More than half of shoppers planning to make purchases over the Black Friday weekend expect to be relying on credit, according to a bank.
Two-fifths (42%) of people surveyed for TSB expect to make purchases over Black Friday (November 24) and the few days that follow.
But more than half (56%) of those spending are set to use a form of credit, TSB found. A further 21% said they will borrow money informally from friends and family.
The bank said its own customer data indicates that, on Black Friday 2022, spending using buy now, pay later (BNPL) schemes and credit cards surged.
Black Friday last year was the strongest day for credit card spending in 2022 at TSB.
The amount spent using BNPL schemes on Black Friday was 77% higher than what was typically spent on a Friday in 2022 for this payment method, TSB said.
Over three million debit card transactions were made on Black Friday and the amount spent was 27% higher than typical spending on a Friday in 2022. It was the second strongest day for debit card spending in 2022, according to TSB’s data, after Christmas spending on December 23 2022.
Carys Barnes, head of personal current accounts at TSB, said: “We know it can be tempting to splurge the cash on Black Friday weekend, particularly as you’re bombarded with emails, texts and ads with discounts popping up on most platforms. Before you spend, it might be worth taking the time to assess your finances first to make sure you can afford to pay for whatever catches your eye.”
TSB commissioned Censuswide to survey more than 2,000 people across the UK in October 2023.