Brits are set to splash a fortune on Black Friday (Image: KN/MI/PA)
Half of shrewd Christmas shoppers are delaying purchases by two months or longer to secure bargains during the Black Friday and Cyber Monday sales.
Black Friday consumers are adopting an increasingly calculated approach to festive expenditure, with nearly half (48%) confessing to holding off two months or more for a particular item in the sales.
Research commissioned by PayPal shows shoppers have been intentionally deferring major purchases, with expenditure across Black Friday and Cyber Monday projected to hit £6.7 billion this year.
Of the 2,000 Brits surveyed, beauty and fragrance products lead consumers’ wish lists (44%), followed by fashion and trainers (39%) and toys (38%).
Following these are Christmas decorations (30%) and holiday bookings (27%), while larger purchases such as mobile phones (22%), laptops or tablets (20%), games consoles (20%) and smartwatches (20%) also appear on wish lists.
Many wait months to get the best deals for their Christmas presents (Image: KN/MI/PA)
Nearly half (45%) of Brits say they are planning to shop the Black Friday and Cyber Monday sales this year.
As households attempt to balance festive spending with continuing cost pressures, many are also embracing more flexible payment methods like PayPal Pay in 3 and Pay in 30 Days.
While debit cards remain the most popular option for shoppers’ Black Friday purchases (30%), 12% plan to use digital wallets such as PayPal and almost one in ten (9%) intend to use Buy Now, Pay Later services (from any provider). The findings indicate that, alongside seeking out discounts, consumers are combining a variety of payment methods in the lead-up to Christmas.
To highlight the purchases fuelling Black Friday spending this year, PayPal has put together a ‘Black Friday Basket’ showcasing some of the most sought-after items shoppers are hoping to snap up during the sales.
The basket also reflects how the event has increasingly evolved into a carefully planned opportunity to stretch Christmas budgets further.
Dave Jones, Head of UK Consumer at PayPal, said: “Black Friday has increasingly become one of the biggest moments in the festive shopping calendar as people look for ways to make their money go further.
“Payment flexibility is becoming just as important as finding the right deals and some are considering a range of options, including Buy Now, Pay Later, alongside traditional payment methods.
“Many shoppers want three things – flexibility, value and control. They’re planning ahead and waiting for discounts on the items they want and choosing payment options that fit their budget.
“Whether that’s using a digital wallet, paying upfront or, where it’s affordable, spreading the cost over time, consumers are taking a more deliberate approach to how they shop during the festive season.”
Top 10 categories shoppers say they’re hoping to buy.
