When such a huge amount is being spent on Christmas presents in just two days, it is natural that people's buying patterns will range from electronics to beauty products to furniture. To gauge the shopping pattern during Black Friday and Cyber Monday, Gocompare.com Credit Cards conducted a survey on 2,000 Brits to find out what they will be buying during those two days.
The survey revealed that one in every three (34%) shoppers will check out the end of November sales while one in ten (9%) said that they will be buying their Christmas presents on those two days. 7% said they will spend in excess of £500 to get their hands on Black Friday and Cyber Monday bargains. Overall, Brits may end up spending £4.9 billion on these two days, averaging £175 per household.
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When questioned on what they are planning to buy during Black Friday and Cyber Monday, almost a third (27%) said that they will spend on clothing and accessories. One in every five said they will purchase toys while 15% each said they will spend on buying health and beauty products and small electrical appliances respectively. A large number of those interviewed will also be spending on electronic items like laptops, TVs, tablets, smartphones and gaming consoles. Surprisingly, those wanting to buy laptops (14%) and more than those wanting to buy tablets (13%) or smartphones (11%). The remaining lot said they would go for furniture, fitness clothing and white goods like refrigerators and dishwaters.
Thanks to impressive discounts being offered during Black Friday and Cyber Monday sales, a lot of Brits also fear that they will end up overspending during those two days. One in ten of those interviewed said that they will overspend, and this may cause the country's population to overspend by a total of £441 million during the period. Out of all purchases, the survey also revealed that 51% of shopping will be done online, 24% on the high street and 14% via smartphones. One fourth of all purchases will be made through credit cards and 19% will be made using cash.
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"Our research shows that British shoppers have wholeheartedly embraced the Black Friday and Cyber Monday sales to bag bargains and kick-start their Christmas shopping. But rather than saving them money, the hype around the sales can tempt some people to buy items that they don't need or can't afford. In addition to researching the best deals on Black Friday and Cyber Monday, bargain hunters should take time to think about the best way to pay for their shopping. Credit cards can be a great way of spreading the cost of sale items. A 0% credit card for purchases can help you to spread the cost for your shopping over a certain amount of time with no additional interest. Likewise, a 0% balance transfer card could help you cope with a financial hangover by letting you pay off your purchases over an extended period of time," said Matt Sanders from Gocompare.com Credit Cards.
If you're planning to buy a smartphone, a tablet or a laptop during Black Friday and Cyber Monday sales, do watch this space as we will bring to you details of all the offers being laid out by major phone makers and network operators ahead of the shopping season.