London businesses pin hopes on Black Friday for sales boost after washout summer
London businesses are pinning their hopes on Black Friday for a much-needed sales boost following a depressing trading period over the summer and early autumn.
According to a new analysis by Virgin Media Business, some 80 per cent of London business owners believe that the sales event will have a positive impact on revenues.
Black Friday, which starts on the 24th of November, is often seen as the start of the Christmas shopping period for many customers and high street stores.
It’s often seen as a chance for customers to snap up big-ticket items such as phones and computers at a discounted price before they return to full price in the run-up to the holidays.
As shoppers remain cautious about their spending habits amid the cost of living crisis, 37 per cent of Londoners said they are more likely to participate in Black Friday sales this year compared to last year.
Jo Bertram, managing director at Virgin Media O2 Business, said: “Despite the cost-of-living crisis, our latest Movers Index shows retailers are anticipating a busy winter sales period.
“As savvy shoppers prioritise savings, Black Friday has emerged as the sales event that most London businesses expect to boost their revenue.”
He added: “Our data reveals that retailers are right to expect a busy period, with two-thirds of Londoners planning to participate in Black Friday and Cyber Monday shopping.”
The shopping event comes after retailers have suffered from a slowdown in sales, especially clothing, due to unreasonable weather in the summer and the start of autumn.
Retail sales volumes fell by 0.9 per cent in September, according to fresh figures from the ONS.
Total non-food sales volumes in department and clothing stores were hit particularly hard, falling by 1.9 per cent, following a slight rise of 0.3 per cent the prior month.