Nationwide expects to see consumers spend 13% more on the 24 November, or £188m on this peak shopping day, the US-coined holiday after Thanksgiving and traditionally the first Christmas shopping day.
Nationwide customers showed the peak time for spending is 1.30pm, with many people venturing out to the shops or online in their lunch hour, the data shows.
Supermarkets saw the biggest share of spending last year, followed by entertainment, DIY and household, clothing and department stores. However, clothing and entertainment saw the biggest spike in spending over the last two years.
Despite the rise in online shopping, 65% of shoppers still head to the high street and despite a willingness to hunt for bargains, people are still leaving Christmas shopping to the last minute with Friday 23 December the busiest spending day last year.
With many sales now starting on Christmas Day rather than on Boxing Day, the mutual expects a 20% rise in spending on the traditional family day.
Scott Manson, Nationwide Building Society’s head of payment strategy, said: “With many sales now starting before Black Friday, shoppers are already seeing good deals being offered, but the society still expects many retailers to save their best deals for the Black Friday weekend meaning the number of transactions made that weekend is predicted to be higher than previous years.”