Given the recent wobbles in consumer confidence and recent rise in inflation, Black Friday has been eagerly awaited this year as a precursor to what retailers might expect from the 2024 Christmas trading period.
Early indications suggest that Black Friday provided a trading boost for stores and destinations.
Data from Sensormatic on footfall into stores across high streets, retail parks and shopping centres show that on Black Friday (29th November) footfall was a staggering +50.4% higher than on the Friday before (22nd November), and over the week as a whole footfall was +25.5% higher than the week before.
Diane Wehrle, CEO of Rendle Intelligence and Insights said, “The wobble in consumer confidence over the last few months, followed by the slight uptick in inflation, has left shoppers remaining cautious.
“However, the early indications from Black Friday suggest that shoppers will make trips to destinations where retailers are able to meet shoppers’ requirements in terms of choice, experience and value. Inevitably, we should expect a lull over the next week, with footfall and spending picking up rapidly from Saturday 14th December onwards.”
This uplift from the week before meant that compared with Black Friday 2023 – which was a week earlier – footfall into stores was +4.8% higher. This is a strong indication that shoppers were spending, boosted by the fact that Black Friday fell on what would have been payday for many, which meant they were able to make the most of discounts in purchasing gifts.
The “Black Friday bounty” benefited all three in-store channels of high streets, retail parks and shopping centres, but to varying degrees. On Black Friday footfall into stores in all three destination types was significantly higher than on the previous Friday (+39.6% in high streets, +26.4% in retail parks and +62.9% in shopping centres).
However, it was only in retail parks and shopping centres where stores recorded annual uplifts (+8.3% and +6.3% respectively). In high streets – despite a week on week increase in footfall into stores – footfall declined marginally from last year by -0.9%.
Rather than being a single day, Black Friday was clearly a weekend event, albeit that footfall tailed off quickly over the subsequent two days. On Saturday, footfall in stores across all three destination types was +30.8% higher than the previous Saturday, which then fell back to +11% higher week on week by Sunday.
This pattern was replicated in high streets and shopping centres, but in retail parks the tail off was significantly greater with footfall on Sunday being just +1.9% higher than the Sunday before. Despite this tail off, both retail parks and shopping centres recorded annual uplifts on Saturday and Sunday whilst in high street stores by Sunday footfall was -7.3% lower than on the Sunday before.
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