Featuring data captured from a new consumer omnibus survey* and PriceSpy's extensive data archive, the new Report delves into the impacts the ongoing cost of living crisis will have across this year’s sales season, to answer the fundamental questions on everyone’s minds.
Liisa Matinvesi-Bassett, New Zealand Country Manager for PriceSpy, says: "Black Friday is emerging as a pinnacle retail event, with consumer purchase interest soaring every year**.
“But, in a challenging economic landscape overshadowed by inflation and the cost of living crisis, critical questions need to be answered to help consumers and retailers better navigate this year's sale season successfully. Our latest Report aims to answer these hard-hitting questions, and more.”
Kiwis are being hard hit by the cost of living crisis
Key insights shared from this year’s consumer survey* in The 2023 Black Friday Report, reveal:
PriceSpy’s research confirms price increases have happened
PriceSpy’s pricing research shows average standard prices have, in fact, increased this year**** across many popular shopping categories:
“Unfortunately, our pricing insights reveal average standard prices have surged across many popular shopping categories this year. For example, the average cost across the category of laptops rose 17 per cent, mobile phones by 12 per cent, LEGO by 11 per cent, and espresso machines by 11 per cent, says Liisa.
****PriceSpy’s average standard price by category: 1 January - 26 October 2022 vs 1 January - 26 October
“Whilst it’s important to note that price points may be higher this year due to the wider impacts of the cost of living crisis and inflation, the discounts offered on Black Friday may still deliver better value opportunities for consumers compared to year-round prices, especially as we enter the more-expensive month of December, when prices typically increase further***,” says Liisa.
Comparing last year's Black Friday discount to the average standard price across 2023***, PriceSpy shares its predictions on what might cost more this Black Friday:
“Some of the key categories expected to cost more this Black Friday include: headphones, laptops, home security cameras and monitors.
“Whilst these are all predictions, the only way consumers can be sure if a price is less expensive this Black Friday is by conducting essential price research,” says Liisa.
Despite challenging economic times, shoppers are expected to shop- and spend more this Black Friday and Black Week!
Retailers can expect to be busy:
And, Kiwis are looking to spend BIG:
"Contrary to expectations that the current cost of living crisis might dampen Black Friday spending, our survey shows the opposite. Consumers are projected to spend an average of 10% more during Black Friday and Black Week this year," says Liisa.
"A pivotal factor shaping spending behaviour is strategic thinking. Shoppers are utilising Black Friday discounts as a financial strategy in a generally more expensive market. For instance, our Report suggests New Zealanders plan to spend an average of $806 during the Black Friday period, signalling a possible delay of major purchases to take full advantage of these discounts."
But, others will be more cautious!
While a considerable portion of Kiwis are poised to shop this Black Friday, PriceSpy’s survey highlights growing caution among others:
Key advice from the shopping expert - Look at the price history, not the discount!
Liisa concludes: “With price increases present across many shopping categories this year, our key piece of advice for anyone looking to shop is to always carry out essential price comparison research using a free price comparison app or website, like PriceSpy.
“Rather than look at the percentage discount retailers are offering, use a price comparison site to look at a product’s price history, as this will share the true picture of whether a deal is worthy or if a price is more expensive this Black Friday.”
You can read PriceSpy’s 2023 Black Friday Report in full on PriceSpy’s Newsroom, to find out more about what to expect this sale season. And you can find the best Black Friday deals in one easy place on PriceSpy’s Black Friday page.
PriceSpy is a comprehensive price and product comparison service used by millions of consumers every month. It helps consumers find, discover, research and compare products. Since the business first started in 2002, its main objective has been to help consumers make better purchasing decisions. PriceSpy does this by collecting and sharing honest, transparent information about retail stores, products and prices. PriceSpy has 108,000 indexed products, 1,730,000 indexed prices, 584,000 product ratings, 7,510 store ratings and 1183 stores. Providing a fully impartial comparison service for consumers and a deep depository of price data for retailers. PriceSpy is part of Schibsted and is located in Sweden, Norway, Denmark, Finland, New Zealand, France and the United Kingdom. The PriceSpy app is available to download for free, via the App Store and Google Play.