Money Matters: Advice for savvy shoppers during Black Friday
In this week's Money Matters column, Wrekin's Debt & Energy Manager Dan Bebbington weighs up whether Black Friday is really worth the hype.
Black Friday is nearly upon us, bringing with it all the festive bargains we could dream of. Or are they?
It’s impossible to ignore the big red ‘sale’ signs adorning shop displays and websites alike in the build up to the big day, as retailers compete to entice customers with the promise of mammoth savings.
And while there certainly are some of the hottest deals of the year on offer in the right places, it’s important not to get caught up in the hysteria and end up paying the price once the excitement has worn off.
A good starting point for Black Friday shopping is to write a list – and stick to it.
If you were already planning on buying something then any discount is a real saving, as long as the offer is genuine and not based on an over-inflated original price.
Research last year by Which? found as many as 98% of products in Black Friday sales at seven major retailers were in fact being sold for the same price or less at other times of the year.
To get around this, always try and check how much a product is being sold for by multiple retailers – and what it normally retails for – to get an idea of whether an offer is genuine.
An easy way to do this is with the help of Google Shopping or dedicated price comparison sites like PriceSpy, PriceRunner and the Amazon price-tracking tool CamelCamelCamel.com
Try not to get sucked into impulse buying items you didn’t set out to purchase. Always ask yourself if you really need it, and more importantly, if you can afford it.
Don’t feel pressured to snap something up before it sells out or before a deal expires – especially as many Black Friday deals now run over several weeks, or at least over the weekend and into Cyber Monday.
The art of haggling to get extra money off is always worth keeping in mind too as some retailers order more stock than necessary.
There are so many flashy adverts around this time with promises of “up to 50 per cent off”, but they can be misleading. It might be that only a couple of items are available at that level of discount.
The last few years have also seen the rise in prominence of companies offering “Buy Now, Pay Later” deals giving customers the chance to get items quickly and cover the cost at a later date.
Used in the right way, it can be a good way of getting cheap credit. However, the risks can be significant, so always think carefully about whether you can afford the repayments.
If you fall behind, you can be hit with late fees and higher interest, and it could impact your credit score.
There’s also usually a rise in online scams around Black Friday so keep in mind that if something seems too good to be true, it probably is.
Searching for customer reviews on the internet is a handy way of checking if a company is legitimate, as well as looking for their details on Companies House.
In short, if you’re looking to buy an item anyway then Black Friday can often be a good time to do so, but bear in mind that not every offer is really what it seems.
Above all, spend within your means and be on your guard to make sure you’re not being fooled into thinking something is a better bargain than it really is.
22nd November 2023