So…with the "crisis" for the UK High Street and frequent shop closures, how did UK retailers perform this Black Friday/Cyber Monday?
Quite shockingly, more shoppers than were predicted visited stores and shopped online with a peak in spending. Retail intelligence specialists, Springboard, said that there was a 2.4% rise in customers visiting the High Streets, a 1.9% rise in customers to retail parks and an impressive 6.5% rise in people visiting shopping centres, compared to that of Black Friday 2018.
The events were ‘’outstanding’’ and most certainly did not leave shopping centres deserted – as was expected.
Barclaycard show that the transaction value rose by 16.5% compared to last year…Black Friday continuing to be a great opportunity for retailers and consumers. Cyber Monday also saw benefits as it was found to have a transaction volume up 6.9% compared to 2018.
An important point to note is that this year’s black Friday happened to fall on the 29th of the month – fitting quite well with the payday for many workers. This matched up to figures when Springboard suggested that footfall was the highest at 5pm, when Brits finished work for the day.
There was some reluctance by retailers to participate in this years events, with the lack of customer spending and many retailers struggling financially. Many were worried about discounting, as seen from the many profit/loss warnings announced and the high usage of CVAs by retailers. However, such positivity in figures this year may well encourage retailers to participate in the future.
It also shows that customers are not being reluctant to spend, perhaps they are just awaiting the best time and the best deals – don't we all!
Will this encourage retailers to keep lower priced goods in order to drive sales? One sale, high or low, is better than no sale especially if stock needs to be shifted.