27 Nov 2020
Black Friday is likely to beat online sales records this year as retailers slash prices after a lost November on the high street.
Experts predict record sales — £750 million today alone — and record low prices.
“This Black Friday has the potential to be the biggest yet, sitting one week closer to Christmas and coming just after pay day for a lot of people,’ says Kyle Monk, head of insight and analytics at the British Retail Consortium.
He added: “Nonetheless, it poses a dilemma for retailers this year, who must weigh up whether significantly reduced margins are worth the additional volume when deciding on the discounts they will offer, particularly given that stores are closed this year and that online performance this golden quarter might be make or break for some.”
Richard Lim, the chief executive of Retail Economics, said the success of Black Friday was easy to explain: “Consumers love discounts. If shoppers are looking to bring forward their Christmas shopping, retailers don’t want to lose market share to their competitors. They have to have skin in the game.”
People are being urged to make purchases only from official websites, rather than to click on links sent in emails designed by fraudsters to look like they come from well-known brands.
According to a survey by Lloyds, nearly two-thirds of consumers actively delayed a purchase to see what discounts become available on Black Friday.
But Which? advises that if customers don’t like the deal on offer, they would do well to wait a little longer.
“Research by the consumer rights’ champion found that some ‘deals’ are not all they seem, with prices actually dropping further in the weeks after Black Friday,” reported The Daily Mail.
Salman Haqqi of money.co.uk, said its analysis found one in 10 shoppers were planning to spend much more on Black Friday than last year, with £350 the average outlay.