2023
9
UK Black Friday Market Report 2023
2023-01-27T03:06:53+00:00
OX1154801
2195
159867
[{"name":"Seasonal Holidays","url":"https:\/\/store.mintel.com\/industries\/retail\/seasonal-holidays"}]
Report
en_GB
“Pressure on household finances amplified the role of Black Friday in 2022 with nearly half of consumers participating in the event (49%). During a time of heightened value-consciousness, Black Friday…

UK Black Friday Market Report 2023

£ 2,195 (Excl.Tax)

Description

The UK Black Friday Market Report examines consumers’ participation and shopping habits in Black Friday promotions, leading Black Friday retailers and the impact of rising inflation on the Black Friday landscape. This report covers the UK Black Friday market size, market forecast, market segmentation and industry trends.  

 

What is the market size of the UK Black Friday market?

Total sales during Black Friday 2022 reached an estimated £12.3 billion, up 8.3% year-on-year.

 

Black Friday Market Overview

Black Friday is one of the most anticipated seasonal events in the retail calendar, with retailers hoping to boost sales in the crucial final quarter – while for consumers, it’s a chance to start their holiday shopping early and take advantage of deals leading up to Black Friday. Despite financial pressures, engagement with Black Friday continued to grow in 2022, with 49% buying at least one item in the promotions.

Trends and Black Friday Statistics UK

Mintel’s Black Friday market research outlined that the financial squeeze in 2022 actually heightened the event’s role, with 63% of consumers agreeing that the financial concerns made Black Friday promotions more important than last year. With deals to be found throughout the majority of November, many use Black Friday as a way to spread costs during Christmas and will make use of deals to buy Christmas gifts – something the cost of living crisis has served to strengthen.

Black Friday statistics UK

  • 16% of Black Friday shoppers purchases clothing or footwear.
  • 39% of Brits bought a Black Friday promotional item on Amazon during the 2022 Black Friday promos.
  • 51% of Black Friday shoppers bought impulse purchases during the Black Friday promotions in 2022.
  • 56% of UK adults agreed that they were disappointed with the 2022 Black Friday promos.

Future Opportunities in the Black Friday Market

Going forward, retailers need to help build a more positive experience around Black Friday shopping as this would encourage 84% to shop with a retailer again. People are becoming more disillusioned about the offers they see and this means that brands and retailers need to work harder to demonstrate how good the deals are. This is even more important with consumers prioritising value above all else in the face of a recession, and making promotions unclear or confusing will likely turn customers away.

To discover more about the UK Black Friday Market Report 2023, read our UK Online Retailing Market Report 2022, or take a look at our other Retail Market Research.

Quickly Understand

  • The Role of the UK Black Friday amid a recession and the impact on shopping behaviours.
  • How UK Black Friday can be used to encourage consumers to trade up.
  • The benefits of going beyond promotions to help build brand loyalty.
  • Shopping experiences during Black Friday promotions.
  • Which products consumers bought during UK Black Friday promotions.
  • Which retailers consumers shop at during UK Black Friday promotions

Brands in this Report

Asos, Boots, The Fragrance Shop, Klarna, Amazon, eBay, Dizons Stores Group, Etsy, M&S, Argos, John Lewis, The Very Group, TK Maxx, Furniture Village, JD Sports, ScS, Matalan, Wayfair, Shein, Hillarys Blinds, Wilkos, Screwfix.

Expert Analysis from a Specialist in the Retail Sector

This report, written by Emily Viberg, a leading analyst in the retail sector, delivers in-depth commentary and analysis to highlight current trends in the Black Friday market and add expert context to the numbers.

Pressure on household finances amplified the role of Black Friday in 2022 with nearly half of consumers participating in the event (49%). During a time of heightened value-consciousness, Black Friday savings were naturally more important, which looking forward to 2023, will continue to ring true as finances remain under pressure. However, without reinvigoration Black Friday risks losing interest, with growing scepticism among shoppers about savings available during the event.”

