According to PwC UK’s annual Black Friday survey, just less than half (49%) of Northern Ireland consumers say they’re interested in buying this year.
The sentiment in Northern Ireland is largely in line with the rest of the UK, with spending expected to reach £7.1 billion over the Black Friday period – up 37% from last year’s £5.2 billion. 53% of those surveyed nationally said they are interested in grabbing a bargain – a significant increase on the 44% who said they were interested in Black Friday last year.
PwC’s latest analysis shows that, while appetite for Black Friday in Northern Ireland is slightly below the UK average, interest has remained steady compared with 2023 (50%). This year, 14% said they will ‘definitely buy’, with over one third (35%) saying they ‘may buy’ – compared with 18% and 32% last year, respectively.
Most NI consumers planning to buy this Black Friday will do so online (77%), versus 68% in the UK, with just under a quarter (23%) planning to spend in-store or via click and collect, compared to 32% UK wide.
Aine O’Hare, Tax Partner at PwC Northern Ireland said:
“Despite ongoing economic uncertainty, the spirit of Black Friday remains strong in Northern Ireland. Shoppers are actively seeking deals, but their preference for online shopping as opposed to looking for bargains in-store is concerning at a time when our high streets are in much need of a boost. This presents a crucial opportunity for local businesses. By offering compelling value and promotions, retailers can attract customers who are eager to make their Christmas budgets stretch further this year. Black Friday’s early deals provide a strategic way for shoppers to manage expenses and spread the cost of the festive season.”
Jason Calvert, Director and economist at PwC Northern Ireland, added:
“October’s inflation figures offer a glimmer of hope as they reveal a downward trend, dropping to a three-year low of 1.7%, in comparison to 4.6% this time last year. This easing of inflationary pressures is certainly welcome news for Northern Ireland consumers as we approach the holiday season. However, it’s important to acknowledge that the cost-of-living crisis is far from over, particularly in Northern Ireland. Households here continue to face tighter budgets and lower disposable incomes compared to other parts of the UK.
“This reality is reflected in the fact that over one-third (38%) of NI consumers are planning to cut back on Christmas spending this year, according to our latest Consumer Sentiment Index, so shoppers will be keen to take advantage of bargains offered by Black Friday.”
Black Friday is bouncing back across the UK
Across the UK, 20% more consumers than last year plan to hit the shops and the average spend per shopper is expected to be 17% higher than in 2023.
But, while some families will be looking for bargains on their Christmas shopping, two-thirds of shoppers – and almost three-quarters of men (73%) – plan to buy for themselves, according to PwC’s research.
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.
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. 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 – most of whom (71%) will be buying for family – 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 lists (43%), with health and beauty and Christmas treats not far behind (both 33%).
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.
