected to smash online sales records this year as struggling retailers slash prices in a desperate attempt to drum up trade after a lost November on the high street.

The discount day has become the biggest shopping event of the year but the stakes are far higher this time round as coronavirus restrictions mean some retailers have shops closed in three of the four home nations.

The virtual high street has already gone into overdrive. Last week online sales were 56% higher than in 2019, according to the internet industry body IMRG, with the stellar run of growth pointing to a “record-breaking month for online retail”.

Richard Lim, the chief executive of Retail Economics, said the success of Black Friday was easy to explain: “Consumers love discounts. If shoppers are looking to bring forward their Christmas shopping, retailers don’t want to lose market share to their competitors. They have to have skin in the game.”

Black Friday 2020: five things to consider before buying that ‘bargain’
Read more
Some retailers have been running Black Friday promotions since the start of November but the volume of the deals has increased in recent days. It reaches a crescendo on Friday as companies set out their stall for a long weekend of shopping.

Fashion chains have been among the hardest hit by the shift to homeworking and curbs on socialising – and some of the striking deals reflect that. Asos is offering up to 70% off, while its rival Boohoo is slashing prices by up to 90%.

With Covid curbs creating pent-up demand, there is some good news for struggling retailers, with eight in 10 shoppers planning to make a Black Friday purchase, according to the personal finance website money.co.uk.

Salman Haqqi, a finance expert at money.co.uk, said its research found one in 10 shoppers were planning to spend much more on Black Friday than last year, with £350 the average outlay.

Clothes were top of the list, he said, with about half of those polled looking for a fashion bargain, followed by beauty and grooming products. Games consoles, smart TVs and mobiles were also on shoppers’ radars.

While Britons have traditionally used Black Friday to start their Christmas shopping, concerns about the impact of store closures mean some people have started even earlier this year.

Tesco, which started its Black Friday campaign on Tuesday, has already sold out of the coveted Nintendo Switch console. However, the device is among the Black Friday bargains that will go live on Aldi’s website at midnight.

Currys PC World launched its deals, which include discounts of up to 30% on products ranging from flatscreen TVs to laptops and home printers, on Thursday night, while its sister chain, Carphone Warehouse, will run “limited time” offers on handsets over the weekend.

Over three days, shoppers are expected to spend £7.5bn, according to a Centre for Retail Research (CRR) report for Vouchercodes.co.uk. That would be 12% less than in 2019 and the first drop in total sales since the US-inspired event arrived in 2013. The fall in spending has been blamed entirely on lockdown store closures.

During the spring lockdown, stores missed out on £1.6bn of sales a week, according to the British Retail Consortium, but the significance of the festive period means that figure is estimated to be £2bn of sales a week.

The diverging fortunes of real and virtual stores is writ large in the CRR’s forecasts, which predict online sales will be nearly £2bn higher at £5.8bn while stores will lose out on £3bn of business, to take just £1.7bn.

For those appalled by the orgy of spending, alternatives to the discount frenzy include the Green is the New Black Friday movement, in which many independent shops have promised to support local charities and food banks.

The sock brand Chatty Feet will be donating a fifth of sales via its website to the homelessness charity Crisis, while the footwear brand Allbirds is donating £2 from every sale to the Fridays for Future movement founded by the climate activist Greta Thunberg.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

News

Infrastructure spending dropped for the fifth straight month in November amid the pandemic. — PHILIPPINE STAR/MICHAEL VARCAS By Beatrice M. Laforga, Reporter STATE SPENDING...

News

By Charmaine A. Tadalan, Reporter THE BICAMERAL Conference Committee on Tuesday approved the bill strengthening the anti-money laundering law, although a key amendment pushed...

News

The Health department on Tuesday reported 1,357 new coronavirus disease 2019 infections, bringing the total to 504,084. — PHILIPPINE STAR/MICHAEL VARCAS THE HOUSE Committee...

News

PLDT, Inc. said its fixed broadband download speeds have improved by 78% in 2020 after expansions and upgrades amid a pandemic crisis. Its wireless...

News

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Tuesday said it had completed a berth expansion project at the Manila International Container...

News

CEMEX Holdings Philippines, Inc. has positioned its large heating device as it builds the cement production line that would add 1.5 million metric tons...

You May Also Like

When people envision technology overtaking society, many think of The Terminator and bulletproof robots. Or Big Brother in George Orwell’s Nineteen Eighty-Four, a symbol...

Financial Advisors

Stock Markets9 hours ago (Jul 02, 2020 04:45AM ET) (C) Reuters. ROME (Reuters) – World food prices rose in June to post their first...

Economy

SAN FRANCISCO — The spread of the coronavirus has meant feast or famine for technology start-ups. While many are cutting staff and slashing costs...

Economy

In Wisconsin and Ohio, farmers are dumping thousands of gallons of fresh milk into lagoons and manure pits. An Idaho farmer has dug huge...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Respect Investment. All Rights Reserved.