24, October, 2022, LONDON –
Across the UK, shoppers are expected to spend an estimated £850 million less on Black Friday and Cyber Monday this year, according to annual research from shopping comparison site finder.com.
The study found that Black Friday and Cyber Monday spending is set to drop by almost a fifth (18%) this year, as Brits seek to rein in their spending as the cost of living crisis takes its toll. The average shopper is expected to spend 31% less this year, falling from £275 per person in 2021 to £189.59 in 2022.
Despite shoppers reducing their spending, participation in the Black Friday sales is set to increase, rising from 33% (17 million) of Brits in 2021 to 39% (20.8 million) in 2022. This indicates that although shoppers have less to spend this year, motivation to shop in the sales has increased, as financial hardship sweeps the UK.
High-street retailers hit hard by spending cutbacks
When analysing how consumers were planning to shop the sales this year, the researchers found that 46% of shoppers intended to make their purchases online-only, while just 10% were planning to shop solely in-store. There was little difference in the amount that these shoppers planned to spend, with online-only consumers expected to spend around £167 on average, compared to £175 for those planning to shop solely in-store.
In comparison to 2021, in-store spending has taken the biggest hit this year, with the average spend per person falling by 36% (£96) from £270 in 2021 to £174 in 2022. Online-only shoppers have also reduced their spending this year, but not quite as significantly. The average spend of online-only shoppers has fallen by 19% (£40), dropping from £207 in 2021 to £167 in 2022.
Across the UK, it was found that Londoners will be the most likely to still shop on the high street, with 62% planning to use a hybrid of both in-store and online shopping in the Black Friday sales this year, compared to a UK average of 49%. Comparatively, those in the East of England will see the lowest number of in-store shoppers, with 57% planning to only shop online.
The full study can be viewed here: https://www.finder.com/uk/black-friday-statistics
Liz Edwards, editor-in-chief at personal finance comparison site finder.com, comments on the analysis:
“It’s undoubtedly been a tough few years for the British high street, after suffering through the effects of the pandemic, shops now have to brace themselves for the impact of the current economic crisis, with rising energy bills and reduced consumer spending likely to take its toll.
“Although the average shopper has reduced their budget significantly, we can see a spike in the number of those looking to take part in Black Friday shopping this year, indicating that many families are turning to the sales in the hope of stretching their money further during the cost of living crisis, and in preparation for Christmas.
“If you’re looking to shop the Black Friday and Cyber Monday sales this year, here are my tips for finding the best bargains:Track prices – use a price tracking website such as PriceRunner or CamelCamelCamel to look at a product’s price history and monitor how the price changes during the Black Friday and Cyber Monday sales vs the rest of the year. Some stores don’t provide their best prices during the sales, so it’s important to do your research to spot the real bargains.Get ahead of the game – a lot of deals actually go live in the weeks leading up to the Black Friday sales, so if you already know what you want to purchase, keep an eye out for price reductions before the sales to avoid the disappointment of items going out of stock.Make use of cashback sites – if you’re making any big purchases in the sales this year, it’s worth checking cashback sites such as Quidco or TopCashback to see if they’re offering deals at any of the retailers you might be buying from. This can be a great way to offset some of the money you’re spending in the sales and generate better savings.”
finder.com calculated these figures from a survey of 2,000 British adults conducted by Censuswide in October 2022. Data from 2021, 2020 and 2019 was calculated from a survey of 2,000 British adults commissioned by Finder and conducted by OnePoll in each of those years.
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).