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Some 88% of retailers are expecting Black Friday to have an impact on sales, closely followed by ‘Panic Saturday’ – the last Saturday before Christmas – with 85%, according to the latest Virgin Media O2 Business Movers Index.
The index, which is built using aggregated and anonymous data by O2 Motion and polling of 2,000 businesses and 2,000 consumers, revealed that as key seasonal shopping milestones approach, retailer optimism settles in.
The data shows savvy shoppers are planning to maximise how they spend, with over half (55%) saying they are likely to participate in Black Friday shopping. Over the quarter, shopping centre trips have remained the same as Q2 but high street trips dropped by 6% in the summer months.
However, September brought a welcome boost for high street shops of 6%, likely due to back-to-school shopping, which could continue to grow as winter sales approach.
As 56% of Brits now commute four days a week or more, the rest of the index also found that they have been cutting expenses by maximising office perks, making the most of public transport and finding the best online shopping deals, according to the latest Virgin Media O2 Business Movers Index.
Jo Bertram, managing director of Virgin Media O2 Business, said: “Despite a tough second year of the cost-of-living crisis, British resilience shines through in the third edition of our Movers Index. Retailers have reason to be optimistic about the upcoming sales season, with savvy shoppers planning ahead to get the best deals before, during and after the festive period.
“As British firms continue to adapt to a fast-changing macro-economic climate, informed decision-making is crucial. Our O2 Motion insights have been supporting businesses for years and will continue to help them unlock the data they need to make strategic choices.”