Emily Viberg
Retail Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • Products covered in this Report
  2. Executive Summary

    • The market
    • Black Friday sales top £12.3 billion in 2022
      • Figure 1: Estimated market size for Black Friday, 2018-22
    • Consumers feeling the financial pressure, leading to opportunity for Black Friday
      • Figure 2: Household financial wellbeing index, 2016-22
    • Retail sales skewed towards November and December
      • Figure 3: Value of all retail sales, excluding VAT, 2020-22
    • Companies and brands
    • Using Black Friday to drive longer-term loyalty and promote ESG goals
      • Figure 4: Ritual’s Green Friday promotions, 2022
    • ASOS pops up to drive Black Friday excitement
      • Figure 5: ASOS Black Friday pop-up, London, 2022
    • Helping shoppers cut through the noise of Black Friday deals
      • Figure 6: Klarna price comparison tool, 2022
    • Amazon leads advertising spending in November
      • Figure 7: Leading retailers’ spending on recorded above-the-line, online display and direct mail advertising in November 2022
    • The consumer
    • Black Friday participation grows in 2022
      • Figure 8: Black Friday purchasing, 2021 and 2022
    • Clothing and footwear top shopping lists during Black Friday
      • Figure 9: What products they buy in-store and online during Black Friday, 2022
    • Amazon top retailer for Black Friday shopping
      • Figure 10: Which retailers they shop at during Black Friday, 2022
    • Black Friday promotions become more important amid cost of living crisis
      • Figure 11: Impact of cost of living crisis on Black Friday purchasing, 2022
    • Discounts on exclusive products appeal
      • Figure 12: Black Friday shopping behaviours, 2022
  3. Issues and Insights

    • Black Friday and its role amidst a recession
    • Despite cost pressures consumers are willing to trade up – if the price is right
    • Going beyond promotions to create loyalty
    • The outlook for Black Friday 2023
  4. Market Drivers

    • Inflation is the key concern for consumers and brands …
    • … and despite government support, energy prices are still a major concern
    • Rising interest rates mean that the pressure will move up to middle- and higher-income households
    • High inflation and rising interest rates will compound the impact of the slowing recovery
    • Consumer spending power will be curbed
    • Unemployment is at a near-50-year low
    • Consumers’ financial wellbeing has fallen from the highs of 2021 …
      • Figure 13: Household financial wellbeing index, 2016-22
    • … and most people are feeling the effects of price rises
    • Population set to grow older
      • Figure 14: Breakdown of trend in the age structure of the UK population, 2020-30
      • Figure 15: Breakdown of trend in the age structure of the UK population, 2020-30
  5. Market Size and Performance

    • Black Friday sales top £12.3 billion in 2022
      • Figure 16: Estimated market size for Black Friday, 2018-22
  6. Retail Sales in the Final Quarter

    • Retail sales skewed towards November and December
      • Figure 17: Value of all retail sales, excluding VAT, 2020-22
    • Retail sales struggle in 2022 amid cost of living crisis
      • Figure 18: Percentage change year-on-year for all retail sales, excluding VAT, non-seasonally adjusted value and volume, 2019-22
    • Online sales face tougher comparatives
      • Figure 19: Percentage change year-on-year for online retail sales, excluding VAT, 2019-22
    • Sales in key categories are dampened by weakened consumer spending
      • Figure 20: Percentage change year-on-year in retail sales for key categories, non-seasonally adjusted value and volume, 2022
  7. Black Friday: Competitive Strategies

    • Retailers encourage early Christmas gift shopping
      • Figure 21: Retailers encouraging early Christmas gift shopping, 2022
    • Members get more
      • Figure 22: Black Friday deals promoting membership and loyalty schemes, 2022
    • BNPL schemes highlighted
      • Figure 23: Currys’ and Pandora’s BNPL schemes promoted during Black Friday, 2022
    • Green Friday gathers steam
      • Figure 24: Retailers’ Green Friday initiatives, 2022
    • Retailers helped ease logistical concerns for Black Friday 2022
      • Figure 25: Lululemon Black Friday promotions, 2022
  8. Launch Activity and Innovation

