Busiest Black Friday on record as Brits make the most of sales in cost of living crisis
This year’s Black Friday was the busiest on record, as Brits look to make the most of deals amid the cost of living crisis.
The number of purchases jumped on Friday, up 10 per cent in comparison with last year, according to data from Nationwide today.
The rate of spending has risen more than a third since pre-pandemic times.
“This year’s Black Friday was our busiest day on record as people started their Christmas shopping earlier and spent the evening watching England draw with the USA at the World Cup,” Nationwide’s director of payment strategy, Mark Nalder, explained.
“While cost of living pressures will have inevitably meant some people have cut back on luxury purchases, others will have used the day to buy essential items at a lower cost.”
With the cost of living crisis raiding monthly budgets and savings, Brits are increasingly turning to sales shopping.
In an exclusive interview with City A.M. last week, the European chief of e-commerce firm Shopify, Shimona Mehta, called the upcoming Black Friday deals as the “last cheat meal before you start a really big diet”, as Brits brace for worsening inflation.
“They [shoppers] are looking right now to spend on really great, high quality and durable goods, as they look towards needing to scale back on spending next year as we get into a tougher economic time,” she said.