Sunday, May 19, 2024
Latest News
Mainland China hits EU, US with anti-dumping probe into chemical imports, with Japan, Taiwan also targeted Healthcare company WebTPA discloses breach affecting 2.5 million people Billionaire Investor David Tepper Sold Nvidia, Meta Platforms, and Other "Magnificent Seven" Stocks Hand Over Fist Last Quarter. You Won't Believe What He Bought Instead. BJP levelling false charges against govt over Puri temple project, says Bhrugu | Bhubaneswar News Taj Dragon delivers Pierre Ng his 100th win as Ellis Wong celebrates biggest career success | HK Racing Donald Trump tells Texas NRA crowd US gun rights are ‘under siege’ Welfare or Casteism ? Tough call for Kaushambi voters | Allahabad News Richest in UK: Who is Gopichand Hinduja? Beavers booming, wildcats released – success in rewilding Scotland boosts ecotourism. Are lynx, wolf next? 'If MS Dhoni hadn't gotten out...': Former India cricketer on what cost CSK IPL playoff spot | Cricket News Dominican Republic Election: How Crackdown on Haitians Lifted Abinader What happened in the UK's infected blood scandal? Inquiry report will be revealed on Monday Sources: Ohtani's ex-teammate Fletcher used same bookie as Mizuhara Ahmedabad swelters at 44.5°C, breaks summer record | Ahmedabad News Netflix movie review: My Oni Girl – Japanese fantasy anime by A Whisker Away co-director is frustratingly familiar 'Bade match ke bade player hai': Virender Sehwag lauds Virat Kohli after another batting 'masterclass' | Cricket News GTA 6 release may exclude half of PlayStation gamers amidst anticipation for next-gen gaming phenomenon Bicyclist, 66, dies after crashing into open car door on Kalakaua Ave. Balance of power: Vulnerable Dems look to differentiate themselves from unpopular Biden Bihar: 2 dead as boat capsizes in Ganga river near Maner in Patna | Patna News Chic home decor ideas for people who love food Slack under attack over sneaky AI training policy In Washington DC, hundreds of pro-Palestinian protesters rally in rain to mark painful past and present WikiLeaks founder Julian Assange faces US extradition judgment day Experts reveal major 'downside' to potential Trump VP pick: 'No wow factor' Tamil Nadu Government: Take over the Manjolai tea estate, TTV urges govt | Chennai News Are Those Mimes Spying on Us? In Pakistan, It’s Not a Strange Question. Rare fish found near Cannon Beach, 1st time in Oregon Transgender Toilet: Bengaluru's First Transgender Toilet: A Story of Neglect | Bengaluru News Chinese lawyers accuse court officials of interfering in trial, slam ‘blatant sabotage’ of legal system
HomeU.KCost-of-living crisis casts shadow over Britain's Black Friday

Cost-of-living crisis casts shadow over Britain’s Black Friday


LONDON: Britain’s retailers are hoping Black Friday discount day will get shoppers spending, though it takes place against a backdrop of a worsening cost-of-living crisis and the distraction of the soccer World Cup.
Britons will spend 8.7 billion pounds ($10.5 billion) over the Black Friday weekend (Nov. 25 to Nov. 28), according to research by GlobalData for VoucherCodes – a rise of 0.8% year-on-year which masks a big drop in volumes once inflation is accounted for.
Consumers have been cutting back on their spending as soaring inflation – which hit a 41-year high of 11.1% in October – eats into disposable incomes. And they have begun their Christmas shopping early this year to help budget their finances.
This year, consumers will use Black Friday, which has become more of an online event, much more for jumping on spontaneous deals and for Christmas gifts, rather than for bigger, delayed purchases, according to consultants McKinsey.
Its research shows a quarter of UK consumers have already done their Christmas shopping, while about one in 10 is planning to do most of it during Black Friday.
Some consumers may, however, have other priorities, with both Wales and England in action on Friday at the World Cup.
Retailers across Europe fear the overall Christmas trading season could be the worst in at least a decade as shoppers cut back, while the costs of doing business show no sign of abating, squeezing profit margins.
HOLIDAY SALES
But many consumers still look set to shop Black Friday. Idealo, the European price comparison portal, said 65% of online Italian shoppers are ready to buy a product during the event.
In France, 70% plan to shop on Black Friday and Cyber Monday, according to research by PwC France.
However, the Spanish are less keen, with just 24% of shoppers planning to take advantage of Black Friday deals to get a head start on their Christmas shopping, according to the Spanish Association of Mass Consumer Goods Companies.
In the United States, the National Retail Federation (NRF) has forecast holiday sales would rise at a slower pace this year, while Amazon has forecast its slowest revenue growth for any holiday period in years.
In Britain the Black Friday trading period is particularly important for the likes of department stores group John Lewis, consumer electricals retailers Currys and AO World , and general merchandise retailer Argos, which is part of supermarket group Sainsbury’s.
But some major retailers, including Marks & Spencer, largely shun the event.
More than a decade since being brought to the UK by Amazon, Black Friday’s worth to retailers still divides opinion.
Supporters say carefully planned promotions in close co-operation with global suppliers allow retailers to boost sales and maintain profit margins.
Naysayers argue the discounts suck forward Christmas sales with reduced profits and undermine consumers’ willingness to pay full price again before the festivities.





Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

Latest News