Cyber Monday sales to hit £3.33 billion in one day alone – London Business News | Londonlovesbusiness.com

Shoppers are predicted to spend a whopping £3.33bn online and in-store as they hunt down the last Black Friday deals.

The Shopping for Christmas 2024: The Black Friday Sales Report by VoucherCodes.co.uk reveals consumers are forecast to spend £3.67 million each minute today, stocking up on Christmas presents, electricals and the latest fashion.

That’s equivalent to £231.2m every hour.

Whilst sales are down a marginal 0.5% YoY from the £3.34bn spent in 2023, this decline is caused by a spend shifting to earlier in the week as retailers are launching sales earlier and Black Friday falls later than usual.

Breaking Cyber Monday sales down further, £1.88bn will be spent in-store as shoppers brave the high street for the best last-minute deals. With more people shopping in-person this year, brick and mortar stores can expect a healthy 4.6% boost in sales versus the £1.80bn spent last year.

On the other hand, online retailers are set to see sales fall by 6.3% YoY, totalling £1.45bn over Cyber Monday in 2024 compared to £1.55bn last year.

Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, said, “Whilst Cyber Monday sales will be a little more modest for online retailers, the high street can look forward to a busy day of spending as shoppers, and Gen Z in particular, scout out the best savings.

“With Cyber Monday falling just three weeks before Christmas, retailers have a prime opportunity to capture consumers’ Christmas shopping budgets and build customer loyalty, helping to drive repeat visits throughout the festive season.”