What impact will inflation have on Black Friday 2022?
November 22, 2022
3 min read
Our data suggests US and UK spending will be significantly down for Black Friday 2022, with shoppers saving money for household bills instead.
Inflation looks set to take a heavy toll on this year’s Black Friday, with 58% of UK consumers and 51% of US consumers saying they will pull back on spending compared to last year.
Our data* shows that shoppers plan to spend around half as much as they did in 2021. Brits are most likely to say they’ll spend between £51-£100 (in comparison to £100-£200 last year), while Americans are most likely to say they’ll spend between $101-200 (versus $300-$500 in 2021).
*2,000 nationally-representative working age consumers polled in October 2022
Saving for day-to-day expenses
Many shoppers who are cutting back on spending this Black Friday say it’s because they need to prioritize their money to cover day-to-day expenses (38% US and 29% UK).
But general economic uncertainty is also making consumers hesitant to spend, even if they have disposable income available; 34% of Americans and 32% of Brits are saving money in case they need it for other things.
Tech no longer top of the list
In our past research, we’ve found that technology products have always been the most sought-after by consumers for Black Friday. However, this year, clothing is the main type of product people plan to buy, followed by technology items.
In the US, 45% of Black Friday shoppers are looking for clothing bargains, while nearly a third are looking for them in the UK. A lesser 41% of Americans are looking for tech deals, alongside 28% of Brits.
Shoppers still believe in Black Friday bargains
Despite not planning to spend as much during the sales event, 68% of Americans and 49% of Brits agree Black Friday is the best day to buy discounted products. This number has increased since last year, when 58% of Americans and 38% of Brits shared this belief.
Yet consumers are getting fatigued with the length of the event. The majority think Black Friday promotions should be limited to three days (43% US and 43% UK), while around a third believe it should just be a one-day event.
Leaner Christmas also on the cards
If Black Friday is a let down, retailers should prepare themselves for a similarly disappointing Christmas. An overwhelming majority (77% of Brits and 72% of Americans) plan to change how they gift this year – and who they give to.
Americans are most likely to change their behavior by giving gifts to fewer people (21%) – and it’s work colleagues (at 22%) and friends (16%) who are the most likely to face the chop from holiday gifting. Brits, on the other hand, will simply buy fewer (24%) or cheaper (21%) presents for their loved ones.
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Bel has a background in newspaper and magazine journalism but loves to geek-out with Attest consumer data to write in-depth reports. Inherently nosy, she's endlessly excited to pose questions to Attest's audience of 125 million global consumers. She also likes cake.