Our client Yorkshire Building Society Group (YBSG) were keen to understand people’s spending and saving habits in the run up to this year’s Black Friday event on 29 November 2019. With just 100 days to go (as at Wednesday 21 August) will shoppers plan ahead or will they end up in the red?
We conducted online surveys for YBSG with a sample comprising of 2,000 UK adults between 30th July 2019 and 6th August 2019. Take a look at some of the key findings from the research.
Of those people that are planning to make a purchase this Black Friday:
44% expect to put their shopping on a credit card
9% are likely to rely on pay day loans
12% said they’ll borrow from family and friends
76% plan on using their current account
54% say they’ll be using savings
Louise Halliwell, senior savings manager at Yorkshire Building Society, said:
“Our research shows that despite the majority of respondents planning to take part in this year’s Black Friday event, many lack the finances to do so without relying on credit. We understand that sale shopping is appealing to many and can help people save money on desired items initially, but using credit options to fund shopping sprees can often cost more in the long-run. Instead, using the build-up to Black Friday to put money to one side for purchases could increase shoppers’ financial resilience and help them buy what they want in November without breaking the bank.”
By reaching out to a wide nationally representative audience we were able to help YBSG gain insights into people’s Black Friday spending and saving habits, allowing them to offer shoppers practical advice on managing their money and planning ahead.