Deloitte comments ahead of Black Friday and Cyber Monday
24 November 2016
Commenting ahead of Black Friday and Cyber Monday, Ian Geddes, head of retail at Deloitte, said:
“We expect to see another record year for Black Friday, with UK online sales likely to easily exceed last year’s £1.1 billion record on the day itself. The industry will be spurred on by October’s healthy online sales figures, up 26.8% year-on-year, meaning that we could witness the biggest period of revenue generation in the fourth quarter, surpassing Christmas.
“With this in mind, retailers’ online propositions will be seriously tested over the next six weeks. This is why we have seen so many extended promotions as retailers look to spread the load of peak demand over a longer period. How a retailer approaches customer experience, whether in store or online, will be a key differentiator.
“The phenomenon of Black Friday in the UK has transformed the pre-Christmas shopping landscape in recent years, to the extent that, for many retailers, ‘Christmas’ now happens in November. The revenues that will be generated by those participating in Black Friday promotions sales in this period will likely trump those earned over Christmas week.
“We still expect to see a strong fourth quarter of retail sales. For consumers, a number of economic fundamentals are encouraging healthy levels of spending: low unemployment, low inflation and rising confidence. For, retailers, maximising revenues whilst maintaining margins during events such as Black Friday and Christmas will be crucial.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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