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.”
- Do your research: “Don’t be seduced by large percentage discounts. Make sure you still shop around for the cheapest price on your selected item. Follow brands and retailers you are considering on social media and join their mailing lists for notification of any early sales offerings or potential first-time purchaser discounts. At any time of the year, it can be a great strategy to add an item to your cart, and then close your browser and walk away – many retailers will follow up with a discount offer. Unsubscribe from any mailing lists you find too tempting or are not aligned to the items you need.”
- Create a “savings stack”: “Look out for additional savings by exploring cash reward or cash back shopping sites. In addition to percentage discounts, you may also be able to access deals to have cash put into an account for you, provided you follow the instructions carefully and click through a valid link. The CommBank Yello program offers eligible customers access to exclusive cashback offers and discounts with partners, including Amazon, Coles, Big W and Airbnb, with a focus on everyday items, including groceries, clothing, appliances and entertainment. Offers are available all year through the CommBank app, including peak shopping periods such as Black Friday and Cyber Monday.”
- Be safe: “Scammers are increasingly sophisticated and will use this sales period as a time to target vulnerable consumers. Beware of fake SMSes and emails imitating major courier or postal companies as well as websites imitating major retailers. Always check the URL carefully and look out for any tell-tale signs like poor spelling and grammar or links that don’t work. Also be wary of postal-related scams at this time of year. With many Australians shopping online and receiving multiple packages, it can be hard to keep track and there is a heightened risk of falling prey to text message scams about missed or delayed postal deliveries. We encourage Australians to remain cautious and to stop, check and reject. If you think you have been a victim of a fraud or scam, contact your bank immediately.”
About the research
The survey was conducted by the House of Brand Group, with fieldwork conducted between 14 and 15 September 2023, amongst a sample of n=1,003 nationally representative respondents 18+, including n=494 Australians 18+ who intend to shop the Black Friday/Cyber Monday sales this year, with quotas set on age, gender and location.