Categories Retail, U.S. Markets News

Early data shows the UK spent less on Black Friday

According to Barclaycard — processor of almost half the card transactions in the United Kingdom — the amount spent on Black Friday as of 10:00 am GMT saw a 21% slump from a year ago.

However, the number of payment transactions saw a 16% surge.

This could indicate a move toward smaller less expensive items over their costly counterparts.

Britain’s biggest department store group John Lewis said that Apple AirPods and the Apple watch series 3 were the most searched items. Dixon’s Carphone’s Currys PC World electrical, however, said it saw three orders per second in the morning session.

Expectations are, however, high from the retailers as they look to shoppers spending more in a turbulent year that saw many store closures — one that surged on effects of Brexit.

Online competition from international destinations has also adversely affected the local retail sector in Europe.

The trickle-down factor might also translate to US markets — especially the trend to pick smaller items.

In the US, high consumer interest in electronics and higher average selling prices are expected to push the sales of electronic items on Black Friday. Amazon (AMZN) and Best Buy (BBY) are expected to perform well on the day.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results

Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to

ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results

Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top