The free plugin automatically helps you get out of debt, start saving money, and control impulse spending by using the proven 30-day rule. Install Icebox today! Read more…
This year, Black Friday falls on November 23. As one of the biggest shopping days in the UK, it’s sure to cause a rush with heavy discounts and one-off deals. In fact, Brits plan to spend an estimated £7 billion on Black Friday and Cyber Monday purchases this year alone, according to our latest research.
How much will we spend?
On average, Brits plan to spend an estimated £220 each on Black Friday and Cyber Monday sales this year. This is a significant decrease from last year, where our study found the average bargain hunter planned to spend £304 in the sales.
However, more Brits are planning on taking part. Last year, 36% of adults planned to do so, whereas this year that number has gone up to 62%.
This means that although the average spend per person has fallen, the total amount spent is likely to be higher: rising from £4.5 billion to £7 billion.
Average spend by gender
Men intend to spend more than women, at £234 compared with £206.
People in the north-east of England plan to spend the most (£286), followed by Northern Ireland residents (£285) and Londoners (£279). In contrast, those residing in the south-west of England plan to spend the least (£139).
|Region||2017 – Average planned Black Friday/Cyber Monday spend||2018 – Average planned Black Friday/Cyber Monday spend|
|Yorkshire and the Humber||£221||£204|
Are people getting the best value for their money by spending during sale time?
This decrease may mean we’re learning from experience. Last year, 21% of Brits purchased something on Black Friday/Cyber Monday that they later regretted, spending an estimated average of £83 on each of these items.
A quarter (25%) of men have admitted to regretting an item they’ve purchased during Black Friday/Cyber Monday, significantly more than women, who sit at 18%. Despite this, men still plan to spend more this year, with the average man predicted to spend £234, compared to £206 for women.
18-35 year olds are the most likely to be purchasing items during Black Friday/Cyber Monday that they later regret. Almost a third (30%) have admitted to making such purchases, spending an average of £68 each on these. Gen X follow, with 24% of them doing so and spending an average of £112. 13% of Baby Boomers have felt post-purchase regret, spending an average of £76, making them the least likely generation to feel regret after buying a Black Friday/Cyber Monday item.
Those residing in Northern Ireland are the most likely to have experienced sales regret, with 35% doing so, wasting £66 this way on average. London and the North East are next in line at 26%, spending £82 and a shocking £229 on regretted purchases respectively.
The East Midlands are the least guilty of this mistake, with only 13% of them admitting to regretting last year’s Black Friday purchases, at an average spend of just £45.
How long do we hold off buying?
With so many discounts just around the corner, it’s common to hold off spending in the lead-up to massive sales. In fact, 37% of Brits have deferred dropping pounds on clothing, electronics, major appliances and furniture until the release of Black Friday and Cyber Monday deals. Better safe than sorry, right?
Of those hanging out for a bargain, holding out for a few weeks is the most common (14%), followed by one- to two-months (13%), three to six months (8%) and a patient seven to eleven months (1%). There are even 1% of us willing to wait an entire year before taking on our next bargain shopping spree!
Check out our Black Friday hub where you can find hundreds of deals at up to 80% off, all in one place.
78.2% of Brits have fallen prey to impulsive online spending. But just how much is wasted on regretful purchases each year? Read more…
Netflix returns to the world of Jim Henson’s fantasy creation. Read more…
Shopping at PrettyLittleThing.com? Check here to find a verified, working discount code. Free shipping, up to 70% off and more, updated daily. Read more…
Ask an Expert