£10.4bn Black Friday sale promises to alleviate pressure on retailers
Hard-pressed retailers are set for a welcome boost as shoppers get set to spend big on Black Friday 2018, new figures have revealed.
Figures from data and analytics group GlobalData revealed that Black Friday a promotional event coinciding with the US Thanksgiving celebrations will record a 3.1% sales growth on the same period last year.
It will be worth 10.4bn in the UK this year which, according to retail analyst Zoe Mills, will account for 10.5% of overall fourth quarter spend in a sector which has been battered throughout 2018 by uncertain consumer spending and higher costs.
Fashion & beauty will be the best performing sector during the Black Friday period with sales forecast to grow by 3.8% on 2017.
we have seen more clothing retailers participating in the event each year and while a number of big names such as Marks & Spencer are not participating, online pureplays such as ASOS, boohoo.com and Gymshark are encouraging consumers to move online to get a discount, said Mills.
After the curtains drew on another Small Business Saturday, we asked a panel of small business owners whether the growing prominence of Black Friday threatens to undermine a day dedicated to supporting independent firms. more»