Black Friday bargain hunters who dedicate just an hour to researching deals are saving an average of £132, new research shows.
With the shopping event falling on November 28, experts are urging shoppers to use this weekend as “Prep Sunday” to maximise their savings potential.
The study of 2,000 adults found consumers are currently investing around 66 minutes comparing offers and identifying the best discounts available.
Based on last year’s sales figures, this preparation time equates to savings of more than £2 per minute.
Nearly eight in 10 shoppers are already preparing for the retail event in some form.
Many are forming their action plans at least a week in advance to secure the most sought-after deals.
Consumers are also using a variety of tactics to stretch their budgets.
Nearly a quarter are searching for voucher codes to reduce the cost of their purchases.
One in five are turning to price comparison tools to ensure they are securing the lowest possible price.
Another fifth are using cashback sites to increase the total amount they save.
Study shows bargain hunters could save more than £2 per minute by preparing early for Black Friday
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The weekend before Black Friday has become a significant preparation period for shoppers.
This “Prep Sunday” allows people to finalise their wishlists, compare prices across retailers and set realistic budgets before the sales begin.
Two-thirds of shoppers believe Black Friday is important because it helps them save on items they genuinely need.
More than a quarter say they feel smart and savvy when they secure a bargain during the sales.
Different generations appear to be approaching Black Friday with varying budgets.
Millennials are expected to spend the most, with an average budget of £650 for the sales period.
Gen Z shoppers are planning to spend around £553
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Gen Z shoppers are planning to spend around £553.
Boomers are taking a more modest approach, with £321 set aside for bargains.
Shoppers typically purchase four items during Black Friday.
The research suggests this year will follow the same trend.
Nearly half of adults have already put money aside for the occasion, showing how seriously shoppers are treating the event.
The findings show that more than a third of people feel excited about Black Friday.
Only 16 per cent say they feel the same enthusiasm for the January sales.
Britain’s Coupon King Jordan Cox has shared his money-saving advice for those planning to take part in the event.
Mr Cox said: “One of the best ways to save during Black Friday is to combine multiple discounts, as this is one of the rare times when newsletter codes, retailer promotions and bonus cashback rates can be used together.”
This approach can reduce the cost of big-ticket items by tens or even hundreds of pounds.
Mr Cox said: “Shoppers should also make use of price-promise guarantees offered by many major retailers.
“If a product you have purchased drops in price on Black Friday, you can claim back the difference.”
He advises checking websites throughout the day, as high levels of competition can drive prices lower.
His final recommendation involves thorough comparison shopping to ensure customers are getting the best possible deal.
Products can vary significantly in price between retailers during November.
Checking multiple sites provides greater certainty before earning cashback on top.
Adam Bullock, UK director of TopCashback, whc conducted the study, said: “A little preparation goes a long way, which is why we’re encouraging people to make the most of Prep Sunday.”
Experts advise that a little preparation can go a long way
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Mr Bullock recommends setting a budget, creating a list of essential items and identifying where cashback offers are available.
He said: “This preparation can help make the shopping experience more manageable and less stressful.”
The cashback platform forecasts that its members will earn approximately £4million between Black Friday and Cyber Monday due to elevated cashback rates across the weekend.
For those who have not yet started their Christmas shopping, Mr Bullock believes this period provides an ideal opportunity to get organised and make every pound count.