ING research reveals Aussies are becoming smarter in how they use Black Friday and Cyber Monday sales to get value for money
New research from ING projects that 8.3 million Australians (41%) are planning to buy goods in the upcoming Black Friday and Cyber Monday shopping long weekend (27 – 30 November), including an estimated 2.86 million (14%) who have never shopped the sales before.
ING’s research suggests Aussie shoppers are becoming more savvy with their purchases with over half of Aussies surveyed (58%) aiming to save on items for costly calendar moments they are preparing for, including Christmas (48%), birthdays in 2021 (16%) and back to school items (13%).
George Thompson, Head of Daily Banking at ING Australia, says:
“Value for money matters more now than it has in a long time so it makes sense that so many Aussies are planning ahead and using the Black Friday and Cyber Monday sales to shop for gifts and important upcoming events.”
Aussies are also keen to support local businesses with a third (33%) of respondents planning to buy from an Australian retailer, with a quarter (25%) using the sales as an opportunity to ‘give back’ to struggling local businesses. More than one in ten (13%) say they will only buy from local retailers and Australian businesses during the sales period.
“The global pandemic, devastating fires and havoc causing floods have paid their toll on many Australian businesses. It’s the Australian way to help out so it’s not surprising that Aussie shoppers are planning to support Australian businesses this year,” continued Mr Thompson.
George Thompson’s tips for Black Friday and Cyber Monday shopping
- Shop safely – if shopping online, shop on a genuine and reputable website. Verify any trust seals on the site, check for contact details, review privacy and security policies and save all transaction details including receipts. If a deal looks too good to be true it probably is. Also check your bank’s treatment of online fraud so that in the event an unauthorised transaction takes place on your account you can understand whether you’ll be liable for any unauthorised transactions, providing you have compiled with the terms and conditions of your bank.
- List it out – it is important to set a list of everything you want or need to get, and don’t veer from this when the day comes. Not only will this make you feel prepared, it’ll also ensure you avoid frivolous spending.
- Set a budget – similarly, setting a price point of what you are able to spend based on your individual financial situation is key to avoid overspending. If you find yourself exceeding this, it may mean that it is not a good deal for your personal budget.
- Plan for 2021 – shopping the sales sensibly can actually help you get ahead of 2021 events and calendar moments that are traditionally heavy on the wallet, such as holiday periods, birthdays and back to school costs.
- Choose retailers ahead of time – while it’s tempting to get drawn into everything that is being thrown at you, sticking to 3-5 retailers that you like and trust will avoid you getting sucked in.
- Wise up to international transaction fees – if you’re planning on shopping through an international site during the sales, make sure your aware of the fees and charges your bank might apply. Where possible, use a payment method that will allow you to avoid some of those international transaction fees and charges, like the ING Orange Everyday card for eligible customers*.
Additional key research findings:
- Savings goal: one in three (30%) Aussie shoppers are hoping to make 30% or more in savings this year through the annual sales period.
- Add to basket: majority of Australians are using the sales to shop for clothes (50%) and Christmas presents (48%). While tech (43%), toys (23%) and travel (13%) are also big on shopper wish lists.
- Beating the Christmas rush: with COVID-19 impacting the way we shop, three in ten (30%) Aussies say they prefer to shop online and will use Black Friday as a way of avoiding the busy cues at Christmas.
- International shoppers: almost a third (31%) of Aussie shoppers say they intend to shop from an international retailer this Black Friday and Cyber Monday.
Notes to editors
This research survey was commissioned by ING and conducted by YouGov in November 2020. The nationally representative sample comprises 1,016 Australians in total aged 18+ years distributed throughout Australia and weighted by age, gender and location to reflect the latest ABS population estimates.
For more information contact Megan Landauro on 0413 317 225 or email@example.com
ING changed the way Australians bank 21 years ago by launching the country’s first branchless bank. ING now offers Australians award winning home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services.
ING is Australia’s most recommended bank according to RFi XPRT Survey April 20 – September 20 ( n= 4,165) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution (MFI) with 6% of market share according to RFi XPRT Survey (April-September 2020) (n=31,552). MFI is defined as the bank that the consumer says is their main financial institution.
Rebate Offers for Orange Everyday Customers
The International Transaction Fee Rebate Offer will apply for the next calendar month when you perform the following during the current calendar month:
– deposit at least $1,000 from an external bank account to any personal ING account in your name (excluding Living Super and Orange One), and
– also make at least 5 card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions).
Card purchases includes in store credit or EFTPOS purchases, online purchases, regular card payments, payWave, Apple Pay, and Google Pay transactions made with an Orange Everyday Visa card, Orange One or Orange One Platinum Visa card or Nil Interest Visa card provided with an eligible ING home loan. When using the phrase ‘settled’ card purchases in a calendar month, we mean that the purchases made on your card must be fully processed by the end of the last day of that month. Card purchases made in store or online this current calendar month which are at a ‘pending status’ and do not settle until the next calendar month do not count towards the 5 card purchases needed this current calendar month.
When determining if you are eligible under the offer, we also take into account the behaviour of any of your joint account holders or additional cardholders.
If eligible ING will rebate the International Transaction fee of 2.5% of the amount of the international transaction immediately after it is charged. Merchants may charge you a separate fee for their services (which is not rebated under this offer).
If eligible, the offer applies to all accounts held in your name (either single or joint account).
This offer may be changed or withdrawn at any time at ING’s sole discretion.
ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration