More than a quarter of UK adults (27%) intend to buy on Black Friday or Cyber Monday and expect to spend an average of £203 – nearly double that of 2015 – according to a PwC survey.
This report, conducted for PwC by Opinium in October, is based on the results of an online survey of over 2,000 consumers across the UK aged 18 and over.
Around three fifths (57%) of respondents planning a purchase are holding off spending now, in anticipation of getting a better deal on Black Friday/Cyber Monday.
Black Friday is always the day after US Thanksgiving Day, which falls on 25 November this year, with Cyber Monday following on Monday November 28.
However, not everyone is a fan of these US shopping imports. PwC’s online survey found that over a third (36%) of UK adults have no interest in either Black Friday or Cyber Monday and one in seven (14%) purposely avoid them.
Commenting on the survey results, Madeleine Thomson, retail & consumer lead at PwC, said: “Our research shows Black Friday and Cyber Monday are definitely here to stay, with sales over the weekend due to grow by a predicted 38% to £2.9 billion.
“Some 57% of consumers who are planning to shop, are holding off on planned purchases in anticipation of getting a better deal during the sales period.
“Nearly a third of respondents expect goods to be cheaper than across pre-Christmas sales. The average expected spend is £203, nearly double that of 2015, and higher amongst men and younger consumers, with the majority expecting to spend the most on electrical and technology (55%).”
The report also found consumers are embracing online shopping, with 77% of respondents now planning on making their purchases in the sales online, compared to just 17% in store.”
The survey’s findings also show that when asked to think about buying a Christmas gift, 30% would expect the product to be cheaper in the Black Friday/Cyber Monday sales, while 12% think it would be cheaper in pre-Christmas promotions. A quarter expect the product to be around the same price in both periods.
PwC is a network of firms in 157 countries who are committed to delivering quality in assurance, advisory and tax services.
77% of PwC survey’s respondents plan to make sales purchases online