LONDON - British consumers are showing a robust appetite for Black Friday deals, with Barclays (LON:BARC) and Barclaycard Payments reporting record-breaking transaction volumes, indicating a willingness to spend despite economic challenges. Nationwide Building Society (LON:NBS)'s data further reinforces the trend, revealing a significant spike in transactions compared to typical Fridays and last year's Black Friday figures.
The early hours of today saw a remarkable 15% increase in activity over the same period last year, with over 3 million transactions processed by midday. This surge represents a 5% uptick from the previous Black Friday, as shoppers appear undeterred by the cost-of-living concerns that have loomed over the economy.
Retailers' strategies seem to be paying off as they extend sales periods and offer early deals to capture consumer interest. Barclaycard Payments had already noted a pre-Black Friday spending boom, surpassing last year's levels. This momentum suggests strong Christmas sales are on the horizon.
Marc Pettican of Barclaycard Payments observed that while consumers are being selective, particularly with non-essential items, there is still an optimistic outlook for retail performance throughout the weekend. Nationwide's findings of a 14% increase in transaction volume above average Fridays by noon today underscore the success of these retail strategies.
The data paints a picture of resilience among British shoppers who are eager to take advantage of bargains despite the backdrop of financial pressure. Retailers will likely view this as a positive sign for the holiday shopping season, as early indicators point to sustained consumer engagement in festive spending.
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