High Street businesses are on the receiving end of Covid Pandemic as lockdown restrictions are implemented and appear to have changed every few weeks.
According to a new study published by Money.co.uk, 77% of UK adults plan to bag their deals during this Black Friday fire sales. And of this number, about 85% said they would shop exclusively or partially online.
Compare that to just 0.3% and say you only shop in-store. You may understand why many high street shops are afraid of survival now. As we missed most of the first half of the deal, an accelerated shift to online shopping appears to hinder High Street performance during the Christmas runup.
Also, with the Furlough scheme soon over and the subsequent unemployment rate continues, opportunities such as Black Friday become the main window in the activities of cash-bound Britons to bag cash cut price gifts for loved ones over the festive period.
While many concerns are a lot of consideration, around 40% of those surveyed expect to spend between £200 and £300 this year than the year before Black Friday weekend, while one in ten expects to spend another £500.
Plus, 15% are expected to spend a whopping £600 to £2,000 at this year’s Black Friday event than in the past few years. With this kind of emphasised change in consumer behavior, what misses don’t just harm the balance sheets of high street shops, but online outlets can see rakes in record amounts and reinvest and build on unattackable advantages.
According to a Money.co.uk survey, the top product sectors on shopper wishlist are:
1. Clothing (49%)
2. Beauty & Grooming Products (34%)
3. Household goods (29%)
3. Video Game Consoles and Games (29%)
4. Smart TV (25%)
5. Furniture (24%)
6. Smartphones (23%)
7. Jewelry (20%)
8. Amazon Echo Devices (19%)
9. Music System (18%)
9. Furniture (18%)
10. White (17%)
After one in ten shoppers are set to opt for cash-fueled Black Friday Spree, rising to 5% of shoppers, Money.co.uk’s personal finance expert Salman Haqqi told me how to make the most of your purchases during the sale period.
“For Black Friday and Cyber Monday purchases, or for additional protection online or in-store protection, consider using a credit card.”
“As per Section 75 of the Consumer Credit Act of 1974, if you use a credit card to pay for an item, you are entitled to request a refund from the credit card provider and the seller if something goes wrong.”
“This additional protection applies when you purchase an item that costs between £100 and £30,000, and if the seller becomes a bust or does not deliver the item, you can approach the credit card company and get the money back.”
