28th November 2014
Black Friday may have created chaos in shopping centres across the country today as shoppers tried to bag a bargain, but one in four of us will be turning to our laptops on ‘Cyber Monday’ to fill the Christmas stockings.
Black Friday is one of the busiest shopping days of the year, with retailers adopting the US trend of offering pre-Christmas discounts on top of the traditional Boxing Day sales.
Research from Halifax shows Black Friday last year – the first Friday after Thanksgiving – was the second busiest day for spending in the entire year, with two million more debit card transactions carried out when compared to any other Friday in the year.
The only day to top Black Friday for spending last year was Christmas Eve – it was 2% busier with 9.3 million transactions chalked up.
Cyber Monday – the first Monday in December – is behind Black Friday in the spending stakes racking up 1.5 million transactions but was still 24% busier than the average Monday throughout the year.
Anthony Warrington, director of Halifax current accounts, said: ‘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 too.’
While Cyber Monday may not be as popular two-thirds of online shoppers plan to buy at least half of their Christmas gifts online, according to research by Citizens Advice.
Over a quarter said they will do more of their shopping online this festive season than they did last year.
However, Citizens Advice said individuals should plan their finances in order to avoid a debt hangover in the New Year. Last Christmas, 24,000 people got help with debt from Citizens Advice’s online guide between Boxing Day and 2 January – a 41% increase on the year before.
Gillian Guy, Citizens Advice chief executive, said: ‘Planning ahead now will make sure that your Christmas delivers. Late deliveries, faulty presents and unmanageable costs risk putting a dampener on the festive season. Make sure that you know your rights and have your budget in order before you part with your hard-earned cash.