UK shoppers are expected to spend £13.41m per minute over this year’s Cyber Weekend, with an increasing number of Brits delaying their Christmas shopping until this time.
This equates to £8.29bn in online and offline sales from Black Friday (Nov 23) through to Cyber Monday (Nov 26), a 6% uplift on the £7.78bn spent in 2017.
According to research from VoucherCodes.co.uk and the Centre for Retail Research, the Cyber Weekend begins on Black Friday, with shoppers expected to spend £2.44bn. Sales are set to continue to increase over the weekend, reaching fever pitch on Cyber Monday as consumers spend almost £2.96bn on the final day of the savings weekend.
Traditional high-street retailers are set to receive £4.80bn in sales over the four-days, up 3% on the £4.65bn spent last year, as shoppers look to secure the best bargains in-store. In addition to the projected increase in in-store sales, online shopping tills are also set to be ringing, with people in the UK planning to spend £3.48bn online, up 11% on the £3.13bn spent last year.
Figures reveal that spending over the Cyber Weekend has grown significantly over the last five years, with online and offline spend up 66% and 68% respectively since 2013. In total, spending online and on the high street over those four days alone now accounts for 24% of festive sales, compared to 14% in 2013.
Director of marketing at VoucherCodes.co.uk, Jimmy New, comments: “Almost a quarter of Christmas sales take place over the Cyber Weekend. Where the focus used to be on Black Friday, retailers are increasingly launching flash sales over the long weekend, as well as offering deals in the week leading up to it. This leaves retailers with a wider sales window to capture extra sales from new and existing customers, providing a welcome boost to the UK economy.”
A fifth (20%) of British shoppers will do their research and choose the items they want to purchase beforehand, while one in 10 are planning to sign up to retailer newsletters so they are alerted when their festive sales begin.
Clothing (24%), personal electronics (23%) and home electronics (23%) are all topping people’s shopping lists this year with over half (52%) planning to pick up bargains online. Those looking to find deals on the day will dig into their savings (34%) or use a credit card (20%) to purchase items, whilst 12% will use money they’ve set aside especially for sales shopping.
While the jewellery industry by large is not in favour of Black Friday, especially at a time where margins are already being squeezed, those with discounted goods already on offer online should consider packaging these deals as ‘Black Friday’ offers and making the most of any specials brands supply for the day.
Jewellers should harness the power of social media to interact with customers during and ahead of Cyber Weekend – teasing offers that will be available online and in store.