Four in ten Brits plan to spend more this Black Friday

According to personal finance experts money.co.uk, four in ten Brits are planning to spend even more during this Black Friday event, versus previous years.

Some 77% of UK adults are set to shop in this weekend’s sales, with four in ten saying they plan to spend £200 to £300 more this year versus last year’s event. Similarly, 10% said they’d at least £500 during the sale, while £15 said they plan to spend an additional £600 to £2,000 this Black Friday.

Salman Haqqi, personal finance expert at money.co.uk, spoke on the findings, saying that: “It is encouraging for the economy to see that shoppers are set to spend more than ever this year.

“Four out of 10 shoppers admit they will spend more this year than in previous years when, famously, desire for Black Friday bargains even resulted in scuffles in some stores.

“The great news for some retailers is that one in 10 shoppers tell us they intend to spend “much more” on Black Friday purchases than last year. The average spend for Brits in this year’s Black Friday sales will be £350.”

With the sale set to fall on November 27 this year, its also interesting to see where Brits will be spending there money on Black Friday. Mr Haqqi adds that: “Clothes top the list, with 49% saying they’re looking for a fashion bargain. Beauty and grooming products are next – with 34% of shoppers looking to improve the way they look. Three in 10 will look to land a household product on Black Friday and 29% are hoping to bag a videogames console or games.”

Further, a quarter of shoppers have a smart TV on their radar, while 24% are after home furnishings, 23% are hunting for smartphones and an additional 20% are seeking jewellery bargains.

Another notable finding is that 52% of Black Friday shoppers plan to pay for their new gismos using a debit card, while the research states that 27% will use a credit card, and just one in ten will use cash. Mr Haqqi suggest that credit cards may be the best way to ensure safe shopping practices:

“Under Section 75 of the Consumer Credit Act 1974, if you pay for an item using your credit card, then you have rights to claim a refund from your credit card provider as well as the seller if something goes wrong.“This extra protection applies when you buy an item that costs between £100 and £30,000 and means if the seller goes bust or fails to deliver your item you can approach your credit card company to get  your money back.”

Further, with all physical stores – but those deemed essential – set to remain shut over the discount weekend, the potentially increased demand for sale bargains may be funnelled almost exclusively online, much to the delight of e-commerce companies such as Amazon.