58% of last year’s Black Friday shoppers ‘would have spent money differently’

More than half (58%) of last year’s Black Friday shoppers would change how they spent their money if they had the chance, a survey indicates.

Over two-fifths (43%) of people made a purchase during the Black Friday deals last year, spending £144 on average, according to Aegon.

Among those who would have spent their money differently, some said they would have put it into savings, spent it on a holiday or experience, bought everyday essentials or paid down debts.

Aegon’s Money:Mindshift research found that looking ahead to this year’s Black Friday (November 28), 43% of people expect to make at least one purchase. Those planning to make purchases are expecting to spend £174 on average.

People aged 18 to 34 expect to spend an average of £297, compared with £199 typically among 35 to 54-year-olds. Over-55s are the most cautious Black Friday purchasers, with an average projected spend of just £54, according to the survey of 2,000 people across the UK in November, carried out by Opinium.

Aegon’s Money:Mindshift podcast host Dr Tom Mathar said: “Black Friday often offers the opportunity to buy products and experiences that increase happiness at a lower price. But of course, the reality is a little more complex than that.

“Half (48%) of those who filled their virtual or physical shopping bags last November admitted that they spent more than originally planned.”

He added: “Before chasing discounts, reflect on the little experiences, things and activities that make you happy, give you calm or make you feel useful and worthwhile.”

Greg Davies, head of behavioural finance at Oxford Risk and Dr Mather’s guest on the first episode of the new season of the podcast, said: “The psychology behind Black Friday is the same as the psychology behind poor investing.

“When we act fast and emotionally, we make choices we later regret. The remedy in both cases is simple: slow the moment down long enough to let your thoughtful brain check the impulse.”