A study of 1,000 people in the UK, conducted by market research platform Attest on the day of the Autumn Budget, reveals that a third (32%) of Brits plan to spend less on Black Friday following the Chancellor’s decision to lift the tax burden to a record high.
The data also shows that 30% of respondents will now prioritise household essentials over splashing out on premium, higher-value Black Friday items. A fifth (18%) said they intend to “stock up” on products amid fears of further price rises.
Todd Latham, CEO of Attest, comments: “This Budget dominated the headlines, and consumers were clearly paying attention. While income tax rates didn’t rise, the continued freeze on thresholds means fiscal drag is biting hard and people can feel it in their pockets. That shift in sentiment is set to show up at the tills tomorrow, with shoppers becoming more cautious and retailers having to work harder to win spend.”
With nearly half (45%) of those surveyed saying they “feel worse off” as a result of the Budget, consumer confidence heading into the peak shopping weekend is subdued. However, over half of respondents (55%) said Black Friday deals now feel “more important” than in previous years, signalling that value-led promotions will be critical for retailers hoping to convert cautious browsers into buyers.
Almost half of consumers (48%) also now expect brands to accept lower profit margins in light of the Budget, reflecting rising public scrutiny on pricing fairness as household budgets come under pressure.
This data takes on added significance given a separate Attest study showing that twice as many UK consumers now see Black Friday as their biggest shopping event of the year compared with Boxing Day (46% vs 23%). For retailers, it underscores the stakes: winning this weekend matters more than ever, especially as shoppers become increasingly value-driven amid a record tax burden.
