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How Much Should you Spend on the Black Friday & Cyber Monday Sales?

Black Friday | Cyber Monday | UK | LoanTube

The sale season is here officially. Most of the retailers have shifted their business online due to the impact of COVID-19. The cloud of furlough and recession are still hovering. Do you have a budget for the sale season shopping? How much are you planning to spend on the sales this year given the pandemic? ⭐Personal Finance ⭐Money Management

From sneaking into queues to early morning tussles over discounted MacBooks, iPhones, TVs and games, we’ve all been there and done that. The Black Friday trend marks the beginning of the holiday season across the globe. Black Friday has maintained steady growth in the UK since 2010. Despite the pandemic, people are set to splurge on the Black Friday and Cyber Monday sales.

We’re in the midst of a global health and economic crisis. While some people are looking forward to enjoying the sales, 41% of the people are sceptical about sales. However, the cynicism of some didn’t deter others from enjoying the shopping spree. There was a spike in spending per purchase in the UK last year, according to a report by Barclaycard.

The anticipations for this year are no different. While shoppers are pumped to avail the lucrative discounts, they aren’t looking forward to experiencing in-store shopping this year. With the COVID-19 restrictions in place, 2020’s Black Friday will most likely see a tilt towards online shopping.

“We’ve Moved on From Black Friday”, Claims UK

The research revealed that 66.5% of Brits plan to shop for the holiday season, online. Merely 5.8% of Britons intend to step out of their homes to shop the Black Friday deals. This figure, recorded as 8.5% last year, plummeted down by 2.7%. So the fact that the UK is ‘over’ Black Friday and Cyber Monday, merely claims. The data states otherwise.

As per the expert forecast, Black Friday and Cyber Monday may even course the month of November. The crux of the matter is, however, how much are shoppers willing to spend? A poll by Finder revealed that whilst the number of people likely to shop the sales has reduced to 20.3 Million from the 22.1 Million recorded last year, Brits are planning to spend an estimate of £6 Billion, up from the £5.6 Billion last year. This rounds off to average spending of £296 as opposed to £251 per shopper, last year.

What Will We Spend on?

Black Friday sales have, as per trend, been all about tech and electronic gadgets. This year too, 53% of the UK shoppers are planning to splurge on electronic and tech gadgets. The next most popular category that 29% of the shoppers are pumped to invest in, is fashion. Black Friday and Cyber Monday are primal for festive splurging. Even though COVID-19 safety guidelines urge people to refrain from large family gatherings, 25% of Britons are planning to spend on Christmas stocking fillers this year.

Here’s a list of stores offering you great bargains this holiday season:

  • Amazon: The online retail giant is home to a large variety of products. You possibly find anything and everything on Amazon. Prices have been slashed across all departments ever since the sales began.
  • Aldi: Aldi doesn’t only have great deals on groceries, but also hosts a variety of DIY products, homeware and toys.
  • Argos: Shop great deals on homeware and electronic gadgets at Argos.
  • Asda: Asda houses a range of homeware and electronic products. Plus, it’s brand George has exclusive discounts on clothes for adults and children alike.
  • Boohoo: Boohoo has gained popularity in the UK for its contemporary fashion and association with celebrities.
  • Currys PC World: Currys is the UK’s largest electronics and tech retailer. They offer lucrative discounts on Black Friday and Cyber Monday every year.
  • Dune: Dune houses a wide range of fashion footwear – from shoes, heels, boots and sandals.
  • Game: Game is a haven for gamers looking to buy consoles and action-packed games.
  • Halfords: Bikes have gained popularity in 2020. If you too are looking for this switch, look for deals at Halfords.
  • House of Fraser: This store hosts a variety of brands in fashion, homeware and electronics. There’s a fair chance you might get heavy discounts in these departments.
  • John Lewis: John Lewis is known for its sophisticated, high-street fashion range. Look for discounts on their winter collection.
  • Littlewoods: Buy products from premium brands on sales at Littlewoods.
  • Selfridges: The sales at Selfridges offer you a chance to add luxury brands to your wardrobe.
  • Superdrug: Bag a deal on high street beauty brands and cupboard essentials at Superdrug.
  • The Body Shop: Avail beauty deals at this high street favourite and pamper yourself this holiday season.

All you need to do is ensure that you have your shopping list ready, along with a budget. It’s easy to get sidetracked when you see such alluring offers. The key is to stick to your budget and not indulge in unnecessary spending.

How to plan for mindful spending this sale season?

Applying mindfulness to your personal finance can yield amazing results. Holiday shopping can often become stressful if you do not have a budget and a list of items you are intending to buy. Shop efficiently so that you invest money only in things that you need. Start planning for it early, and prepare a detailed list. Filter the list a few days before you start your shopping spree. Having an action plan with you will help you enjoy the process.

Sit down and think – how much can you spend on the sales and on what items. The idea is to not go over the budget as that will disturb your financial plan. Check the prices of all the items that you have on your list. Compare the prices of those products on other websites. A particular item may be on sale at different prices. The whole idea of the sale is to buy things at the best possible deal. So, if you are missing out on the best deals, you are simply missing out on the fun.

There are a lot of websites, which offer great deals on various products. Track down the deals along with the coupon codes to save more money. Plan ahead to get the best out of this holiday season.

Happy shopping!

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