British shoppers plan to spend an estimated £5.6 billion this Black Friday and Cyber Monday weekend.
While the figure is high, it is £1.4 billion less than in 2018 (£7 billion), according to new research by personal finance comparison website finder.com.
The drop in the total is due to significantly fewer Brits planning to take part in the sales this year, under half (42%) will do so compared to 62% last year. Those intending to participate are set to spend £15.37 more on average, which means they will part with £251.20 this year, compared to £235.83 in 2018.
Most Black Friday and Cyber Monday purchases look set to happen online, with 92% of shoppers saying they will buy something over the internet. This includes over half (56%) who intend to do all of their sales shopping online.
In contrast, only 9% will get all of their sales shopping from stores, while just over a third (35%) of Brits will get their purchases from a combination of physical stores and websites.
Gen Z are set to be the generation that spends the most this Black Friday. Those from the silent generation, however, don’t appear to be convinced by the occasion.
Just like last year, Londoners are looking to splash the most cash compared to other areas of the UK. Spenders from the capital plan to fork out £374.74 each on average, which is £123.54 more than the national average (£251.20). At the other end of the scale is Wales, where shoppers intend to part with just £139.24 on average.
Commenting on the findings, finder.com founder, Jon Ostler, says: “Typically Black Friday and Cyber Monday sales can be a great opportunity to find bargains. From our research, it’s clear that consumers favour online shopping and this can be great for comparing prices so you can get the best deal.
“However, it’s easy to impulse-buy. Our research last year found that a fifth of people regretted purchases they had previously made in the sales so it’s worth planning ahead to avoid post-Black Friday regret. Make lists of your target products and work out how much you can afford to spend and shop around.”