Spending at physical retail shops on Britain’s high streets increased (10.19%), as online shopping on platforms such as Amazon dropped (-2.69%), a new analysis of people’s bank transactions taken on Cyber Monday looking back over a 10-day period has found.
Open banking data analysed by the borrowing service Abound suggests many consumers are switching back to the high street, after two years during the pandemic when many millions opted to buy online.
The analysis looked at people’s transactions over the UK’s biggest shopping weekend of the year. While it was expected that people would opt to stay at home to save their money this year – as the cost of living continues to bite people’s wallets – the opposite has happened as consumers have sought out in-store discounts.
Gerald Chappell, CEO of the personal lender Abound, said, “This Christmas we are seeing signs the High Street is making a comeback after the shift to online shopping triggered by the pandemic. People this year are clearly keen to head out and experience the seasonal lights, sights, and sounds as spending in shops is, according to our data, double that online.
“Consumers should be cautious of so-called ‘Black Friday’ prices that are not always much lower than at other times of year, especially in a cost-of-living squeeze. But many will be pleased that face-to-face trading is recovering this festive season, especially those in retail and hospitality.
“Maybe a computer screen will always struggle to compete with a Christmas Market, mulled wine, or trip to Santa’s grotto.”