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Analysing a random data sample* from more than 700 Yoyo-accepting food and drink outlets on UK high streets, Yoyo compared Friday footfalls from the beginning of November right up until Christmas Day to find out what impact Black Friday (24 November) actually had on the high street.
The data found that footfall on Black Friday increased 14% compared to the first Friday of November (3 November), 7% compared to the second Friday (10 November) and 2% compared to the third Friday (17 November) of the month.
*Green column = Black Friday
After Black Friday, there were four Fridays to shop on the high street before Christmas Day.
Yoyo data found that footfall actually dipped a week after Black Friday, with a 2% decrease on Friday 1 December. It then increased 4% by Friday 8 December – making it the peak Friday for high street shopping before Christmas Day.
Footfall dipped again slightly the following week, with a 1% drop (although it was 1% higher compared to Black Friday).
Friday 22 December, deemed Frantic Friday by the media as people started to head home for the festivities, was true to its name as high street footfall took a dramatic dip, with a 11% drop on the previous week and 10% decrease compared to Black Friday.
With this data in mind, Yoyo decided to check if there was a final push on the Saturday and Sunday before Christmas Day, but it seems there was no panic buying from high street shoppers this year, with a 27% drop on 23 December compared to Black Friday, followed by a 47% decrease on Christmas Eve.
Interestingly, while footfall decreased from 22 to 24 December, there was a dramatic increase in average transaction value (the average amount that a consumer spends per visit) for each of these days.
The average transaction value on the Fridays between 24 November (Black Friday) and 15 December sat at around £3.88.
But the final Friday before Christmas (22 December), which had a 10% drop in footfall compared to Black Friday, saw a whopping 12% increase in ATV to £4.35.
The following day, (Saturday 23 December) ATV increased a further 18% to £5.04, and on Christmas Eve it jumped 5% to £5.26.
*Green column = Black Friday
Choong Chan, business analyst at Yoyo, said:
“Black Friday is a relatively recent import from the US, and while it did not surpass the footfall peak on 8 December, our data suggests Black Friday is key indicator of the beginning of the Christmas shopping period on the high street in terms of footfall.”
“There was a momentary dip the week after Black Friday, but this could be put down to shoppers having a brief break to avoid shopping fatigue before ramping up again.
“An increase in ATV means that customers spend more during each visit. The sudden increase a few days before Christmas could be a result of the festive spirit creeping in, which influenced more consumers to treat themselves.”
*Sample: Purchases of +50,000 users analysed between 3 November and 24 December