Consumer spending fell to an 18-month low ahead of Black Friday, before shoppers rush online to take advantage of discounts.
Consumers chose to shop online rather than brave the crowds on Black Friday according to data from Barclaycard, which processes nearly half of all UK card transactions.
Online spending rocketed compared to the same time last year, seeing an uplift of 15.1%. The average transaction value (ATV) of online purchases also rose 6.6%, suggesting shoppers were buying higher priced items online.
Year-on-year spending in restaurants climbed 12.1% during the period, and climbed 12.3% in pubs, however, average transaction value in restaurants fell 5.9%, despite the number of transactions increasing 19.1%.
In store spending didn’t fare so well however, seeing a decline of 6.7% overall and a drop in ATV growth of 7.8%, suggesting consumers were buying lower priced items in store.
The clear winners from Black Friday spending were men’s clothing (up 33.8%, whilst women’s clothing rose by a more modest 11.7%), big ticket items in furniture stores (17.9%), discount stores (12.7%) and electronics (9.9%).
The share of spending carried out online on Black Friday rose from 26.3 per cent in 2014 to 30.5 per cent this year.
In anticipation of Black Friday discounts, consumer spending growth fell to its lowest level in 18 months in the three weeks leading up to Black Friday - from 4.1% in October to just 2.2%.
The number of purchases made in the first three weeks of November slowed in all categories compared with the previous month, with the exception of cinema/theatre transactions.
Chris Wood, chief operating officer at Barclaycard, said: “Yet again, Black Friday proved a big draw for consumers this year. Consumers seem to have geared up for the main event this time round, holding back on buying anything other than the bare essentials in the weeks leading up to it. Spending in the three weeks prior to Black Friday fell to its lowest level in 18 months and was just half that of last November.
“Online spending on Black Friday was up 15 per cent year-on-year, with consumers deciding to avoid last year’s in-store stampedes and shop from the comfort of the sofa. As a result the share of spending carried out online jumped from a quarter to just under a third. With consumers now holding back their Christmas shopping until the deals start to emerge, the Black Friday weekend is now firmly established as the biggest shopping event of the year.”
Year-on-year spending in restaurants climbed 12.1% during the period
