The weekend just passed includes the infamous Black Friday and Cyber Monday, whereby consumers flock to stores to snap up deals in the run-up to Christmas. In the UK, the results have been incredibly promising for a number of retail outlets. However, those positive results weren’t seen right across the board, as some researchers had conflicting findings.
Positive signs of growth
Ipsos Retail Performance carried out a study of 4,000 UK non-food retail outlets and found that footfall on this year’s Black Friday was up almost 1% compared to 2016. 42% of retailers benefitted from a boost in customer volume. Barclaycard has released its results from the day and found a 32% rise in the number of transactions their customers carried out. On top of this, they saw an overall increase in spending of 7%.
However, in comparison to Ipsos results, the retail performance insights provider known as Springboard, had differing findings. In their studies, they found that footfall growth actually fell by 4.2% compared to last year. They believe that this is due to a mixture of a reduction in household income, as well as greater awareness amongst UK consumers. They have realised that Black Friday isn’t the only day to experience greater savings, but instead, the week running up to it and following it also offers plenty of opportunities to bag a bargain.
What are the results?
Though total spending results are not yet in, it is expected that UK consumers will have spent a whopping £7.8bn across the Black Friday/Cyber Monday weekend. It is expected that much of these sales were performed online, whereby retail outlets are continually promoting their deals on the websites as well as in store. You only need to look as far as the Amazon stock price to see the ever-growing importance of eCommerce sales.
By Monday alone, their share price had risen 2%, showing a continuation in the growth of the online eCommerce giant. So much in fact that Amazon-founder and retail executive, Jeff Bezos, has now made history by becoming the first man to ever hold a net worth of more than $100 billion, with the 2017 Black Friday weekend being the cause for this. Either way, this boost in sales, be it online or offline, will no doubt prove a happy welcome to all UK retail outlets in the run-up to the holiday season. Ever since Wal-Mart bought Asda in 2013 and introduced the Black Friday tradition to the UK, we’ve seen the popularity of the weekend continuing to grow year on year as expected.