Shoppers planning to spend big in the Black Friday and Cyber Monday sales are being warned to write out lists and set spending limits to avoid getting into trouble.
New research out today from NAB estimates Australians will spend $5.5 billion from tomorrow through to Monday, with shoppers in NSW ($1.74 billion), Victoria ($1.45 billion) and Queensland ($1.12 billion) predicted to spend the most.
A survey from ING shows 64 per cent of Australians are planning to buy more in these sales than ever before.
RateCity.com.au research director, Sally Tindall, said shoppers should be careful not to get carried away.
“Sale events such as Black Friday and Cyber Monday are marketing stunts designed to get you spending,” she said.
These events typically have a deadline on them to encourage people to buy on impulse, potentially without thinking through the purchase or doing a price comparison.
That said, savvy shoppers who take time to plan out what they need, compare prices and stick to their spending limits could come out the other side with their Christmas list ticked off and their budget intact,” she said.
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The latest APRA statistics show Australian households have $1.20 trillion in the bank, that’s up $108 billion from the same time last year.
If you’ve spent 2021 building up your rainy-day fund, be careful not to blow it all before you’ve even got to Christmas,” she said.
Anyone resorting to using credit in the upcoming sales should check whether they’ll have enough money in their account when the bills are due, whether that’s on a credit card or via a buy now, pay later platform.
If a new TV or the latest headphones come with a discount it might seem like a great deal, but if it’s going to cause you a financial headache you might be better off deleting it from your basket and shutting down your browser,” she said.
5 tips for shoppers:
- Write out a list:
if you’re shopping for Christmas know who you’re buying for and what they might want before you log on or hit the shops.
That way you’re less likely to get side-tracked by things you don’t need.
- Set yourself a budget:
make sure it’s one you can afford.
The last thing you want is to head into the Christmas flat broke.
- Don’t get caught up in the hype:
these sales have a time limit on them for a reason – retailers want you to impulse spend.
Before you hit ‘purchase’, press pause and decide if you really need it.
- Compare prices across several shops:
don’t just buy something because it’s on sale at one shop – jump online and check the price on other websites.
Some store prices match or even go lower.
- Be careful of scams:
if a deal sounds too good to be true, it might not be legitimate.
Be careful to only shop online at stores you know and trust.