New research commissioned by ING reveals a 10% year-on-year increase in demand for household items such as dishwashing tablets, sponges, and pots and pans. The study anticipates that 4.4 million shoppers will stock up on these items due to the rising cost of living. Moreover, 58% of Australians are planning to take advantage of Black Friday this year, marking a 17% increase since 2020.

The research also indicates that 49% of Australians are planning to purchase their Christmas gifts during the Black Friday sales. An overwhelming 93% of shoppers admit that the costs of living have impacted how much they plan to spend during the Black Friday/Cyber Monday sales this year. Shoppers are willing to spend an average of $184 each, or $675 million nationwide, on essential items.

"This year's Black Friday survey by ING shows that Australian consumer sentiment may be improving, however, many Aussies are using this year's sales to shop savvily, spending more on household essentials and buying their Christmas gifts in advance due to the rising cost of living." said Matt Bowen, Head of Consumer and Market Insights at ING Australia.

Interestingly, 35% of shoppers plan to spend their Black Friday money overseas on international retailers rather than Australia-based brands. "There's also clearly an appetite to shop the sales with international retailers this year, according to 35% of respondents who plan to shop the sales this year. We encourage anyone looking to shop internationally to do their research, and consider using a bank, like ING, that doesn't charge international transaction fees for eligible customers - so you're not stung by those extra hidden costs at the end of your bargain hunting." Bowen added.

Bowen also warned shoppers to stay vigilant to common scams that could turn savings into nightmares, especially as many scammers look to capitalise on Aussies hunting for a good deal. "Verify deals via official channels and always check email addresses for legitimacy. Stay alert for fake websites and remember, if a deal seems too good to be true, it probably is." he advised.

The research was undertaken online by YouGov between 21-23 October 2024 with a nationally representative sample of 1,023 Australians aged 18 years and older.