The Black Friday sales are fast upon us and while “nearly two thirds (62%) of consumers say they plan to take advantage of the discounts, nearly a third (29%) of people who have shopped over Black Friday in the past have regretted their purchases.”
Buyer’s regret arises for a number of reasons according to a survey of “more than 3,000 UK adults” by Starling Bank.
Two in five (38%) people believe “they didn’t really need what they bought in the first place, while a quarter (24%) say that they rarely used their Black Friday purchases. Furthermore, 23% haven’t used them at all, and nearly a tenth (7%) have even bought something in the sales that they still haven’t opened a year or more later.”
This lack of consideration when it “comes to shopping could have a significant impact on the purse strings. Nine in ten (88%) people who have previously made purchases during the Black Friday sales have overspent on average by £511.90 more than budgeted.”
There are deals to be had for shoppers “looking for a bargain, with items used more frequently having a better cost per use in the first year of ownership. An Amazon Fire Stick could have a cost per use of just 14p, for example, while an electric toothbrush costs just 34p each time it is used.”
Gamers can also make some good deals “during the weekend, with gaming consoles working out to cost just £1.53 each time they are used (specifically; £2.33 for an Xbox Series X, or £2.59 for a PlayStation 5).”
Those looking to invest in fitness “may want to think twice about the upfront cost of a Peloton exercise bike, as each cycle could cost £6.05 every time the machine is used.”
This year, shoppers in the UK say they plan “to spend £401.50 on average in the Black Friday sales, with nearly half (44%) of those intending to spend more than they have ever before on the promotions. Nearly one in ten (7%) even plan to spend £1,000 or more.”
The cost of living crisis is set to “be a big influence on increased spending this year. Two thirds (65%) of those planning to shop in the Black Friday sales say that with the crisis they need to make the most of the discounts, while nearly half (47%) want to get some bargains for Christmas.”
Historically, technology products are by far “the most common type of items people have bought during Black Friday.”
More than a quarter (27%) of people have “used the sales to buy a new TV, a fifth (20%) to get a new iPad/tablet, 15% to purchase a laptop, 15% to buy headphones or wearable tech, and 14% to buy a games console.”
Rachel Kerrone, family finance expert at Starling Bank said:
“We all take pleasure in finding a great bargain. The Black Friday sales present a brilliant opportunity to save some money while stocking up on Christmas presents or to buy something you’ve had your eye on for a while. However, not all deals offer a genuine discount so do your research thoroughly.“