Battered High Street pins hope on Black Friday

British retailers are pinning their hopes on a bumper Black Friday after dismal figures showed sales fell last month.

Pre-Budget jitters were blamed on consumers being cautious with their spending in October, with sales volumes down 0.7 percent according to the Office for National Statistics (ONS).

A “remarkably bad month” for fashion was the driving force behind the slump, according to ONS senior statistician Hannah Finselbach.

Clothing stores fell by 3.1 percent, following end-of-season sales growth in the previous month. But Finselbach added, “Retailers across the board reported consumers falling behind on budgets.”

Mild weather conditions also caused shoppers to wait to purchase winter coats and hats. But retailers hope the discounts will boost sales in the critical ‘golden quarter’ leading up to Christmas.

Black Friday is traditionally an American shopping discount day, but has been imported into Britain and sales begin in late November.

Jacqui Baker, head of retail at accountancy firm RSM UK, said sales were “expected to pick up with Black Friday deals and last-minute Christmas shopping in December, which would drive a boost in spending.”

Baker added: ‘It’s been a worrying start to the golden quarter, which won’t be good news for retailers as this would be the start of their busiest period.’

Boots has said it is anticipating the ‘biggest Black Friday month ever’ as customers carefully plan for Christmas.

And this week, Lidl boss Ryan McDonnell said the discount supermarket was on track for its ‘biggest Christmas ever’.

Retailers hope that consumer confidence will improve now that uncertainty over the budget and the US presidential election has passed.

Separate figures yesterday from polling firm GfK are likely to have fueled these hopes.

This showed that consumer confidence improved, with consumers reporting that they were more willing to buy expensive, expensive items. However, retailers are still facing Labour’s tax raid on National Insurance.

The bosses of Marks & Spencer and Tesco were among more than 80 who signed a letter this week warning that the budget will mean shops closing, jobs lost and prices rising.

M&S chairman Archie Norman has warned that the lowest paid will bear the brunt of the increase in employers’ national insurance contributions.

The High Street has been disproportionately hit by the £25 billion tax hit, due to looming business rates rises and an employee rights package that will cost employers £5 billion.