Black Friday is known for great deals, but the 63% of consumers who plan to brave the crowds may want to add one more item to their shopping carts based on Asurion’s latest consumer survey.
Our survey revealed low prices don’t necessarily mean long-term savings. Consumers are tough on their stuff, so unexpected repair costs can eat up Black Friday savings. Nearly one third of items purchased last Black Friday broke in less than a year. In addition, almost half (45%) of those surveyed plan to replace at least one damaged, lost or stolen item this Black Friday.
“Even at Black Friday prices, repair and replacement costs can add up. An extended warranty can be a true source of savings in the long run. For example, consumers with coverage can save as much as $343 versus repairing just one Black Friday favorite – an HDTV,” said Asurion spokesperson Bettie Colombo.
Top 5 Most Wanted
It turns out most of the top five most wanted gifts this year are also prone to accidental damage and every day wear and tear. Topping the list of gifts consumers most want to receive this holiday
Those won’t be the only hot categories though– nearly half (49%) expect to score sporting goods. Most (64%) plan to buy jewelry. An equal number will shop for kitchen appliances, where coffee makers grind up the competition. Of those who plan to buy small appliances, nearly 1 in 4 (23%) expect to give the gift of daily caffeine fixes.
Interestingly, one of 2014’s top-selling categories – fitness trackers – came in dead last with 59% saying this was the item they least want to receive. (Perhaps wearables are better suited to the lists of the 88% of Black Friday shoppers who say they plan to self-gift.)
The True Cost of Black Friday Buys
To find out how much money consumers might have at risk, Asurion analyzed the 19 laptops, televisions, tablets and gaming systems found on the front cover of four top retailers’ Black Friday ads. The analysis focused on the hot electronics identified in the survey. The company found:
- The average sale price of these items is $275.36, an average savings of $162.63.
- The average repair or replacement runs $258.89, more than the sale price in many cases!
- At an average of $65.84, product protection plans could save an average of $193.06.
*Consumer electronics coverage was based on two or three years, whichever was available.
Mobile Shopping Surprises
It’s no wonder smartphones made the top five on consumer’s wish lists, considering Asurion’s survey found Black Friday shoppers turn to their phones as the ultimate shopping companion:
- More than half (52%) say their phones are important to have on Black Friday.
- Nearly a third (29%) would rather lose a week’s pay than lose their phone on this major shopping day.
- Nearly everyone (91%) plan to use their mobile phone or tablet to research or find deals with 43% using them to find deals (up from 35% last year) and 48% to research products.
- Surprisingly, only 1 in 3 plan to use their phones to make purchases. That’s a big drop from 1 in 2 last year (down from 49% to 30%).
Protecting Black Friday Buys
Whether you shop in-store, online or on your mobile, now is the time to think about how to ensure your gift doesn’t become a statistic – or gets replaced or repaired in the event of an incident.
“At pennies on the dollar, product protection gives friends and family peace of mind. It can also save future funds for something they want instead of something they need replaced” said Colombo.
Consider joining more than 280 million consumers who count on Asurion to stay up and running.
SSI conducted the survey on behalf of Asurion. Survey results are based on 2,000 respondents between the ages of 16 and 65 completed in September 2014. Margin of error is +/- 2.2%.