More than half of Londoners surveyed are planning to spend more on Black Friday this year in comparison to the same time 12 months ago.
As retailers hope for a pre-Christmas boost later this month, research from commercial insurer NFU Mutual has shown that just 7% of people living in the capital say they won’t be spending anything during the event. That bucks the UK trend, where only one in five UK adults say they will spend more than last year, and a third admit they won’t part with any money.
Clothes and footwear (64%) are the most popular products London shoppers will have their eye on, according to those surveyed, with electrical items (57%) and homeware (51%) making up the top three.
Black Friday, which takes place on November 28, will see shops temporarily offer deals or reduce prices to encourage customers to buy more ahead of the Christmas period.
According to those surveyed in NFU Mutual’s research, the average spend per shopper in the capital is expected to be £542 – which is more than double the UK average of £237.
Of those expected to shell out most this year across the UK, more than half of the 25 to 34-year-olds surveyed say they will spend more than 12 months ago, with an average amount of £596. Brits aged 65 and above are expected to spend the least, according to the survey, with almost two in every three saying they will part with no money on Black Friday.
Although shops will welcome an increase in business, with higher footfall comes a greater risk to some businesses, prompting advice from NFU Mutual.
Zoe Knight, Head of Commercial at NFU Mutual, said: “Black Friday can be great for business and while the largest retailers drive the event, smaller businesses shouldn’t shy away from the opportunity – but both should also be well aware of potential issues.
“There are obvious risks associated with a large number of people in a store at any given time, so you should develop a risk management plan to help prevent slips and trips as well as ensuring that public liability cover is sufficient.
“Unfortunately, shoplifting remains high in the industry, with an NFU Mutual survey earlier this year showing almost four in every five retailers had been hit by crime in the last 12 months. We would urge owners to stay vigilant and make sure security measures are in place to try and prevent criminals seizing the opportunity to strike while staff are busy.”
Many customers will also choose to take advantage of deals from the comfort of their own home throughout that weekend – and into Cyber Monday, which falls on December 1. That brings its own challenges for online businesses and with cyber-crime a prominent issue in the UK, online promotions present live opportunities for hackers to access data or cause disruption.
