Research from ING projects that 8.3 million Australians (41 per cent) are planning to buy goods during the Black Friday and Cyber Monday shopping long weekend including an estimated 2.86 million (14 per cent) who have never taken part in the sales evens before.
Shoppers buying for calendar moments
ING’s study suggests Aussie shoppers are becoming savvier with their purchases with over five out of ten surveyed (58 per cent) aiming to save on items for costly calendar moments such as Christmas (48 per cent), birthdays in 2021 (16 per cent) and back to school items (13 per cent).
George Thompson, Head of Daily Banking at ING Australia, says consumers are on the hunt for bargains.
“Value for money matters more now than it has in a long time so it makes sense that so many Aussies are planning ahead and using the Black Friday and Cyber Monday sales to shop for gifts and important upcoming events.”
Shop local a growing trend
Aussies are also keen to support local businesses with a third (33 per cent) of respondents planning to buy from an Australian retailer, with a quarter (25 per cent) using the sales as an opportunity to ‘give back’ to struggling local businesses. More than one in ten (13 per cent) say they will only buy from local retailers and Australian businesses during the sales period.
“The global pandemic, devastating fires and havoc causing floods have paid their toll on many Australian businesses. It’s the Australian way to help out so it’s not surprising that Aussie shoppers are planning to support Australian businesses this year,” continued Thompson.
Black Friday and Cyber Monday shopping tips
- Shop safely – if shopping online, shop on a genuine and reputable Verify any trust seals on the site, check for contact details, review privacy and security policies and save all transaction details including receipts. If a deal looks too good to be true it probably is. Also check your bank’s treatment of online fraud so that in the event an unauthorised transaction takes place on your account you can understand whether you’ll be liable for any unauthorised transactions, providing you have compiled with the terms and conditions of your bank.
- List it out – it is important to set a list of everything you want or need to get, and don’t veer from this when the day Not only will this make you feel prepared, it’ll also ensure you avoid frivolous spending.
- Set a budget – similarly, setting a price point of what you are able to spend based on your individual financial situation is key to avoid If you find yourself exceeding this, it may mean that it is not a good deal for your personal budget.
- Plan for 2021 – shopping the sales sensibly can actually help you get ahead of 2021 events and calendar moments that are traditionally heavy on the wallet, such as holiday periods, birthdays and back to school
- Choose retailers ahead of time – while it’s tempting to get drawn into everything that is being thrown at you, sticking to 3-5 retailers that you like and trust will avoid you getting sucked in.
- Wise up to international transaction fees – if you’re planning on shopping through an international site during the sales, make sure your aware of the fees and charges your bank might Where possible, use a payment method that will allow you to avoid some of those international transaction fees and charges, like the ING Orange Everyday card for eligible customers*.
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