The Brief: Black Friday sales have exceeded forecasts of industry analysts, according to the The Guardian. Despite the cost-of-living crisis, the total number of shoppers that hit the high streets was recorded +5% higher than the previous year, but still below pre-pandemic levels. However, demand for home deliveries dropped 5%.
Why It Matters: Black Friday continued yesterday with 'Cyber Monday', which is focused more on e-commerce sales. So, the disappointing figure on home deliveries last week might switch to a more positive result when online sales numbers are reported today.
Finanze Business Foresights: This year’s Black Friday event is different since shoppers were not limited by COVID-19 restrictions and retailers in shopping centres and online were eager to offer huge discounts to free up their existing inventory. Although sales figures have defied initial forecasts, the level is still below the pre-pandemic value when shoppers were less worried about splurging more. The surging inflation makes consumers more conscious of their non-discretionary spending as living standards continue to fall. We’re expecting December retail figures to continue this momentum despite the bleak economic outlook in the country.
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