Almost half in West Midlands to spend on Black Friday despite cost of living crisis
Interest in Black Friday is holding up, despite the cost of living crisis, experts said today.
And people in the West Midlands are among the most engaged in the day, in which retailers hold an early Christmas sale.
PricewaterhouseCoopers' research found that 43 per cent of West Midlands consumers are interested and may buy, compared to the 37 per cent average across the UK.
This is an increase on 2020 levels where only 16 per cent of consumers across the UK planned to purchase in the Black Friday period.
Black Friday falls this week, with thousands of online and high street discounts expected to be made available.
Sarah Phillips, PwC partner and consumer markets leader for the Midlands, said: “In light of the cost-of-living crisis, it has been predicted that interest in Black Friday this year would decline. Going against this trend, almost half of consumers in the West Midlands are telling us they are interested and will definitely be spending.
"Many consumers now anticipate the annual savings event and wait to purchase bigger electrical items such as TV’s and laptops, as well as make the most of discounts for Christmas shopping.
“There are plenty of in-store bargains to be had as well with many retailers taking part in the event. The West Midlands benefits from a variety of shopping destinations such as The Bullring and Merry Hill. Footfall is expected to increase in these locations which will also provide an additional boost to the high-street and local hospitality venues too.”
With almost half of under-35s in the UK definitely spending, interest from male shoppers sits 10 percentage points higher than than females. Amongst men, 29 per cent plan to definitely purchase with 34 per cent interested opposed to 19 per cent of women definitely spending and 35 per cent interested.
PwC estimates the average spend per consumer to be around £238 which will add £500 million extra to the retail economy this year taking the overall spend on Black Friday bargains to £7.5 billion.
Shoppers will predominantly be shopping for electricals (51 per cent), fashion (32 per cent) and Christmas stocking fillers (28 per cent). Interest in homewares (25 per cent) and beauty (24 per cent) have increased slightly from 2021.
Shoppers are also showing a renewed interest in shopping in store for a bargain rather than online, with 19 per cent planning to hit the high street and 12 per cent planning to click and collect – a two per cent increase in both areas from 2021. 69 per cent plan to shop online – a four percentage points decrease from 2021.
