Although the World Cup is a distraction and the cost of living crisis is becoming worse, Europe’s retailers are betting that Black Friday sales day would encourage consumers to spend.
As consumers cut back, retailers across Europe worry that the overall Christmas shopping season may be the worst in at least ten years. At the same time, rising business costs are also threatening profit margins.
As the cost of living continues to rise, double-digit inflation has reduced consumer purchasing power, and consumer confidence is at or near its lowest point ever recorded.
However, consumers started their holiday shopping early this year to help them better manage their finances, and many of them continued shopping on Black Friday.
However, given that Poland, the Netherlands, Wales, and England are all playing on Friday in the World Cup, some shoppers might have other priorities.
According to research by GlobalData for VoucherCodes, Britons will spend 8.7 billion pounds ($10.5 billion) over the Black Friday weekend (November 25 to November 28). This is an increase of 0.8% compared to last year, but it hides a significant decline in volumes once inflation is taken into account.
By 1300 GMT, the amount of payments processed by Barclaycard Payments, which handles one of every three pounds spent in the UK, has increased by 0.7% from 2021.
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