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Black Friday shopping boom as transactions rise 14%, says Nationwide

Black Friday shopping boom as transactions rise 14%, says Nationwide
Christina Hoghton
Written By:
Christina Hoghton
Posted:
24/11/2023
Updated:
24/11/2023

Bargain hunters are already out in force, on what could be the busiest Black Friday ever.

Nationwide customers had made 3.22 million transactions by 12 noon, according to the building society.

That’s 14 per cent higher than a typical Friday, highlighting that shoppers are keen to make the most of today’s Black Friday savings.

The number of purchases is also five per cent higher than on Black Friday last year and 13 per cent up on the same day in 2021.

Early birds

The morning kicked off strongly with Nationwide customers making 1.49 million transactions before 9am. That was 15 per cent higher than usual, with bargain hunters out in force early.

The mutual predicts this will be the busiest Black Friday ever.

Mark Nalder, director of payment strategy at Nationwide, said: “Many people have spent the morning looking for Black Friday discounts.

“The number of purchases has been in line with what we predicted – up five per cent on last year and 14 per cent on what we see on a typical Friday.

“Historically, the upcoming lunchtime period has been the peak time for spending as people search for bargains either online or on the high street during their break.”

Market research agency GfK noted today that consumer confidence is up, with more people saying now is a good time to make major purchases, despite the continuing cost of living crisis.

AJ Bell investment director, Russ Mould, added: “We’re just over four weeks away from Christmas Day and the commercial marketing machine is in full motion, with TV adverts pushing products using a festive theme and high streets lit up with Christmas decorations.

“Consumers might feel now is the perfect time to get ahead with their Christmas shopping and snag a bargain.”