£1.9bn will be spent on Visa cards on Friday 27th November – Black Friday – making it the biggest day for spending on this day in history.
This year’s event will be driven primarily by the growth in e-commerce, as consumers become more
comfortable with using mobiles and tablets to shop on the go. Visa Europe predicts that online transactions will top £721 million on the day, up 17% on 2014. There will be a total of 11 million online transactions, up 14.5% on 2014.
The discount event will boost footfall on the UK high street as well, with face-to-face transactions predicted to top £1.1billion, up 4% on 2014. There will be a total of 34 million face-to-face transactions, up 13% on 2014.
UK consumers will combine a charge to the shops with a “golden hour” of buying on phones, tablets and laptops as consumers have more choice about where and how to buy than ever before. Online, the commuter hour (18:00 – 19:00) will see the highest levels of buying, confirming the growing number of people who think mobile first for shopping. In stores, shopping will peak during the lunch time hour between 13:00 and 14:00.
Black Friday begins what is forecast to be a sustained weekend of Christmas shopping, leading into what has traditionally been the busiest online shopping day of the year, known as Cyber Monday. This year, Cyber Monday will reach a new high too, with £629m to be spent online on 30th November.
In 2014, retailers capitalised on the Black Friday phenomenon, making it the biggest event in the history of the UK, though the busiest shopping day overall continued to be during the week before Christmas.
Visa bases its predictions on up to the minute spending data and previous years’ Christmas spending trends. Over £1 in every £3 in the UK is spent on a Visa card, making this data the most reliable indicator of trends in consumer spending.
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