Consumers in the US and around the globe are expected to spend big in stores and online on Black Friday despite inflation and high interest rates biting into shoppers' finances.
Retailers offer large discounts during Black Friday – an event that follows Thanksgiving Day in the US and kicks off the holiday shopping season – as consumers look for deals on electronics, toys, apparel and other big-ticket items.
But consumers continue to be hampered by inflation, even though it has climbed down considerably since reaching 7.1 per cent last year. And US interest rates – which sit at a 22-year high – will add to these burdens through credit card interest.
Despite this, a record 130.7 million people will shop on Black Friday in the US this year, accounting for the 182 million shoppers expected during the five-day Thanksgiving holiday period, according to the National Retail Federation.
Adobe expects that consumers will generate more than $221.8 billion for online retail from November to December, up 48 per cent year on year. The analytics company predicts holiday spend growth could fluctuate between 3.5 per cent and 5.5 per cent year on year.
Higher costs and inflation – which sits at 3.2 per cent – are playing a role as consumers go on the hunt for discounts.
Sixty-two per cent of survey respondents told Adobe that finding deals are important for their shopping. Separately, PwC found that three quarters of shoppers are looking for deals to counter higher prices they face elsewhere.
Black Friday in UK to be 'busiest one ever'
Black Friday's origins in the US date back to the 1980s, but retailers and shoppers worldwide have recently begun participating in the tradition.
And like in the US, British consumers are still spending on Black Friday even as they are faced with 4.6 per cent inflation.
British consumers had made 6.66 million transactions as of 2pm GMT on Friday, according to Nationwide Building Society. The number of purchases is 4 per cent higher than Black Friday last year and an 11 per cent increase from 2021.
“Despite cost-of-living pressures, shoppers are making the most of the deals on offer and grabbing a bargain,” said Mark Nalder, director of payment strategy at Nationwide.
He said that the data “suggests that this year’s Black Friday is going to be the busiest one ever”.
And transaction volumes were up 1.42 per cent year on year in the week leading up to Black Friday in the UK according to Barclays, which sees nearly half of credit and debit card transactions in the country.
The UK bank said it expects 34 per cent of its customers to shop on Black Friday and Cyber Monday, including a 50 per cent increase in shoppers aged between 18 and 34 years old.
In France, nearly two thirds of French citizens earning less than €20,000 see Black Friday as a chance to buy goods at a cheaper cost amid inflation, according to PwC.
The French consumer will spend an average of $259 on Black Friday, little changed from 2022.
Consumers in the UAE, Italy, Canada and elsewhere will also be looking to find deep discounts.
No longer a one-day event
Black Friday has traditionally been a one-day event, with customers queuing outside retailers on Thursday night hoping to secure big deals.
But the rise of online shopping has changed this dynamic, with shoppers looking for deals well before the holiday. Delays in shipping and snarled supply chains caused by the Covid-19 pandemic have gone to cement this new trend.
Amazon, for instance, began its holiday season on October 10 with its Prime Big Deal Days. And its Black Friday event – which offered steep discounts on products ranging from espresso machines to 4k smart TVS – began on November 17.
Best Buy, Target and Lowes also began their holiday discounts well before Black Friday.
The data shows that many holiday shoppers began their spending before season actually began.
Consumers spent $63.2 billion in online shopping from November 1 to 20, according to data from Adobe Analytics.
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
RESULT
Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45' 1 og), van La Parra (red card 90' 6)
Man City: Agüero (47' pen), Sterling (84')
Man of the match: Christopher Schindler (Huddersfield Town)
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The%20Beekeeper
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDavid%20Ayer%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EJason%20Statham%2C%20Josh%20Hutcherson%2C%20Emmy%20Raver-Lampman%2C%20Minnie%20Driver%2C%20Jeremy%20Irons%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
The five pillars of Islam
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Avatar%20(2009)
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
GCC-UK%20Growth
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MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Kill%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A
