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UK to Spend £4.9bn in Black Friday and Cyber Monday Sales

Tim Maytom

black-friday-happy-shopper.jpgBlack Friday and Cyber Monday sales will continue to become key fixtures in the UK's shopping calendar this year, with UK consumers expected to spend £4.9bn during the weekend-long sales events put on by many retailers that commence on Friday 25 November.

According to new research by Gocompare.com, the average household will spend £175 over the course of the weekend, with clothing, toys, laptops, TVs and smartphones at the top of the wish list for most shoppers.

34 per cent of consumers already have plans to check out this year's sales, with a fifth having bought things in previous years, and nine per cent plan on using the sales to buy most of their Christmas shopping.

While the average spend of £175 per household will already see many retailers boosting their revenues for the weekend, seven per cent of consumers are expecting to spend in excess of £500 over the four days of sales.

Almost a quarter of those surveyed said they researched items ahead of buying in sales, and 19 per cent said they held off making big purchases until the sales.

Despite this tendency to plan, the sales could still leave consumers with buyer's remorse, with nine per cent of consumers saying that the large savings available often caused them to overspend or buy items they don't need.

"Our research shows that British shoppers have wholeheartedly embraced the Black Friday and Cyber Monday sales to bag bargains and kick-start their Christmas shopping," said Matt Sanders, head of money and protection at Gocompare.com Credit Cards. "But rather than saving them money, the hype around the sales can tempt some people to buy items that they don't need or can't afford."

Clothing and accessories were the most likely to be purchased over the sales event, with 27 per cent of consumers planning on buying them, followed by toys and games at 19 per cent, and small electrical appliances and health & beauty products, both at 15 per cent.