Jewellery retailers around the country are getting ready for what could be a £6.77bn trading weekend starting tomorrow.
The lucrative trading date will see prices on some pieces slashed in the hope of shifting thousands of units.
Brands as big as Pandora are pushing online and in-store offers such as £50 reduction on its promotional charm bracelet.
London-based jewellers Hugh Rice said it will be running some small offers on Black Friday with a couple of jewellery brands. It said it hopes to “make the most of the increase in footfall over Friday and across the weekend”.
But many jewellery and watch stores will not be taking part in the Black Friday sales. Notably Harrods will wait until its Winter Sale before offering promotions.
Some retailers expressed concern that there is consumer pressure to reduce prices when there is already price competition online and margins are already very tight.
The stigma attached to Black Friday is strong following TV news of customers fighting over products last year. Tim Heapy, sales director at Harrington and Hallworth, notes how many jewellery store owners will have “sleepless nights” over the next few weeks, but will reap the benefits after the busy period.
Further to this, Peter Wong, managing director of Wong’s Jewellers admits that Black Friday is “something we have created so we have to get on with it”.
This Black Friday is set to be the biggest ever, especially for online sales. Mobile device sales will make up 51% of Black Friday online spending, highlighting the opportunity for jewellery retailers who are present online at the key trading time.