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Visa Expects Brits to Spend £1.9 Billion on Black Friday Visa expects a busy Black Friday

Visa Expects Brits to Spend £1.9 Billion on Black Friday

2015-11-24 13:37

The growth in e-commerce will drive Black Friday to record levels in the UK, according to Visa Europe.

The British consumers are expected to spend £1.9 billion on Visa cards this Black Friday. If expectations are met, this Friday will se the biggest spending day in history. E-commerce is predicted to lead the growth as consumers have become more comfortable with shopping on mobile phones and tablets. Online payments with Visa are predicted to top £721 million on Friday, a number that is 17 percent higher than in 2014.

Visa Europe is also confident that UK retailers will se a peak between 6 pm and 7 pm, when commuters are on their way home from work. In stores, the paek of the day is assumed to take place between 13 and 14 pm, when consumers are out for lunch.

- This is shaping up to be a huge weekend, online and in-store, for retailers. We’re looking at a combined £1.9 billion being spent on Black Friday as retailers discount across both mediums, said Kevin Jenkins, managing director UK & Ireland at Visa Europe.

Another Record Predicted for Cyber Monday  

Black Friday is followed by Cyber Monday, and together the two shopping days consitutes the start of the Christmas shopping season. Cyber Monday has traditionally been the bigger out of the two when it comes to selling online, but now Black Friday has outgrown its online equivalent, a fact that seem to depend on amongst other things the higher usage of mobile phones. However, Cyber Monday is also predicted to reach a new record, with £629 million to be spent online during the day in the UK.

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- Black Friday’s growth is really coming online in particular – that’s where this year’s surge is going to come from. It’s also firmly become the bigger brother to the more traditional Cyber Monday. The last paycheque of the year will still send shoppers online on Monday 30 November though, to the tune of £630 million, said Kevin Jenkins.

Visa Europe bases its predictions on up to the minute spending data as well as Christmas spending trends from previous years.

Johanna Allhorn

Reporter

Journalist who has previously worked for several big media oulets making both newspapers and television broadcasts. Now contributing to the editorial content on Ecomony.

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