Shoppers have actually been alerted to stop prior to they acquire online throughout this year’s Black Friday and Cyber Monday sales to stay clear of being scammed.
Almost 40 percent of Australians have actually been revealed to purchasing or marketing frauds online throughout the cheery period sales, especially for innovation products and garments.
Westpac money and transactional financial handling supervisor Mandy Rutherford stated maybe tough to establish the distinction in between an excellent discount rate and an also great to be real discount rate.
Ms Rutherford alerted deal seekers to be careful of fraudsters seeking to capitalise on the Black Friday craze.
“Plan your purchases, and pause before you buy, to ensure that they are within your budget and you are buying from a reputable retailer,“ she said.
The bank advised shoppers to think before they bought online to ensure they were dealing with a reputable retailer, especially through social media and online marketplaces.
It also suggested to check for red flags such as incorrect spelling, the seller’s reputation and reviews, and search for a photo of the item you are buying on Google and to use secure payment services.
Westpac found Australians were expected to spend more than $600 per person during the sales, with men spending on average about $220 more than women.
Clothes (48 per cent) are the most popular choice during the sales, followed by technology (28 per cent) and homewares (21 per cent).
More than half of the Australian population planned to do their Christmas shopping during the sales and close to a quarter were saving money to shop on Black Friday and Cyber Monday.
Westpac senior economist Matthew Hassan said their data reflected similar trends to 2023, with spending spiking during sales, then dropping off in non-sales periods, as people tightened their belts.
“People want to economise in the lead-up to Christmas gift-giving, planning their purchases to save on spending,” he stated.
“But despite best-laid plans, impulse purchases still happen at the checkout, and retailers will be working hard to encourage people to spend.
“We know some retailers are doing it tough, with the rising costs of doing business, so we may not see those huge discounts we have seen in previous years.”
This year, Black Friday drops on November 29, with Cyber Monday happening on December 2.
