Rolling coverage of the latest economic and financial news, as mortgage approvals climb to highest since August 2022
- Amazon workers in 20 countries to protest or strike on Black Friday
- The best Black Friday deals on the products we love: air fryers, heated throws and Shakira’s hair waver
Today isn’t all about shopping, as retail analyst Nick Bubb reminds us:
Spare a thought for all the hard-working delivery drivers today, coping with all the ‘Black Friday’ orders, although today is also Buy Nothing Day (a day of protest against consumerism that began in Canada in the 1990’s)...
‘’We’re deep in the golden quarter for retail with Christmas sales crucial for so many stores and Black Friday spending is expected to surpass last year’s levels on both sides of the pond. However, this mega promotional event is a mixed blessing for retailers. It provokes such shopping mania in the quest for a good deal that around three quarters of people will actually put off spending in the run up to the event. During the promotional period it also means selling at a discount, with means a smaller profit margin at a time when they are being squeezed by rising staff costs. It also puts pressure on their distribution chains, which can cause problems for their reputation in they run into difficulties.
However, given that this year it’s so close to pay day, it looks likely that consumer spend in the UK will surpass last year’s totals. Consumer confidence may still be in negative territory with worries reverberating about the economy, but optimism about personal finances has increased this month, which may also translate into higher sales
Continue reading...
0 Comments