UK consumers set to splurge £7.1billion treating themselves this Black Friday

• Black Friday spending in the UK is set to reach £7.1 billion - up 37% from last year's £5.2 billion and 17% on a per head basis

• Men expected to boost their spending by more than 25% compared with last year; they plan to spend 50% more than women, much of which will be spent on tech products

• 68% of Black Friday purchases will be made online, with younger shoppers most likely to be physically hitting the high street

Black Friday spending hits a post-pandemic high

UK consumers are gearing up for a Black Friday splurge, with spending expected to reach £7.1 billion over the Black Friday period this year. While some families will be looking for bargains on their Christmas shopping, two-thirds of shoppers - and almost three-quarters of men - plan to buy things for themselves, according to new research from PwC.

This surge marks a 37% increase from last year’s £5.2 billion spend on the annual discount shopping period, with 20% more consumers planning to hit the shops and average spend per shopper expected to be 17% higher than in 2023.

Black Friday spending is expected to rise from £221 per person in 2023 to £258 per person in 2024, which is the highest per capita spending level since before the pandemic. Total expenditure of £7.1bn is in line with overall spending seen in 2021 and 2022, although below the record £7.9 billion seen in 2019.

Overall interest in Black Friday has recovered with UK consumers with 53% saying they are interested in grabbing a bargain. This is a significant increase on the 44% who said they were interested in Black Friday last year at the peak of the cost-of-living crisis, which put a curb on both interest levels and spend per head. At the other end of the scale, one in three adults say they are not interested in the event at all this year, with a further 6% saying they are actively avoiding the Black Friday sales (down from 12% in 2023).

Interest levels in Black Friday have remained remarkably stable since 2019, with a roughly 50:50 split between those consumers who will and won’t participate in the sales. Only 2020 and 2023 bucked this trend, with participation in Black Friday in those years hindered by the second national lockdown and the cost-of-living crisis respectively.

Differences in what people are buying and how much they are spending

As in previous years, while some shoppers - predominantly families and women - will be using the sales to buy gifts for others, for many younger people and men Black Friday is an opportunity for self-care and to bag bargains for themselves.

PwC’s Black Friday research found that shoppers’ top spending categories are technology (49%), fashion (38%), health & beauty (28%) and Christmas stocking fillers and treats (28%).

Men are leading the charge in spending, with a projected 25% increase from 2023. Men’s anticipated spending at £311 per person is 50% higher than women’s at £208, and almost three-quarters of male shoppers (73%) plan to buy something for themselves. Three-in-five male shoppers have technology, electronics and other gadgets on their shopping list, which is twice as many as are shopping for fashion, the next most popular category.

Meanwhile female shoppers are expecting a more modest 10% increase in their spending from £190 per person last year. Tech is also high on women’s priorities (40% of female shoppers spending on tech), but fashion is top of their shopping list (43%), with health and beauty and Christmas treats not far behind (both 33%).

Women are more likely to be buying for family (71%) than themselves (61%), while only 59% of male shoppers are buying for family. Additionally, 21% of all adults plan to buy gifts for friends, and 17% for others outside their immediate circles.

The keenest and biggest spending age group is the 25-34 year olds, with 72% interested in buying something, and an average spend of £343 per head, compared with £258 across all shoppers.

Black Friday is an online phenomenon in the UK

When Black Friday was first popularised as an event in the UK in the early 2010s, it was promoted as an in-store event with queues of shoppers vying for the biggest bargains. However, PwC’s research finds that most bargains are now found online: since 2022, just over two-thirds of all Black Friday spending takes place online for home delivery, with a further 12% ordered online for click-and-collect; this leaves just 20% of all sale spending that takes place physically in stores.

Younger shoppers are most likely to prefer a more hands-on, experiential approach to Black Friday shopping, with almost 3 out of every 10 pounds spent by under 25s in store, which is double the amount spent by 45-54 and 55-64 year olds in store.

Despite the increased interest in Black Friday this year, the report also reveals that British participation in Black Friday is lower than in other European countries as surveyed by PwC. Amongst adults between 18 and 64 years old, 59% of UK adults are interested in the event, compared with between 80% and 86% of adults who plan to buy something in the sales in countries including France, Germany and Italy. However, participating British shoppers plan to outspend their European counterparts in those three countries, cementing the UK’s position as a high-value market even with lower engagement rates.

Lisa Hooker, Leader of Industry for Consumer Markets comments :

“2024 has proved a tough year for non-food retail spending, so with the general election and Budget behind us, it is good to see a renewed interest in shopping this Black Friday. The easing of the cost-of-living pressures of the last two years, and the fact that Black Friday weekend falls later this year - and after payday for many of us - will support shoppers’ spending power.

“As in prior years, we’re seeing the continued desire to treat ourselves, particularly amongst men, as consumers take the opportunity to spend on products they value personally. However, for some shoppers, could this be at the expense of spending more on others at Christmas?”

“Technology is again the most popular category, followed by fashion, with health & beauty seeing growing interest versus last year, particularly amongst women and younger shoppers. Whilst primarily an online phenomenon in the UK, many younger shoppers are still keen to browse and buy in stores, particularly if the sector can give customers reasons to visit, whether through exclusive bargains or an inspiring physical experience.”

“Overall Black Friday should bring much-needed good news for retailers this Golden Quarter, after a challenging few years. Retailers need to capitalise on the opportunity that Black Friday brings, while also minimising discounting in December when consumers tend to do most of their Christmas shopping, in order to protect profitability in a high cost environment”.

^{Notes to Editors:}

^{PwC’s survey was conducted between 1 and 5 November 2024, with a nationally representative sample of 2,000 UK adults.}