BLEAK Friday for high streets as shoppers set to spend ONLINE in 2020
Britain is set to shop online and go BIG on this year’s Black Friday sales, new research by personal finance experts has revealed.
Seventy-seven per cent of adults in the UK are planning to bag a bargain during this year’s Black Friday bonanza, according to new data from the experts at money.co.uk.
The data also reveals that due to the coronavirus pandemic, an overwhelming majority of shoppers will buy their Black Friday bargains online – steering clear of high street shops.
Eighty five per cent of those surveyed said they would either shop exclusively online or a mix of online and in store this year with just 0.3% spending exclusively on the high street.
Four in 10 say they will spend £200 – £300 more this year than they did last year on Black Friday, with one in 10 spending £500 more. A further 15% admit they will splash out between £600 – £2,000 on Black Friday, which this year falls on 27 November .
Salman Haqqi, personal finance expert at money.co.uk, said: “While it is encouraging for the economy to see that shoppers are set to spend more than ever this year, it’s going to be a Bleak Friday for the UK high street, with just 0.3% of people set to spend exclusively in physical stores.
“Fifty percent said they would shop exclusively online this year with a further thirty five percent saying their shopping would be done mostly online.
“Four out of 10 shoppers admit they will spend more this year than in previous years when, famously, desire for Black Friday bargains even resulted in scuffles in some stores.
“The great news for some retailers is that one in 10 shoppers tell us they intend to spend “much more” on Black Friday purchases than last year. The average spend for Brits in this year’s Black Friday sales will be £350.”
So, what are the most popular Black Friday purchases likely to be in 2020?
Salman Haqqi added: “Clothes top the list, with 49% saying they’re looking for a fashion bargain. Beauty and grooming products are next – with 34% of shoppers looking to improve the way they look. Three in 10 will look to land a household product on Black Friday and 29% are hoping to bag a videogames console or games.
A quarter of Black Friday shoppers have a smart TV on their Black Friday shopping list and 24% say they want to purchase home furnishings, a further 23% of shoppers say they are looking to buy a smartphone and 1 in 5 want some Black Friday jewellery bargains.”
More than half (52%) of Black Friday shoppers are planning to pay for their sales purchases using their debit card, according to the research, with 27% saying they will pay on a credit card instead.
Protecting your purchases
Salman Haqqi recommends paying for your online purchases using a credit card for extra protection: “For added protection on Black Friday and Cyber Monday purchases, online or in-store, consider using your credit card.
“Under Section 75 of the Consumer Credit Act 1974, if you pay for an item using your credit card, then you have rights to claim a refund from your credit card provider as well as the seller if something goes wrong.
“This extra protection applies when you buy an item that costs between £100 and £30,000 and means if the seller goes bust or fails to deliver your item you can approach your credit card company to get your money back.”
Just 1 in 10 bargain hunters will pay for their Black Friday splurge using cash, with a further 5% using Klarna or Clearpay to Buy Now, Pay Later.