New research from CommBank reveals that more than two in five Australians (44 per cent) are planning to shop the Black Friday/Cyber Monday sales, a figure which jumps to 6 in 10 for Aussies under 40.
The survey of more than 1,000 Australians found that of those planning to shop the sales, 78 per cent are hoping to grab a bargain on essentials, while just over half are planning to buy gifts for others.
According to the research, over 9 in 10 are looking to deals and discounts as a way to help with the cost of living, with more than three in five saying they are keeping an eye out for discounts more than they used to.
CommBank Personal Finance Expert Jess Irvine said the research demonstrated how Australians are changing their shopping habits to balance their needs and wants with the rising cost of living.
“Gone are the days where large sales events were used to only buy what we wanted rather than what we needed. Our research shows that essential everyday items are high on the priority list for those planning to shop the Black Friday or Cyber Monday sales.
“Cost of living pressures remain top of mind for Australians as we head into the end of the year. We found that 91 per cent of Australians are looking for new ways to save money and for ways to make their money go further,” she added.
For those Australians planning to use the sales to grab a bargain, Jess shares her top five tips for shopping the Black Friday and Cyber Monday sales:
Jess Irvine’s top tips for shopping the Black Friday/Cyber Monday sales:
- Pause and reflect: “Sales periods are designed to create a sense of urgency and a fear of missing out. Take time to question whether you really need and will use the item. Have you thought about buying this item before, or is this an impulse purchase? Remember, while Christmas comes only once a year, sales periods are multiple. If you are not quite ready to make your purchase, there will always be Boxing Day, New Years, EOFY or many other sales opportunities throughout the year.”
- Make a wishlist: “If you do have specific items that you are looking to buy in coming months, it can be a savvy savings strategy to take advantage of the Black Friday and Cyber Monday sales – although, you must be careful. Be sure to think about your potential purchases well in advance and create a wishlist of what you need. Our research shows technology, whitegoods and appliances are high on Australians’ collective sales wishlists. Topping the list, almost 6 in 10 Black Friday/Cyber Monday shoppers are planning to use the sales to get ahead of their Christmas gift shopping and hopefully score a bargain.”
