While most people watch their household budget like a hawk, new Compare the Market research has revealed that Australians are still on the hunt for a bargain this Black Friday and Cyber Monday sales. Unfortunately, it’s not for grudge expenses like insurance or utility bills, but rather for small luxuries.

According to Compare the Market’s survey, most people will look for great deals on electronics, including phones and laptops (23.3%), while 18.6% said they were on the lookout for a sale on clothing items.*

But electronics aren’t the only thing making the top of the list for many households. The data also found:

• Around one in 10 (12.7%) of people surveyed are hoping to snag a bargain holiday
• 2% are looking to get a deal on beauty items
• A further 6.2% are looking to step into savings on new shoes
• 6% are going to be looking for a cool deal on whitegoods, such as fridges and freezers.

But perhaps the most surprising of all is that almost one in 10 people surveyed said that they won’t be partaking in Black Friday and Cyber Monday sales this year.

Commenting on the findings of the survey, Compare the Market’s Phillip Portman said that while consumer behaviour around these potential deals hasn’t changed much since last year, it’s surprising to see the continued low priority of finding great deals on insurance and energy, given the cost-of-living crunch many families are facing.

“We all love finding a great bargain as the festive season approaches, but it shouldn’t just be about retail items,” Mr Portman said. “Given the cost-of-living crisis we’re going through, it’s actually quite surprising to see that deals on grudge expenses like insurance and energy bills aren’t front of mind for many.

“At the end of the day, the majority of hurt on our hip pocket comes from these non-discretionary bills, and we wouldn’t want to see people become complacent about what’s written on their insurance renewal or energy bill.

“Depending on the type of insurance policy or energy plan you’re on, and the one you switch to, it could mean that there’s a few hundred, if not thousands, of dollars of savings back in your hip pocket across the year. That could outweigh the savings you find during the Black Friday or Cyber Monday sales.”

Compare the Market’s data also found that there were quite a few stark differences between some of the generations. In particular, Baby Boomers were the most likely to report that they won’t be partaking in the sales this year (23.0%), while Gen Z was the most interested in clothes sales. Millennials and Gen X were most likely to be searching for a deal on electronics.

“Without a doubt, Black Friday and Cyber Monday are a great time to nab a bargain on Christmas presents, but there are other ways to claw back cash over the holiday period,” Mr Portman said.

“In fact, insurance companies and energy retailers might offer deals for grudge purchases during this time, which could be lower than your current rate. You’ll start saving as soon as you switch, and continue to do so, than if you were to stay on your current plan.”

Mr Portman’s tips for clawing back cash ahead of Christmas.

Don’t make Black Friday and Cyber Monday the only time you look for a discount

While these pre-defined sale days are great for getting everyone’s Christmas presents in one go, if people are savvy and keep an eye out for discounts all year round, they can find great deals on pretty much everything. In the same vein, if people have been hit with an insurance renewal or an increase in energy prices, don’t just accept it. Compare to see what’s around and look for a better deal.

Make use of your rewards

Many often overlook it, but insurance providers, energy retailers and supermarkets offer rewards for being a member. Yet many people don’t utilise these discounts they’re already entitled to. From earning discounts on movie tickets or dining experiences to receiving vouchers for certain goods or services, there’s a treasure trove of rewards that can reduce weekly household expenses.

Switch, don’t ditch

It can almost be a reflex to unsubscribe, give up or ditch something when we see a big jump in price, whether it’s for a streaming services fee, favourite treat or insurance renewal. But if people take a moment to search for alternatives, it may mean having your cake and eating it too. When it comes to insurance, people should make sure that they’re not paying for a higher level of coverage than they need and double-check to see if their circumstances still match what’s on their renewal policy.

*Compare the Market surveyed 1,001 Australian adults aged 18 and over in September 2024.

-ENDS-

For interviews and more information, please contact:

Noémi Hadnagy | m: 0433 377 252 | e: [email protected]    

Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.