More than 40% of Australians (44%) are gearing up to participate in the Black Friday/Cyber Monday sales, with the number rising to 60% for those under 40, new research from Commonwealth Bank (CommBank) has revealed.
The CommBank survey of more than 1,000 Australians, conducted by the House of Brand Group, revealed that 78% of those intending to participate in the sales are looking to snag bargains on essentials, while slightly more than half are considering buying gifts for others.
Research findings showed that more than 90% are turning to deals and discounts to cope with the cost-of-living, and over three in five indicated that they are now more attentive to discounts than before.
Jess Irvine (pictured above), CommBank personal finance expert, said the research reflected a shift in shopping habits, with Australians seeking to strike a balance between needs and wants amid the rising cost-of-living.
“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,” Irvine said in a media release.
“Cost-of-living pressures remain top of mind for Australians as we head into the end of the year. We found that 91% of Australians are looking for new ways to save money and for ways to make their money go further.”
As anticipation builds for Black Friday and Cyber Monday, Irvine shared her top five tips for navigating sales for Australians planning to grab a bargain:
Resist the urgency of sales events and question if the purchase is a necessity or an impulse buy. Shoppers should also consider waiting for other sales opportunities throughout the year.
“Remember, while Christmas comes only once a year, sales periods are multiple,” Irvine said.
Plan purchases in advance and create a wishlist of needed items.
CommBank research showed that technology, whitegoods, and appliances top Australians’ collective sales wishlists, Irvine said.
Don’t solely rely on large discounts; shop around for the best prices. Follow brands and retailers on social media for early sale notifications and potential 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,” Irvine said. “Unsubscribe from any mailing lists you find too tempting or are not aligned to the items you need.”
Explore cash reward or cashback sites for additional savings.
The CommBank Yello program offers exclusive cashback offers with partners like Amazon and Coles, focusing on everyday items, for example.
“Offers are available all year through the CommBank app, including peak shopping periods such as Black Friday and Cyber Monday,” Irvine said.
Watch out for scams during the sales period. Be cautious of fake SMS and emails imitating courier companies or retailers. Check URLs, avoid poor grammar, and stay vigilant against postal-related scams.
“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,” Irvine said. “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.”
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