Black Friday: One in ten consumers afraid of spending too much

Some 19.4 per cent  of consumers between the age of 18 to 34 years old fearing they will go over-budget this year

Zlata Rodionova
Friday 20 November 2015 16:20 GMT
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Heavy discounting by retailers, including the introduction of Black Friday sales in November, have contributed to the fall in inflation
Heavy discounting by retailers, including the introduction of Black Friday sales in November, have contributed to the fall in inflation (EPA)

With only a week to go before Black Friday, one in ten UK consumers fear they will spend more than they can afford on one of the UK biggest shopping day of the year, according to consumer behaviour research.

Asda shoppers are even more afraid of spending too much, according to retail research agency Conlumnio, with 14.6 per cent saying they could overspend – nearly triple the number for Morrisons shoppers at 5.4 per cent. Some 7.6 per cent of Tesco shoppers and 8.8 per cent of Sainsbury’s shoppers have similar concerns.

“The fact that nearly one in ten consumers fears they will spend more than they can afford on Black Friday suggests the more serious side to this type of shopping event, with cut-price promotions still tempting to consumers that may still be finding disposable incomes squeezed,” said Greg Bronley, retail analyst at Conlumnio.

Younger shoppers are particulary worried with 19.4 per cent of consumer between the age of 18 to 34 years old fearing they will go over-budget this year.

Retail experts believe it will be Britain’s first ever £1 billion plus online shopping day. Spending is set to rise 32 per cent on the overall spend from Black Friday 2014, where £810 million was spent on that day alone, according to statistics from money saving website Voucherbox.co.uk.

With Black Friday only a week from now – the date fall on November 27 this year - we asked Hannah Maundral Editor in Chief at finance online comparison website www.money.co.uk to share the best tip to survive the day without making any damage do your budget.

Be organised and do your research:

There is no big secret. You have to get organised before you start splashing the cash. Don’t start spending until you can make the numbers add up.

“The secret to success when it comes to bargain hunting is to do your research upfront, work out what you want to buy and how much you can get it for now. Only hit the “order” button if you’re getting a significant saving, otherwise it’s worth playing the waiting game,” said Ms Maundral.

Use Black Friday for early Christmas shopping:

Use Black Friday to get a special Christmas gift for someone without breaking the bank but think of splitting your budget.

“Divide your budget between friends and family you want to buy gifts for and everything else you’ll get for the celebrations. Remember to factor in the tree, decorations, greetings cards, gift wrap, cash for Christmas nights out, turkey and all the other trimmings,” Ms Maundral said.

Be resourceful:

If your budget doesn’t allow it then it is time to make cuts. If you’re looking for Christmas gifts on Black Friday and simply can’t afford them, it’s time to be creative. Ms Maundral suggests you speak with your friends sooner rather than later and get together instead of giving each other gifts.

Arm yourself with a laptop:

Go online and shop around until you find the cheapest place to buy the items on your list.

“Look for voucher codes and remember to factor in the cost of delivery if you can’t click and collect for free,” said Ms Maundral.

Go online for big brand goods:

It’s certainly worth keeping an eye out for sales on the high street and making this your go-to place for unique gifts, according to Ms Maundral. However, if you’re looking for big brand goods then you’re likely to get the biggest savings online for the simple reason that you get the opportunity to shop around, find voucher codes and cash in with cashback.

Black Friday is not necessarily the best shopping day.

“Lots of retailers are cashing in on the Black Friday frenzy by running sales for the whole week. Others are shunning the sale day in favour of promotions that last the whole of December. This means ample opportunity for saving money,” Ms Maundral said.

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