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Black Friday 2025: spending up despite softer interest
We expect UK consumers to spend £6.4 billion this Black Friday - up 1.5% on last year - even though fewer people plan to take part. With eight in ten purchases expected to be online, Black Friday remains a key moment for retailers to drive sales and show resilience.
Retail, Consumer and Leisure Briefing 2026
Sign up to hear from sector leaders as they unpack the latest data to help you navigate what’s next.
A sprint to the finish?
Sticky inflation, ongoing cost burdens and stubborn interest rates. At first glance the picture appears similar to last year. Our latest consumer sentiment survey finds UK households remain cautious. Even so, broader data shows household savings are higher than before the pandemic and real incomes have risen for two years in a row. The money is there, but the confidence to spend is not.
“Every year shoppers say they’ll cut back, yet come January, spending often tells a different story. So, there’s room for some optimism.”
Jacqueline Windsor
UK Head of Retail and Strategy& Deals Partner, PwC United Kingdom
The challenge is rebuilding consumer confidence against an uncertain economic backdrop.
With the Chancellor’s Autumn Budget on the horizon, there’s a chance consumers will gain the clarity they need to reassess their own household budgets. This could see a later-than-usual uplift in spending across the all-important Golden Quarter.
Growth is likely to remain modest, so gaining share rather than relying on market growth becomes critical. Soft trading comparatives also present opportunities to outperform, particularly as consumers still want to make the season feel special.
“My message to retailers is to hold your nerve on value. Shoppers want value-for-money, not just lower prices. Lean into occasions and small treats, such as health and beauty, and other treat-led categories.”
Lisa Hooker
Global FDD Leader and Retail, Consumer and Leisure Specialist, PwC United Kingdom
Retailers who deliver a seamless experience can strengthen loyalty and become shoppers’ preferred choice, particularly if spending comes later this year. So, integration across in-store, online, click-and-collect, and returns remains key. But even with these capabilities in place, retailers are not immune to the mounting pressures shaping the sector.
Challenges facing retailers
Retailers continue to face a demanding operating environment. While consumer sentiment remains cautious, the pressures on the sector itself are intensifying:
These headwinds mean that growth will be hard-won. Retailers who can adapt quickly, protect margins, and deliver value-led experiences will be best placed to outperform.
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Contact us
Global FDD Leader and Retail, Consumer and Leisure Specialist, PwC United Kingdom
Tel: +44 (0)7802 882562
Jacqueline Windsor
UK Head of Retail and Strategy& Deals Partner, PwC United Kingdom
Tel: +44 (0)7801 074739
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