Categories Markets, Retail

Early data shows the UK spent less on Black Friday

According to Barclaycard — processor of almost half the card transactions in the United Kingdom — the amount spent on Black Friday as of 10:00 am GMT saw a 21% slump from a year ago.

However, the number of payment transactions saw a 16% surge.

This could indicate a move toward smaller less expensive items over their costly counterparts.

Britain’s biggest department store group John Lewis said that Apple AirPods and the Apple watch series 3 were the most searched items. Dixon’s Carphone’s Currys PC World electrical, however, said it saw three orders per second in the morning session.

Expectations are, however, high from the retailers as they look to shoppers spending more in a turbulent year that saw many store closures — one that surged on effects of Brexit.

Online competition from international destinations has also adversely affected the local retail sector in Europe.

The trickle-down factor might also translate to US markets — especially the trend to pick smaller items.

In the US, high consumer interest in electronics and higher average selling prices are expected to push the sales of electronic items on Black Friday. Amazon (AMZN) and Best Buy (BBY) are expected to perform well on the day.

 

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