Nearly half of Singaporeans plan to shop for Black Friday sale, despite rising scams
Around one in five shoppers aged 18 to 24 years old plan to spend more than $373.
Over 46% of Singaporeans have planned to spend more than $75 (S$100) this Black Friday, whilst one-fifth of shoppers between 18-24 years old have set out to spend more than $373 (S$500).
In a survey by global neobank company Revolut and research provider Dynata, shoppers between 18 to 24 years old are the biggest sale seekers for Black Friday, whilst 13.5% are not planning to spend for the sale event.
Even with Singaporean shoppers taking advantage of good bargains and Black Friday deals, with 24% saying they will stand by at night, and 52% depending on good discounts, practicality and prudence remain huge factors for the market.
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However, one aspect to be highly conscious of is scams during sale surges. The cases of online shopping scams increased to over 78% in 2022 with under 4,800, more than the 2,700 in 2021, costing an overall $15.9m (S$21.3m) from shoppers. In turn, e-commerce scams have become the most reported from last year.
Around 52% of respondents restrict themselves to only buying necessities this Black Friday. Meanwhile, 10% of Singaporeans never return their Black Friday items, seeing their unintended ecological impact.
1 USD = 1.34 SGD