U.S. shoppers alone in boosting Black Friday spend as cost-of-living crisis hits Europe

Many shoppers say they plan to spend less this Black Friday as the cost-of-living crisis bites.

Many shoppers will be expecting retailers to cut prices by a greater margin this year as they tighten their belts amid a worsening cost-of-living crisis.

According to research from Boston consulting Group, shoppers in Europe plan to spend less this year due to inflationary pressures.

Consumers in the U.K. will cut back by the greatest margin, spending 18% less, while those in France and Germany will reduce their spending by 15% and 13%, respectively.

U.S. consumers were the only ones in the survey who said they would spend more this year.

Russia's invasion of Ukraine has weighed on growth in Europe and sent energy prices soaring.

Last week the Office for Budget Responsibility confirmed that the U.K. is in a recession.

Retailers are struggling to recover from a Covid-19 slowdown and are being put under increased pressure. Many companies that are trying to correct issues from last year have built up large inventories of stock that they are under pressure to shift.

What we have seen is the Black Friday trend spread.

According to the report, "Black Friday is a vital moment in the shopping calendar for physical and online retailers still recovering from the Covid epidemic and now facing consumers in many markets who are reducing their spending plans for many non- essential items."

Retailers could extend their discounts across the month in order to increase buying opportunities for consumers who have the money to spend.

In the week leading up to Black Friday, U.K. transactions increased by 3.8%, according to new data from a leading payment processor.

Shoppers are more likely to spread out their purchases over the Christmas season according to the managing director of commercial solutions atBarclays Payments.

The Black Friday trend is spreading. We have seen that spread throughout the week and even further into the month.

Consumers are thinking about being more savvy about how they spend for Christmas as a result of some of it.

Experts have urged shoppers to be careful when taking advantage of the discounts.

John Davis, director for the U.K. and Ireland at the Sans Institute, said that online hackers are known to "turn up the heat" during discount periods.

Following last year's Black Friday and Cyber Monday weekend, shopping scam increased by 34%.

He said that cybercriminals are becoming more sophisticated and harder to detect.

Consumers should be extra careful when shopping online because of the fear of missing out, according to Davis.

"Opportunistic hackers will try to create a false sense of urgency, so it's important to exercise caution by staying scam- aware, trusting gut instinct and building security into all of our online behavior," he said.