    • ASOS launches experiential Black Friday pop-up
      • Figure 26: Asos Black Friday pop-up, London, 2022
    • Currys attracts Black Friday shoppers and gives away free TVs
    • Klarna unveils price comparison engine
      • Figure 27: Klarna price comparison tool, 2022
    • IKEA blanks Black Friday deals
      • Figure 28: IKEA Green Friday initiative, 2022
    • TikTok Shop UK supports small businesses for Black Friday
      • Figure 29: TikTok highlights small businesses on Black Friday, 2022
    • Aldi launches first ever Black Friday sale
  9. Advertising and Marketing Activity

    • November advertising expenditure drops 19% year on year
      • Figure 30: Recorded above-the-line, online display and direct mail total and annual change in spending by retailers on advertising during 2018-2022
    • Top ad spenders in November
    • Amazon the top spender in November
      • Figure 31: Leading retailers’ spending on recorded above-the-line, online display and direct mail advertising, in November 2022
    • TV takes biggest share of adspend
      • Figure 32: Recorded above-the-line, online display and direct mail advertising spend by retailers, by media type, November 2022
    • Nielsen Ad Intel coverage
  10. Who Participates in Black Friday

    • Black Friday participation grows in 2022
    • Shopping during Black Friday becomes polarised
      • Figure 33: Black Friday purchasing, 2022
    • Higher income households have the means to buy into Black Friday
      • Figure 34: Any Black Friday purchase, by household income, 2022
    • 16-34s the keenest Black Friday shoppers …
    • … but over-55s gain confidence in online shopping
      • Figure 35: Black Friday purchasing, by age group, 2022
    • Flexible working conditions boost Black Friday purchasing
      • Figure 36: Black Friday purchasing, by age current working situation, 2022
  11. What They Buy During Black Friday Promotions

    • Clothing and footwear top shopping lists during Black Friday
    • Toys and games benefit from early Christmas gift shopping
    • Discounted BPC products can encourage trade ups
      • Figure 37: Total purchasing during Black Friday promotions, 2022
    • Discounted BPC products can encourage trade ups
      • Figure 38: What products they buy in-store and online, 2022
    • Make buying festive food and drink in stores an experience
      • Figure 39: Lindor Sainsbury’s in-aisle activation, 2022
      • Figure 40: Breakdown of selected categories bought in-store and online, by age group, 2022
    • People with household incomes under £9,500 look for energy-efficient household appliances during Black Friday
      • Figure 41: Breakdown of selected categories bought in-store and online, by age group, 2022
    • Most buy one item during Black Friday promotions
      • Figure 42: How many types of products they buy in-store and online during Black Friday, 2022
  12. Where They Shop During Black Friday Promotions

    • Amazon top retailer for Black Friday shopping
    • Currys launches special Black Friday credit offer
    • John Lewis launches Black Friday deals earlier than ever
    • Tesco Black Friday deals made available only to Clubcard members
      • Figure 43: Which retailers they shop at during Black Friday, 2022
    • Amazon popular with older and affluent Black Friday shoppers
      • Figure 44: Consumers who have shopped in-store or online with Amazon during Black Friday promotions in 2022
    • Repertoire of how many retailers they shop at online
      • Figure 45: How many retailers they shop at during Black Friday, 2022
  13. Black Friday and the Cost of Living Crisis

    • Black Friday promotions more important amid cost of living crisis
    • Over half delayed a purchase ahead of Black Friday
      • Figure 46: Impact of cost of living crisis on Black Friday purchasing, 2022
    • Black Friday deals important for consumers struggling financially
      • Figure 47: Black Friday – CHAID – Tree output, December 2022
  14. Black Friday Shopping Behaviours

    • Discounts on exclusive products appeal
    • A positive experience during Black Friday encourages loyalty …
      • Figure 48: Black Friday shopping behaviours, 2022
    • … a sentiment highest among the over-55s
      • Figure 49: Black Friday shopping behaviours, by age group, 2022
    • Discounts on exclusive products would entice low income consumers
      • Figure 50: Black Friday shopping behaviours, by household income, 2022
  15. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology
  16. Appendix-CHAID Analysis

    • Methodology
      • Figure 51: Black Friday – CHAID – Table output, December 2022

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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