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.

ALSO READ: ‘Buy online, pick up anywhere’ gains traction from retailers, consumers

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