Thursday 24 November 2022 10:26 PM Cost of living crisis could turn Black Friday into a damp squib as people spend ... trends now
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Retailers are facing a Bleak Friday with warnings the sales event will be hit by the cost of living crisis and delivery issues linked to strikes.
The rising cost of essentials such as energy and food means families are tightening their belts and cutting back on Christmas spending – including the Black Friday sales.
But industry analysts at Hargreaves Lansdown predict spending across the weekend through to Cyber Monday will still be up by around 0.8 per cent on last year. They say it is likely to amount to £8.7billion because of inflation, despite a big fall in the number of purchases.
Senior investment and markets analyst Susannah Streeter said: 'Retailers are desperate for some spending cheer but the worry is that it could turn out to be more of a Bleak Friday. With the promotional event taking place amid the cost of living storm, could consumers stay more cautious about splashing the
