Black Friday marks the kick off for the Christmas spending frenzy
28 November 2014
Black Friday is set to be one of the busiest shopping days of the year, as retailers adopt the American tradition of offering discounts to entice shoppers in the run up to the festive season, research from Halifax reveals today.
The latest analysis from Halifax, which has looked at debit card transactions[i], demonstrates that in 2013 Black Friday was the second busiest day for spending in the entire year, with around two million more transactions carried out on the last Friday in November than any other Friday in the year, representing a 34% increase in overall spending from the average Friday.
The only other day to see more spending over the course of the year was the day before Christmas Eve, however the 9.3 million transactions carried out on the last full shopping day before Christmas was only 2% busier than Black Friday, demonstrating that this is becoming an established spending event in the run up to Christmas.
Black Friday vs. Cyber Monday
In the battle of the pre Christmas shopping events, Black Friday appears to be the clear winner, with over 1.5 million more transactions recorded in 2013 compared to Cyber Monday, the first Monday in December. However, apart from the day before Christmas Eve (which also fell on a Monday in 2013), Cyber Monday, was the busiest Monday of the year, being 24% busier than the average Monday throughout the year.
Anthony Warrington, Director of Halifax Current Accounts, says: “It is often noted that Christmas appears to be starting earlier each year, and the data suggests that this is indeed the case. As UK retailers increasingly adopt the US style Black Friday promotions and discounts, we are starting to see the day after Thanksgiving become a major retail event for us here to.”
The average number of debit card purchases for November and December is 9% higher than the 10 months preceding it, with over half a million more daily transactions in these months on average.
Overall, woman use their cards more than men; with 55% of transactions attributed to women, compared to 45% to men. Over November and December the bias towards women increases marginally (by 1.6%). However, there is one day of the year where men (53.4%) are more likely to be spending than women (46.6%) and that is Christmas day itself.
Anthony Warrington continues: “This is an expensive time of year, and the data suggests that the last minute dash to the shops is still very much a feature. However, more of us have started to plan our shopping, with this weekend sounding the starting gun to the countdown to Christmas spending.”
[i] Data is extracted from the current account data, focusing on debit card transactions only, of Lloyds Banking Group customers – cash withdrawals and cashback are not included. This provides a robust and representative sample of the entire UK market and its spending behaviours.