Australians to spend more on household essentials on Black Friday
Australians are planning to spend $675 million on household essentials on Black Friday, up 10 per cent from the year-ago period, according to a recent research.
ING’s study shows that on average, a shopper is willing to spend $184, with only one in 10 people willing to spend between $301 and $500.
Nearly half of millennials intend to spend more on essential household goods than gifts or discretionary items, as compared to 30 per cent of Gen X and 26 per cent of Boomers.
About 49 per cent of Australians with children under the age of 18 shared the same response.
Meanwhile, 32 per cent said they will not shop this year as they are saving for other things, while 23 per cent said they do not think the discounts are big enough to justify spending.
Moreover, 35 per cent said they will rather spend their money on international retailers than Australian brands.
“This year’s Black Friday survey 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.
“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.”
Across all categories, ING estimates over $12.7 billion to be spent nationwide, significantly higher than last year’s projected spending of $10.8 billion.
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