UK retailers are poised for a boost in foot traffic on Black Friday (29th November 2024), with discounts unlocking pent-up spending from shoppers who held off purchasing in October. This is according to RetailNext, a leading analytics provider for physical stores.
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RetailNext's UK shopper traffic index, which tracks billions of store visits globally, suggests a 2% year-on-year increase in footfall this Black Friday.
Gary Whittemore, Head of Sales EMEA & APAC at RetailNext, commented that Black Friday has become a major discounting event, with many retailers offering deals throughout November, and some starting as early as October. Despite the extended sale periods, Black Friday continues to drive in-store visits, as shoppers are enticed by bargains.
Retailers have seen a slow sales growth of just 0.6% in October, as consumers remained cautious and waited for Black Friday deals. This delay in purchasing is expected to lead to a surge in demand, particularly for Christmas gifts. The timing of Black Friday, falling after payday in 2024, is also expected to drive higher spending. GlobalData forecasts that UK shoppers will spend over £9 billion during the four-day weekend, a 4.5% increase from last year.
Source: www.365retail.co.uk