New research from ING has found Aussies are prioritising toilet paper, sponges and dishwashing tablets this Black Friday, with demand for essential household items up almost 10 per cent year on year. Shoppers are willing to spend an average of $184 each, or $675 million nationwide, on these essential items.
Nearly half of Millennials agree that due to the costs of living, they intend to spend more on essential household goods compared to gifts and/or discretionary items during the sales this year, which is more than their older counterparts (Gen X: 30 per cent, Boomers: 26 per cent). Almost half (49 per cent) of Aussies with young children (under 18 years of age) at home say the same.
The research also found just over $12.7 billion is expected to be spent on sales nationwide, across all categories (clothing, jewellery, furniture, appliances, technology, household essentials etc.) – an increase from last year’s projected spend of $10.8 billion, while 58 per cent, or the equivalent of approximately 11.5 million Australians, intend to shop the sales this year – an increase of 17 per cent since 2020.
“This year’s Black Friday survey by ING shows that Australian consumer sentiment may be improving, however, many Aussies are using this year’s sales to shop savvily, spending more on household essentials and buying their Christmas gifts in advance due to the rising cost of living,” said Matt Bowen, head of consumer and market insights at ING Australia.
“There’s also clearly an appetite to shop the sales with international retailers this year, according to 35 per cent of respondents who plan to shop the sales this year. We encourage anyone looking to shop internationally to do their research, and consider using a bank, like ING, that doesn’t charge international transaction fees for eligible customers – so you’re not stung by those extra hidden costs at the end of your bargain hunting,” added Bowen.
Almost half (49 per cent) of all Black Friday shoppers this year are planning to use the sales to buy their Christmas presents, with $297 being the average budget among those shopping for gifts.
Despite the increased interest in Black Friday sales this year, 40 per cent of Aussies are skipping them completely due to cost-of-living budget constraints.
Just a third (32 per cent) of Aussies aren’t shopping the sales this year because they are budgeting or saving for other things, with Millennials being the most likely generation to say this (44 per cent). Almost a quarter (23 per cent) of Aussies did not think the discounts were large enough to justify opening their wallets. In addition, 35 per cent of shoppers plan to spend their Black Friday money overseas on international retailers rather than Australia-based brands.
“And as we head into the sales seasons, it’s important to stay vigilant to common scams that could turn savings into nightmares, especially as many scammers look to capitalise on Aussies hunting for a good deal. Verify deals via official channels and always check email addresses for legitimacy. Stay alert for fake websites and remember, if a deal seems too good to be true, it probably is,” added Bowen.
Bowen’s tips for navigating Black Friday sales include using comparison websites to make sure that you’re getting the best deal, planning ahead and deciding if you really need what you’re purchasing and if you can afford it.
“Check if your bank charges international transaction fees on overseas purchases. Make sure you’re purchasing from accredited websites and be aware of common scams to ensure that you’re not caught out,” he added.
