Black Friday is an American tradition that has infiltrated the UK high street to win big with retailers and consumers.
On Black Friday last year, British consumers spent £810m on online purchases alone. That works out at a staggering rate of £9,375 every second.
This year, Internet sales over the 24-hour period are expected to surpass £1bn for the first time in UK history. Ebay said it anticipates 9m Brits will visit its website on Black Friday, buying 25 items every second.
The Centre for Retail Research estimates online spending on Black Friday to be closer to £966m, with total Black Friday sales (including in stores) reaching £1.39bn and shopping over the entire weekend nearing £3.5bn.
Retailers that mean business will generate business. Tesco has recently announced it will shut 250 Tesco Extra stores between midnight and 5am on Black Friday. This will allow staff more time to prepare for the 24-hour sales spectacular.
The Currys PC World ‘Black Tag Event’ is a simple, powerful campaign that lives online and in-store. It is a great example of how a retailer takes advantage of this Christmas shopping frenzy.
The retailers that embrace cultural shifts in the traditional buying habits will succeed in this sometimes-literal fight for consumer spend.