Credit, Collections & Insolvency News
Latest figures from Nationwide show Black Friday purchases were up 10 per cebr compared with last year as Britons made the most of lower prices amid the cost of living crisis.
The rate of spending has risen more than a third since pre-pandemic times, data show. Over the course of Black Friday Nationwide Building Society members made 9.72 million transactions, 16 per cent higher than a typical Friday.
The number of purchases was 40 per cent up on 2020. The level of spending was also up 36 per cent on the pre-pandemic levels (2019).
Mark Nalder, Nationwide Building Society’s Director of Payment Strategy, said “This year’s Black Friday was our busiest day on record as people started their Christmas shopping earlier and spent the evening watching England draw with the USA at the World Cup.”
“While cost of living pressures will have inevitably meant some people have cut back on luxury purchases, others will have used the day to buy essential items at a lower cost. This boost in spending will have been welcomed by retailers as spend by Nationwide members on Black Friday exceed pre-pandemic levels.”
