A quarter of the nation has decided to actively avoid Black Friday spending in 2024, according to new national research. The study, from money.co.uk savings accounts investigated the nation’s spending habits and revealed that nearly half of the nation (48%) feel that overspending is the most serious issue on Black Friday, and one in four (25%) struggling with impulse buying.
As such, a significant amount of consumers are actively avoiding taking part in the annual retail holiday, with almost a quarter (24%) saying they will not make a Black Friday purchase this year.
As well as revealing that Brits are opting for a safer, saving mentality, the findings point towards a shrewder approach to purchasing from consumers.
This year, Brits who do take part in Black Friday claim that they won’t consider a deal worthwhile unless it’s at least 25% off, with a further 60% believing that Black Friday deals are not as valuable now as they used to be.
Lucinda O’Brien, expert at money.co.uk savings accounts, said: “Our research into spending habits ahead of Black Friday reveals how UK adults are becoming more wary when it comes to the day of discounts. While snapping up a great deal shouldn’t go amiss, it’s important to recognise whether this is too high a cost to pay to keep your personal finances in check.
“According to the data, December (43%), November (22%) and January (28%) are the three hardest months for Brits when it comes to building up their savings, so it’s crucial not to get carried away this Friday.
“It’s clear from the data that many consumers are wary of overspending and many feel the discounts aren’t as valuable as they used to be. If you’re having second thoughts about your Black Friday spending, it’s a good idea to think of how else the cash might be put to better use.
“Brits are set to spend up to *8.74Bn this Black Friday weekend, which is roughly £129 per person. Many savings accounts can be opened with as little as a £1 deposit so there’s no reason not to put your potential spend into a savings account for a rainy day.” For more information and guidance on saving, including the best savings rates available today, visit: https://www.money.co.uk/savings-accounts
If you’re not one of those avoiding Black Friday, you can find our handy guide to the sales HERE.
