Black Friday to overtake New Year sales

Posted by Erika Bone in Personal Finance on 25 November 2016 - Erika is a Credit Analyst at checkmyfile

Over the past three years, Black Friday has taken the UK retail market by storm, with no sign of abatement for this year’s discount bonanza. But has this day of consumer overindulgence now grown to such an extent that it has surpassed the Christmas and January sales, Britain’s traditional period of frenzied buying?

Black Friday, and its counterpart, Cyber Monday, are relative newcomers to the UK consumer psyche having crossed the water from America only a handful of years ago. Always held on the Friday after Thanksgiving, Black Friday in the US signals the start of the holiday period and the beginning of the hunt for bargain Christmas presents.

But this seemingly random day to everyone in the UK not of an American extraction has had a significant impact on the UK retail industry. John Watton of tech firm Adobe Digital Insights states that, “In just three short years, Black Friday has radically reshaped consumer spending over the Christmas period in the UK.”

Consumer experts have forecast that £2bn will be spent this year, with at least £1.27bn of this taken up by online revenue. 2016 could also be a bumper year due to consumer fear of Brexit-created price increases in the New Year. John Roberts, Chief executive of online retailer AO World is expecting record figures, “With Brexit currency movements, prices are going up early next year, so there is a double whammy for customers. So our belief is it will be bigger than ever.”

2015 saw UK shoppers spend £3.74bn in the Boxing Day sales, which was a 6% increase in the revenues generated in 2014 so it would seem the Black Friday of 2015 did not curtail post-Christmas spending but political and financial circumstances have greatly changed since then. Fear of what is to come in 2017 could see for the first time traditional seasonal spending surpassed by a corporately constructed day of spending, engineered by global retailers.

Check Your Multi-Agency Credit Report

30 Day Free Trial

The Advantages & Disadvantages of Store Cards

There are a number of reasons you might take out a store card: whether you’re just waiting in-line at the shop and find out you can save on today’s shopping or they offer the promise of making money in the future, these cards regularly find their way into wallets (or phones via an app). Most big retailers offer their own cards, which allow you to take your purchases home – often with a nice discount applied – without having to part with a penny at the till.

Published on 10 Jul 2018 by Tom Blandford

Full Article

What Happens To Your Credit Report When You Move Country?

Moving from one country to another results in a lot of changes and new things – a new place and culture, new job, new people and in some cases even a new language. However, one thing lots of people do not realise is that you will also be starting afresh when it comes to your Credit Report. Credit Reports and the information they contain are country-specific and do not follow you from one country to another.

Published on 27 Jun 2018 by Kirstie Day

Full Article

What To Do If You’re a Victim of Data Breach

Another day, another high-profile data breach, with the morning news bringing word of another leak of personal information that affects millions of consumers. This time it’s the turn of Dixons Carphone - the company behind PC World, Currys and Carphone Warehouse.

Published on 14 Jun 2018 by Jamie Mackenzie Smith

Full Article

What Does Bongo Know About You?

“What does Bongo know about you?” A slightly off-the-wall question I’ll grant you, but one that you might have been asked at some point in time.

Published on 7 Jun 2018 by Richard Catlin

Full Article

Why Don’t Millennials Take Out Credit?

As a millennial, it can feel like my generation is besieged with criticisms on a daily basis, and not all of them are entirely fair (though lots are). We are frequently told that as a generation we are entitled, we have it so much easier than our elders and arguably, worst of all: we buy too many avocados. While I don’t buy avocados, I do have access to credit, which makes me a minority among my age group.

Published on 16 May 2018 by Beth Jennings

Full Article

Why Is My Loan Balance Wrong On My Credit Report?

One of the single most important pieces of information to appear on your credit file is the information relating to your credit agreements and how you repay them - with this information lenders can see your borrowing history across the last six years and use it to help them decide whether or not to offer you finance.

Published on 7 May 2018 by George Coburn

Full Article

How long do closed accounts appear on my credit report?

Some people believe that as soon as a credit agreement is settled and closed, it will no longer be reported to the UK’s Credit Reference Agencies and therefore will no longer have an influence on future credit applications. However, this is a popular misconception, one that could affect your ability to get credit if not correctly understood.

Published on 2 May 2018 by Tom Magor

Full Article

How to Save Big in the Bank Holiday Sales

Bank holidays may not guarantee a day of sun-soaked fun, but as is British tradition, we’d probably be quite happy barbecuing in the snow if it came to it. But no matter what your plans are, if you want to grab a bargain, you can use the Bank Holiday sales to save some serious money.

Published on 26 Apr 2018 by Kiah Phillips

Full Article

Should I Buy or Finance an Aston Martin Valkyrie?

We’ve all been there. £3 million burning a hole in your pocket and a track-going version of Aston Martin’s latest hypercar sat in front of you. But as a shrewd, savvy business-type, you know that dropping £3m in one go on a 1,100bhp car could be considered a questionable, perhaps even ‘baller’ move. But what about putting it on finance?

Published on 13 Apr 2018 by Jamie Mackenzie Smith

Full Article

How to Build Credit History Without a Credit Card

When it comes to the best way to build up a credit history, conventional wisdom is to take out a credit card and use it for everyday purchases, while paying it off (on time) at the end of every month. There’s plenty to support this advice too, as a credit card allows you to spend as much or as little as your limit will allow, while building a history in a reasonably short amount of time.

Published on 26 Mar 2018 by Jamie Mackenzie Smith

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews