As Black Friday approaches, new research by Vodafone reveals that we’re becoming a ‘preparation nation’ as a result of the cost-of-living crisis, with more than two fifths of us saving for sales occasions up to five months in advance.
More than a third say they’ve regretted not being better prepared ahead of key calendar sales moments, whilst over half plan to spend more time researching, comparing prices, and hunting down bargains during this year’s Black Friday events than ever before.
Psychologist, Dr Linda Papadopoulos, said: “People are considering their purchases much more now than they have in a long time. The cost-of-living crisis has transformed our shopping habits, with shoppers now wanting to prepare ahead and look for even more ways to make their money go even further.”
When it comes to the latest tech, half of people surveyed consider the future value of the device they’re looking to purchase, whether that means reselling it or trading it in for an upgrade in the future. What’s more, 52% say that they have become even more creative and are looking for new ways to make their money stretch.
Dr Linda said: “A big part of purchase decisions are now based on items that’ll provide a value over a longer period of time. Whether it’s an essential item that’ll offer value over a lifetime, like a washing machine, or if it’s the latest smartphone, consumers are thinking about their options later down the line. Trade-in deals and popular resell markets give consumers confidence when shopping around, this is especially prevalent when thinking about investing in the latest tech.”
Max Taylor, Commercial Director, Vodafone UK, said: "We know our customers are looking out for the best possible deals, now more than ever. With our Black Friday deals, plus a guaranteed price to trade in an old device, we not only give huge savings on the latest tech today but also provide long-term savings for tomorrow.”
Dr Linda Papadopoulos shares top 5 tips on how Brits can cost plan:
Planning in advance limits uncertainty and means you are more likely to take action to deliver your goals. Cost planning also feeds into mental well-being by giving peace of mind. Being prepared means less stress and anxiety and a greater sense of control over not only a particular project but life in general.
1. Create a routine- when our ’to do’s’ become habits they are easier to stick to. It means you go into autopilot, the same way that you brush your teeth or shower in the morning. Think about those important plans in the same way.
2. Get your priorities straight: the clearer you are about each priority and its urgency the more it will cut down time thinking about your to do list.
3. Action VS outcome: when people think about behavioural change they tend to focus on outcome. Instead focus on establishing those actions that will actually make the outcome more likely.
4. Make sure plans are realistic and ensure that you leave space for unplanned events.
5. Take care of your future self: When we do a cost benefit analysis in our mind we tend to focus on the costs now rather than the benefits later (which is why it’s so hard to do the things that are good for us). People who plan are able to invert this, bringing into the forefront of their mind the benefits of their actions today and this taking care of their future selves.
