Shopping days will leave households with £441 million of buyer’s remorse
- UK households will spend £175 on average in Black Friday and Cyber Monday sales;
- 34% of shoppers say they will check out the end of November sales;
- Clothing, toys, laptops, TVs, tablets and smartphones top the wish list;
- 9% of people are planning to buy most of their Christmas presents in Black Friday and Cyber Monday sales this year;
- Gocompare.com share top tips for bagging a bargain.
Black Friday and Cyber Monday sales have become key events on the UK’s shopping calendar. This year, according to new research** from Gocompare.com Credit Cards,consumers will spend an estimated £4.9 billion (£175 per household) on bagging bargains in the weekend-long sales commencing Friday 25 November.
The survey of over 2,000 UK adults found that 34% of people will check out this year’s sales; a fifth have bought things in past sales and 9% are planning to use the sales to buy most of their Christmas shopping. While the average spend per household in this year’s sales is £175, 7% say they will spend in excess of £500 bagging Black Friday and Cyber Monday bargains.
Top items bargain hunters plan to buy in the Black Friday and Cyber Monday sales
A new laptop
A new TV
A tablet computer
A new smartphone
PS4 or Xbox games
A games console - e.g. PS4, Xbox One
White goods - e.g. fridge freezer, dishwasher
Nearly a quarter (24%) of those surveyed said that they research the items they want to buy ahead of the sale, with 19% saying they hold off making big purchases until the sales.
However, the survey also revealed that Black Friday and Cyber Monday is set to leave the UK with a massive financial hangover. Nearly one in 10 (9%) said that the mega sales cause them to overspend or buy things they don’t really need – meaning the country will have as much as £441 million worth of buyer’s remorse once the sales are over.
When asked about how they plan to pay for their shopping, a third said they would use a debit card, 19% will fund purchases through cash, 24% by credit card, while 10% said they have put money aside specifically for Black Friday and Cyber Monday.
The survey also looked at how people plan to shop. Just over half (51%) will look to buy deals online, 24% will get their bargains on the high street, and 14% plan to shop via their smartphone.
Matt Sanders from Gocompare.com Credit Cards said: “Our research shows that British shoppers have wholeheartedly embraced the Black Friday and Cyber Monday sales to bag bargains and kick-start their Christmas shopping. But rather than saving them money, the hype around the sales can tempt some people to buy items that they don’t need or can’t afford.
“In addition to researching the best deals on Black Friday and Cyber Monday, bargain hunters should take time to think about the best way to pay for their shopping. Credit cards can be a great way of spreading the cost of sale items. A 0% credit card for purchases can help you to spread the cost for your shopping over a certain amount of time with no additional interest. Likewise, a 0% balance transfer card could help you cope with a financial hangover by letting you pay off your purchases over an extended period of time.
“In both cases, you need to be careful to repay the debt before the introductory terms end or you’ll have to start paying interest. Set up a repayment plan to ensure you pay off the balance of the card before the introductory period ends, and remember to check your cards terms and conditions.
“Buying items priced between £100 and £30,000 with your credit card will also give you protection under the Consumer Credit Act. So if you buy a faulty laptop or TV and the retailer refuses to refund your money, the credit card company will reimburse you.
“There are some circumstances where Section 75 protection may not apply, such as where an additional cardholder makes a purchase, spending via payment services or group buying sites like PayPal, Amazon Marketplace and Groupon or purchases through an agent or third party.
“However, if you’re not disciplined about your spending and repaying your credit cards, you could end up paying a lot of interest and accumulating debts that you will struggle to pay off.”
See Gocompare.com’s guide for more information on the consumer credit act.
Visit Gocompare.com to compare 0% credit cards.
For more information on interest free credit cards, Gocompare.com has a dedicated guide page available.
Don’t believe the discount
Some retailers have been known to increase the price of an item before a sale to exaggerate potential savings, use sites like camelcamelcamel.com to check the price history of a product. You can also use sites like MyVoucherCodes where users share information on the difference between sale price and RRP.
Deals can pop up anytime in the run up to Black Friday, last year Amazon began its sale a week before the event.
Signing up for email alerts and following retailers on social media is a good way of ensuring that you don’t miss a ‘flash deal’. If you’re worried about junk mail you can create a new email address specifically for this purpose.
Warehouse and Outlet stores
If you don’t find the deal that you were looking for you could try shopping at Amazon’s Warehouse and Outlet pages.
You can find discounted goods that have been reduced for clearance at The Amazon Outlet page while the Warehouse offers returned or damaged goods at reduced prices.
While the level of damage can vary, Amazon assures users that all goods are in working order but do not meet their standards for general sale. Students can also get an extra 20% off Amazon Warehouse prices with a Prime Student account.
Black Friday and Cyber Monday can be a peak time for fraudsters, so make a conscious effort to stay safe: watch out for fake websites and check the URL’s to make sure the site you’re using is genuine. Phishing scams are also becoming increasingly sophisticated so be especially aware of emails claiming to be from websites or your bank.
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Notes to editors:
*According to the ONS (2015) there are 28 million households in the UK: 28 million multiplied by average spend per household of £175 equals £4.9 billion.
**On 4 November 2016, Bilendi conducted an online survey among 2,006 randomly selected British adults who are Maximiles UK panelists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.