20 November 2023

Over half of Brits plan to use credit or Buy Now Pay Later to fund Black Friday shopping

  • TSB research reveals over two fifths (42%) of Brits surveyed will spend over Black Friday weekend
  • Over half (56%) of those surveyed spending will use a form of credit to fund Black Friday weekend
  • TSB data reveals almost 80% increase in spending using Buy Now Pay Later (BNPL) during last year’s Black Friday weekend
  • TSB encourages budgeting ahead of Black Friday weekend and offers tips to stay on top of finances

TSB reminds shoppers of the importance of budgeting as many Brits head into peak spending season, looking to splurge over Black Friday weekend.

TSB’s latest research reveals two fifths of respondents (42%) are planning to make purchases over Black Friday and Cyber Monday weekend. Over half of those spending (56%)* are set to use a form of credit e.g. Buy Now Pay Later – risking debt ahead of Christmas. A further 21% said they will borrow money from friends and family. 

TSB’s own data revealed a surge in payments this time last year for the Black Friday weekend:

Buy Now Pay Later:

On Black Friday in 2022, TSB saw 63,000 transactions by customers using BNPL. The amount spent on Black Friday was 77% higher than what was typically spent on a Friday in 2022 for BNPL.

Credit card:

Credit card spending on Black Friday (127,000 transactions) was 43% higher than a typical Friday in 2022 and it was the highest day of credit card spending in 2022 at TSB, while Cyber Monday was the second highest day of spending.

Debit card:

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 highest day in 2022, after Christmas spending on 23 December 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”.

Ahead of Black Friday weekend, TSB offers tips to stay on top of your finances:

1. Make a list and do your research

Make a must have’s list and a wish list and make a note of the retailers and their current price. Once the sales kick in, compare the price with the different retailers - it will be important to see where you can make the biggest savings.

2. Budget

Have a clear budget in mind for the items on your list. Start with a budget for the items you need. Stretching yourself to buy things you want just because they are at a cheaper price can be detrimental to your finances. Try to stick within your budget.

3. Avoid impulse buying

It can be tempting to buy items because they seem to be generously discounted but remember if you weren’t going to buy the item in the first place, it won’t be a saving.

4. Keep track

Now that you have a list and a budget, keep a check of what you have spent over the weekend. You may find that some discounts vary from what you were expecting so you may have a bit more or a bit less money to play with.

Notes to editors

  • TSB research was carried in October 2023 by Censuswide, polling 2001 nationally representative adults across the UK. Censuswide abides by and employ members of the Market Research Society which is based on the ESOMAR principles. 
  • * Those who will be spending money on Black Friday or Cyber Monday deals this year.
  • TSB’s data looks at credit, debit and BNPL spending over Black Friday and Cyber Weekend during 25 – 28 November in 2022. 
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. ‚Äč