Brits prepare in advance, look for creative ways to save cash and want long-term value this Black Friday, says psychologist Dr Linda Papadopoulos.
- New study reveals that two-fifths of shoppers now start saving for Christmas and sales, such as Black Friday, up to five months in advance.
- Vodafone offers customers the chance to cut the cost of the latest tech and get additional savings through its Trade-in and Black Friday deals, coming this week.
- Dr Linda Papadopoulos, behavioural psychologist, explains how cost-of-living pressures mean Brits will be preparing ahead and looking for even more ways to make their money go further this Black Friday.
As Black Friday approaches, new research by Vodafone reveals that we’re becoming a ‘preparation nation’ as a result of the cost-of-living crisis. Over two-fifths (43%) of Brits now save for sales occasions up to five months in advance, to make the most of discounts and reduce the impact on their finances.
More than a third (37%) say they’ve regretted not being better prepared ahead of key calendar sales moments, while over half (60%) plan to spend more time than ever before researching, comparing prices, and hunting down bargains during this year’s Black Friday events.
Dr Linda Papadopoulos, psychologist, said: “People are considering their purchases much more now than they have in a long time. The cost-of-living crisis has transformed our shopping habits, with shoppers now wanting to prepare ahead and look for even more ways to make their money go even further.”
Dr Linda Papadopoulos, behavioural psychologist
Dr Linda continues: “A big part of purchase decisions are now based on items that’ll provide a value over a longer period of time. Whether it’s an essential item that’ll offer value over a lifetime, like a washing machine, or if it’s the latest smartphone, consumers are thinking about their options later down the line.
“Trade-in deals and popular re-sell markets give consumers confidence when shopping around; this is especially prevalent when thinking about investing in the latest tech.”
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Max Taylor, Commercial Director, Vodafone UK, said: “We know our customers are looking out for the best possible deals, now more than ever. With our Black Friday deals, plus a guaranteed price to trade in an old device, we not only give huge savings on the latest tech today but also provide long-term savings for tomorrow.”
Dr Linda’s top five tips on how Brits can cost plan
Planning in advance limits uncertainty and means you are more likely to take action to deliver your goals. Cost planning also feeds into mental well-being by giving peace of mind. Being prepared means less stress and anxiety, as well as a greater sense of control over not only a particular project but life in general.
- Create a routine: our ’To Dos’ are easier to stick to when they become habits. It means you go into autopilot, the same way that you brush your teeth or shower in the morning. Think about those important plans in the same way.
- Get your priorities straight: the clearer you are about each priority and its urgency, the less time you’ll spend thinking about your to do list.
- Action vs outcome: when people think about behavioural change, they tend to focus on outcome. Instead, focus on establishing those actions that will actually make the outcome more likely.
- Make sure plans are realistic and ensure that you leave space for unplanned events.
- Take care of your future self: when we do a cost-benefit analysis in our mind we tend to focus on the costs now, rather than the benefits later (which is why it’s so hard to do the things that are good for us). People who plan are able to invert this, bringing into the forefront of their mind the benefits of their actions today and thus taking care of their future selves.
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Notes to editors
Independent market research agency One Poll conducted the survey among 2,000 adults in the UK. The research took place 16-21 September 2022. One Poll is a member organisation of the Market Research Society and abides by all codes of practice.
Vodafone Black Friday and Trade-in
Vodafone’s Trade-in offer gives customers a guaranteed price for their current smartphone, saving them money when purchasing their new smartphone devices.
Vodafone’s Black Friday deals, coming this week, also will see Vodafone customers saving over £500 on the latest tech. The offers will be available from 25 November (00:01) to 28 November (21:59) via www.vodafone.co.uk/blackfriday.
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