Press release -
BLACK FRIDAY AND CYBER MONDAY SHOPPERS SET TO SPEND £1.8 BILLION – DESPITE REPORTS OF ‘DISCOUNT FATIGUE’
- Shoppers plan to spend £1.8 billion over Black Friday and Cyber Monday, despite suggestions of ‘discount fatigue’ this shopping season
- Bargain hunters will spend an average of £152 each during these annual sales events
- While many will still head to the high street, online shoppers are half as likely to make an impulse purchase
Despite reports of ‘discount fatigue’ among UK shopper, new research from Post Office Money Credit Cards, has found that UK shoppers still plan to spend £1.8 billion on ‘Black Friday’ and ‘Cyber Monday’ this week.
While three out of four shoppers (72 per cent) say they feel as though there are constantly sales on, half of all UK shoppers (46 per cent) will still look to take advantage of sales shopping in the run up to Christmas – showing there is still appetite for a deal among UK adults. Bargain hunters will look to spend an average of £152 on Black Friday and Cyber Monday, alone.
Young people actually seem to be the savviest of shoppers, being more likely to find a bargain over Black Friday (14 per cent) and take care of their Christmas shopping in the sales (12 per cent). They are also most likely to enjoy the thrill of sales shopping (39 per cent).
In terms of purchases, two-fifths (41 per cent) of us have used the sales to buy a luxury or big ticket item within the past five years, with the most popular items including handbags (54 per cent), clothes (54 per cent), and home entertainment systems (50 per cent).
John Willcock, Head of Credit Cards at Post Office Money, said: “Many people feel that retailers are extending the Christmas sales season to be longer than ever before, in effort to get people in-store and shopping online, leading some to feel a certain element of ‘discount fatigue’. However, our research shows that shopping events such as Black Friday and Cyber Monday are still very popular as people try to offset Christmas expenses. Anything that helps people make the most of their money over the festive season should be welcomed.”
While many shoppers will be heading to the high street, a large number will also be logging on to make the most of online deals. 58 per cent of those who plan to shop on Black Friday or Cyber Monday will shop online rather than on the high street during the sales which equates to just over £1 billion.
The research also indicates that shopping online might actually lead to more savvy purchases. Online shoppers are more likely to take their time and shop around (45 per cent vs 39 per cent when shopping in store) and are half as likely to make a purchase on impulse (seven per cent vs. 13 per cent when shopping in store). Online shopping also seems to encourage a far greater degree of research – ensuring purchases fit people’s requirements (26 per cent vs. 14 per cent when shopping in store).
While unsurprisingly young people aged 18-34 are the most likely to take advantage of online shopping during the sales (63 per cent), over 55s are also more than aware of the advantages of using the internet to keep costs low, with 45 per cent preferring to go online.
John Willcock, continued: “Sales continue to be popular both on the high street and from the comfort of your own home. While buying online seems to help people make careful, well-researched purchases it seems to lack the thrill of finding a deal in your local shop.
“It is easy to get caught up in the excitement of Christmas shopping, so consumers should do all they can to manage and spread out the cost. This might be spending more time comparing costs online or utilising a credit card with a 0% purchase period like the Post Office Money Matched Card, which allows consumers to benefit for the first 27 months.”
Ends
*Opinium Research conducted a survey amongst a nationally representative sample of 2,000 UK adults between 28th October to 1st November 2016.
** Data from Experian and trade group IMRG UK shoppers found that in 2015 £3.5 billion was spent over the entire Black Friday weekend – the estimated £1.8 billion figure above relates to Black Friday and Cyber Monday alone, making projections in line with previous years
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Post Office Limited has an unrivalled national network of over 11,600 branches across the UK, more than all the high street banks combined, and sits at the heart of many communities across the country.
It provides around 170 different services and products spanning financial services including savings, insurance, loans, mortgages and credit cards. Post Office also offers Government services, telephony, foreign currency, travel insurance and mail services.
99.7% of people live within three miles of their nearest Post Office outlet. For many rural communities the Post Office is the only retail outlet. Post Offices remain highly valued and trusted and are the focal point for many communities. For more information, visit www.postoffice.co.uk.
