Consumers eager for Xmas shopping on Black Friday

Consumers eager for Xmas shopping on Black Friday

Nearly three-quarters (73%) of consumers are looking to make a larger share of holiday gift purchases during the Black Friday and Cyber Monday sales periods this year, research from Klarna claims.

The FinTech unicorn polled consumers and found that 52% of people will only buy what they can afford in the Black Friday sales, with a minority (13%) saying they will probably end up spending too much.

Additionally, 85% of consumers will compare prices more often to buy an item where it’s cheapest.

The data also shows that people are setting budgets for Christmas spending to reduce the chance they will overspend. Of respondents, 67% said they had set some kind of budget, and 21% said they will do so soon.

However, Klarna’s data also estimates that 41% of products currently available to purchase are ‘fake deal’s – a rise of 10% on last year. The categories with the most ‘fake deals’ are toiletries, cleaning equipment, and skincare.

Klarna has a new search and compare tool that allows shoppers to identify fake deals, as it shows how the price has changed over time.

Earlier in the year, Klarna suffered an 85% downround. Its valuation dropped from $46bn down to $6.7bn, after it closed an $800m funding round.

In its statement, it said, “The fresh investment in Klarna occurred during possibly the worst set of circumstances to afflict stock markets since World War II: high inflation, rising interest rates, mounting fears of a recession, the aftereffects of the first global pandemic since 1918, strains on commerce caused by supply chain disruptions, rising gas prices, and, especially in Europe, the dislocations caused by the war in Ukraine.”

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