Black Friday is becoming more of the “Norm” now around the world. We have had a look at the latest with Black Friday in 2024. Take a look at our article below which you may have all ready been able to have a glimpse of through our Social Media Outlets.

Black Friday

Black Friday stands as one of the most significant sales events for both brick-and-mortar stores and e-commerce platforms. This year, the official date for Black Friday is November 29th; however, a growing number of businesses are launching pre-sales in the week leading up to the event in hopes of boosting their sales. This day unofficially kicks off the Christmas shopping season.

In the UK, the adoption of Black Friday has spread across various retail sectors, allowing businesses to capitalize on this high-sales period. Online shopping offers a unique advantage for both customers and businesses through Buy Now Pay Later (BNPL) options. Additionally, research indicates that mobile devices accounted for 70% of all sales and 63% of total revenue on Black Friday 2023.

Origins

Originating from the US, Black Friday refers to businesses putting on sales in order to sell mass leftover stock, whilst still maintaining profit margins (or getting the books into the ‘black’). Whilst the concept of black Friday is a longstanding tradition within the US, arising around the 1800s, the concept is still relatively new to the UK markets, only having started in 2010. However, since its introduction into the UK retail and e-commerce space, it has become rapidly popular with consumers and retailers alike.

2024 Black Friday Predictions in the UK

Brits plan to spend an estimated £3.8 billion in the 2024 Black Friday and Cyber Monday sales. Black Friday spending is expected to increase by £800 million in 2024, up 27% from a planned spend of £3 billion in 2023. 3 in 5 UK adults (59%) plan to spend during the Black Friday weekend, which is around 31.6 million people. The average person plans to spend £122 on Black Friday this year, up from £113 in 2023. On average, men are planning to spend £20 more than women
during Black Friday 2024. Londoners are expected to spend the most, with approximately 72% of residents planning to spend an average of £174 each.

Barclays have revealed a slowdown in spending in the month leading up to Black Friday. The bank, which processes almost 40% of the UK’s credit and debit card transactions, said many shoppers were planning ahead for Black Friday. In a survey of 2,000 consumers by the market research firm Opinium on behalf of Barclays, 37% said they intended to shop during the sales period, while almost a third said they had already put items in an online basket so they could monitor whether those items would be discounted.

Merchants and Black Friday

An effective payment processor offering seamless customer checkout experiences is critical during the fast-paced black Friday and Christmas shopping period. Choosing the right payment processor whilst keeping your rates to a minimum can save you money and increase sales.

Talk to us at HAL:PAYMENTS Consultancy and let us start saving your business money and increasing sales.

enquiries@halpayments.com