Over one in 10 Brits set aside over £300 for this year’s Black Friday despite store closures

New data has revealed Brits are making big plans for Black Friday this year with 48% intending to set aside over £100 to spend on the event and one in 10 over £300.

This is an increase on 2019 where just a third had set aside money for the event. Many explain they have more to spend on Black Friday this year because they have saved more thanks to lockdown restrictions (32%).

The research by Europe’s leading price comparison site idealo.co.uk comes as a new wave of lockdown has been enforced across the UK forcing many stores to remain closed.

For some, Black Friday is treated as their main time to shop during the year (29%) with a quarter naming it their favourite shopping event of the year. This is followed by January (19%) and Boxing Day sales (13%).

Of those polled, four in five have set aside money for the event, with the majority (30%) planning on spending up to £200. With Christmas presents and tech bargains in site, 13% have saved up to £300 for the event and one in ten over £300.

Discounts and gift set deals are one of the main draws of Black Friday, promising shoppers a bargain in the run up to Christmas. Results show that Christmas presents are the top sited reason for purchasing goods on the event with 45% stating this.

Although a variety of deals are promoted across a vast amount of retail sectors, some admit that they spend too much time searching for deals with a quarter wasting over four hours, and 5% up to 12 hours.

Money is also wasted with 26% stating they tend to buy a product just because it’s in the Black Friday sale, but they don’t really need it. In fact, a fifth buy the same product each year in the Black Friday sale just to get the newer version.

Rushing to make quick purchases to secure a bargain can also impact our wellbeing. Of those surveyed, 7% find that shopping in sales increases their stress levels and 12% say shopping in general makes them feel very stressed.

Assessing price history data, idealo has found that deals on Black Friday are often not the best time to purchase with eight out of ten products cheaper in the four weeks before and after the event in 2019.

Katy Philips from idealo commented “In light of our research, it’s clear that despite a turbulent year, Black Friday is still a key shopping event for consumers across the country. With thousands of retailers promising extensive discounts, it is often a great time to pick up gifts and upgraded tech goods.

“We do however recommend that shoppers be wise with tracking discounts and using price alerts to ensure what they’re getting is a deal – our price history data shows that Black Friday isn’t always the best time to purchase goods and that price comparison is key.”