Black Friday Shopping: Credit Is the King (and Some People Borrow From Their Family)
TSB’s latest survey spilled the beans on how Brits plan to fill their carts this Black Friday. More than half of shoppers are planning to reach for their credit cards – with BNPL (buy‑now‑pay‑later) options nudging the numbers even higher.
Credit Card Takeover
- 56% of respondents will use credit of some kind (credit cards or BNPL) to pay for their purchases.
- BNPL usage for Black Friday shots up a whopping 77% compared to 2022 – it’s the new trendy way to hustle extras without feeling the pinch right away.
- More than 3 million debit card transactions were processed – a figure that eclipsed last year’s numbers, yet still doesn’t dethrone credit.
Family Loan Fiesta
- 21% of shoppers confessed to borrowing cash from friends or family before hitting the “checkout” button.
- This “loans‑to‑friends” crowd shows that the pandemic’s frugal mindset still lingers, but for those needing a quick buffer, the loan circle is a hit.
Word From the TSB CFO
Carys Barnes, head of personal current accounts at TSB, called the “Black Friday frenzy” a phenomenon that comes with its set of tactics – sales emails, texts, and big‑banner discounts. She suggested that before blasting for gifts, shoppers take a moment to check their budgets and assess if they can truly afford the splurge. “It’s tempting,” said Barnes, “but if you’re short‑changed after the event, that could be a painful aftermath.”
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