More than half of last year's Black Friday shoppers now regret how they spent their money, according to new research that casts doubt on the value of the annual sales frenzy.
A comprehensive survey from financial services provider Aegon reveals that 58% of consumers who participated in last year's Black Friday deals would change their spending decisions if given the chance.
Spending Patterns and Regrets
The study, conducted by Opinium in November across 2,000 UK adults, found that 43% of people made purchases during last year's Black Friday sales, spending an average of £144.
Among those experiencing buyer's remorse, many indicated they would have allocated their money more wisely. Common alternatives included putting funds into savings, spending on holidays or experiences, purchasing everyday essentials, or paying down existing debts.
Dr Tom Mathar, host of Aegon's Money:Mindshift podcast, commented on the findings: "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."
This Year's Shopping Intentions
Looking ahead to this year's Black Friday on November 28, the research indicates that 43% of people expect to make at least one purchase, with those planning to shop anticipating spending £174 on average.
The survey uncovered significant generational differences in spending expectations. Young adults aged 18-34 plan to spend an average of £297, substantially more than the £199 typically budgeted by 35 to 54-year-olds.
Over-55s emerged as the most cautious demographic, with an average projected spend of just £54 during the sales event.
The Psychology Behind Impulse Buying
Dr Mathar highlighted a concerning trend from last year's shopping behaviour: "Half (48%) of those who filled their virtual or physical shopping bags last November admitted that they spent more than originally planned."
He advised potential shoppers: "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, who appeared as a guest on Dr Mathar's podcast, drew parallels between Black Friday shopping and poor investment decisions.
"The psychology behind Black Friday is the same as the psychology behind poor investing," Davies explained. "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."
The research suggests that while Black Friday continues to attract significant consumer interest, many shoppers are questioning whether their purchases deliver lasting value or simply represent impulsive spending driven by perceived bargains.
