Black Friday, the annual shopping event that offers discounts on various products, is losing its appeal among UK consumers, according to a new survey by PwC.
The survey found that the total spending for Black Friday this year could fall by £1.5 billion to £5.6 billion, the Standard reported.
The survey, which interviewed 2,000 adults across the UK in late October, revealed that only 16% of them said they will “definitely” buy goods on Black Friday, down from 24% last year. The interest in Black Friday also declined from 61% to 44%.
PwC cited several reasons for the anticipated decline in spending, such as the cost-of-living crisis affecting some purchasing decisions, the earlier timing of the event before many people’s payday, and the reduced attraction of promotions for some older generations.
Another survey by Airtime Rewards, a customer loyalty rewards platform, also showed a similar trend, with only 26% of its customers planning to buy something in the Black Friday sales this year, down from 39%.
Retail analysts at MRI Software estimated that the footfall increase on Black Friday this year will be lower than the previous two years.
Lisa Hooker, leader of industry for consumer markets at PwC UK, said: “For many, purse strings are a little tighter this time around, with the improvement in consumer sentiment we saw earlier in the year having slowed over the summer.”
Hooker pointed out some positive data for retailers, such as the higher average estimated spend of £242 per consumer, up from £228 last year.
She added: “Consumers still prioritise special occasions and time with family, which means that we are still optimistic about the outlook for retailers this Christmas.”