Seven in 10 Britons fear the autumn Budget could put further pressure on their household finances, according to research. A study of 2,000 adults found 73% are concerned about the impact the Budget could have on their finances over the coming months, including 27% who are very concerned.
Consumers grow more cautious on spending
Uncertainty around household finances is already making people more considerate about spending, with 54% becoming more cautious when it comes to major purchases. Six in 10 (60%) also feel more price-conscious about what they buy than they did 12 months ago.
The study conducted by Currys found shoppers look to get the most for their money, and 61% compare prices between retailers when planning a major purchase. Almost half (46%) save up before buying, and 45% spend longer researching a product before committing. Others are putting off replacing things altogether, with 28% repairing what they already own for longer, while 22% will opt for a cheaper alternative.
Black Friday seen as key savings moment
Ed Connolly, from the retailer, said: “Uncertainty around household finances is making people think more carefully about when and where they spend, particularly on bigger purchases.
“Shoppers are doing their homework, comparing prices and becoming increasingly savvy about what represents a genuinely good deal.
“We’re focused on helping customers make confident buying decisions and get great value on the technology and appliances they want or need.
“Black Friday can be an important moment for people who know what they’re looking for and are prepared to wait for the right deal.”
With Black Friday approaching, two thirds (66%) are likely to wait for a sale rather than pay full price for a major technology or appliance purchase.
Timing purchases for sales events
The research shows 43% have previously deliberately timed or delayed buying something so they could get it during Black Friday or another major sales event. A further 36% haven’t done this before but would consider it.
Those waiting have an average of £528 earmarked to spend, with Christmas presents (41%) topping their lists, followed by clothing and fashion (34%) and small kitchen appliances (20%).
The OnePoll.com study found 46% of all respondents always or often check what a product costs before Black Friday to work out whether a deal is genuine, while a further 22% sometimes do so.
How shoppers judge a genuine bargain
Among those who check Black Friday deals, seeing a product’s price history was the number one thing that would make them believe an offer was genuinely a bargain (24%). This was followed by seeing the previous selling price clearly (14%), while 11% would be convinced by a trusted retailer and the same proportion by an independent price comparison.
When it comes to deciding whether a Black Friday deal represents genuinely good value, just 6% said the size of the percentage discount matters most. Instead, shoppers place greater importance on knowing it is a product they genuinely need or want (18%), the final price they will actually pay (15%), and getting a better-quality product for a lower price (14%).
