Shoppers in Britain were poised to carry on splashing the cash into Cyber Monday, dealing further blow to the high street
Shoppers in Britain were poised to carry on splashing the cash into Cyber Monday, with some forecasts suggesting they planned to spend more than £7bn across Black Friday and the online shopping day.
Millions of bargain hunters are expected to go online on Monday to take advantage of generous bargains, dealing a further blow to the struggling high street as the Christmas shopping bonanza takes off.
The British Retail Consortium (BRC) said final sales were likely to register some growth on last year, when the UK’s online retailers won the battle for sales on Black Friday with spending up 8% on 2016, but over a significantly extended festive shopping period.
Black Friday and Cyber Monday have become a staple fixture of the calendar year and an important one for many retailers, said a BRC spokesman. While it is too early to say how retailers have fared on Black Friday itself, it expects 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.
A consumer poll by F&C Investment Trust found that people in Britain had collectively spent £19.2bn in sales throughout 2018 and were anticipating spending another £7.7bn over the extended shopping weekend.
The deals comparison website Finder.com claimed consumers were set to shell out an estimated £7bn on Black Friday and Cyber Monday purchases. Those keen to bag a bargain expected to spend an estimated £220 each on Black Friday and Cyber Monday sales this year – a significant decrease from last year, where the Finder.com study found the average shopper planned to spend £304 in the sales.
But with 62% of adults planning on taking part compared with 36% last year, the total amount spent is forecast to eclipse 2017’s £4.5bn.
The traditional midnight cut-off point on Monday is also gradually disappearing, with some retailers running a Cyber Week, extending into December.