Britons to spend £8.74bn over BFCM weekend - VoucherCodes report

By

Nigel TAYLOR

Published
Nov 23, 2023

It’s going to be big, but not that much bigger than last year. UK spending over the upcoming Black Friday Weekend and Cyber Money (BFCM) is predicted to rise a marginal 0.4% year-on-year to £8.74 billion.

That will come as shoppers chase discounts but stay cautious in the run up to Christmas, according to online platform VoucherCodes.co.uk.

The good news is that 44% of Britons shopping the event this weekend will be looking to snap up clothing and footwear bargains with 30% looking for beauty-related deals.

And although sales will remain steady this year, many consumers will be waiting until Cyber Monday to ensure they’re getting the best deal, its report predicts.  

On Cyber Monday, sales are expected to reach £3.34 billion, a 6% year-on-year increase. By comparison, spending on Black Friday alone is set to actually fall 0.2% to £3.01 billion – down £6 million versus 2022.  

Despite rising living costs putting pressure on consumer finances, 40% of shoppers say they expect to make a purchase over the period. That means over the weekend, £2.63 million will be spent both online and in-store every minute, equating to £157.79 million spent every hour – a 0.6% rise. 

Following the same pattern as 2022, some retailers are set to extend their Black Friday promotions to a two-week period, and the report forecasts that shoppers will spend a total of £22.67 billion over the extended period – growth of 0.2%. 

London will see the biggest spend over the BFCM period (£1.674 billion +1.7%) with the South East second (£1.269 billion, +0.3%) and the North West third (£885 million, +5.6%). The biggest rise is expected in Northern Ireland (+30.3% to £342 million) while the biggest decline is expected to be Scotland (-5% to £782 million).

Anita Naik, Savings Expert at VoucherCodes, said: “After a tough year of economic uncertainty, Black Friday Weekend sales will remain steady as consumers continue to be more cautious with their spending.  

“Although shoppers will be using this time to stock up on presents ahead of Christmas, people will be making much more considered purchases this year with many waiting until Cyber Monday to ensure they are getting their desired products at the cheapest price.”