Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Black Friday spending surges despite economic pressures

EditorNikhilesh Pawar
Published 11/24/2023, 09:19 AM
Updated 11/24/2023, 09:19 AM

LONDON - British consumers are showing a robust appetite for Black Friday deals, with Barclays and Barclaycard Payments reporting record-breaking transaction volumes, indicating a willingness to spend despite economic challenges. Nationwide Building Society's data further reinforces the trend, revealing a significant spike in transactions compared to typical Fridays and last year's Black Friday figures.

The early hours of today saw a remarkable 15% increase in activity over the same period last year, with over 3 million transactions processed by midday. This surge represents a 5% uptick from the previous Black Friday, as shoppers appear undeterred by the cost-of-living concerns that have loomed over the economy.

Retailers' strategies seem to be paying off as they extend sales periods and offer early deals to capture consumer interest. Barclaycard Payments had already noted a pre-Black Friday spending boom, surpassing last year's levels. This momentum suggests strong Christmas sales are on the horizon.

Marc Pettican of Barclaycard Payments observed that while consumers are being selective, particularly with non-essential items, there is still an optimistic outlook for retail performance throughout the weekend. Nationwide's findings of a 14% increase in transaction volume above average Fridays by noon today underscore the success of these retail strategies.

The data paints a picture of resilience among British shoppers who are eager to take advantage of bargains despite the backdrop of financial pressure. Retailers will likely view this as a positive sign for the holiday shopping season, as early indicators point to sustained consumer engagement in festive spending.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.