The majority of businesses in the UK believe that consumer demand will not abate in the run-up to Black Friday, with three in five expecting to see retail activity surge in November, despite inflation soaring to 41-year highs, according to research from Taulia.
The survey, carried out among senior financial decision makers found that just 15 per cent of financial decision makers expect consumer demand to decrease as a result of uncertain economic conditions ahead of the annual shopping event traditionally marking the start of the festive season.
Bob Glotfelty, Chief Growth Officer, Taulia comments: “Black Friday has traditionally been the kick-off for holiday spending, with retailers opening their doors with huge price reductions to clear shelves ahead of restocking for winter months. Our research suggests that despite the current economic headwinds and soaring inflation, demand will still spike as consumers seek out bargain prices. Balancing greater demand, overstocked inventory and supply chain constraints, retailers face a challenging season ahead.”