UK consumers are predicted to spend almost £4 billion this Black Friday, with an average spend of £124 per person.
But with Christmas only a month away, one consumer expert has warned people to be cautious about overspending and to not fall for clever marketing ploys
Consumer expert Jane Hawkes, who runs the consumer advice website ladyjaney.co.uk, says people should avoid impulse purchases which look like a great deal.
“We’re only a month away from Christmas and this is an expensive time of the year already without putting any further pressure on already weary credit cards and bank balances,’ says Jane.
“Black Friday is first and foremost a marketing event and many deals aren’t what they seem. There are some great offers out there, but in order to get the best ones you should do your research well in advance.
“Almost 6 in 10 UK adults will be taking advantages of sales and special offers, with Gen Z and millennials expected to be the most active shoppers.
“Email marketing accounts for a significant portion of Black Friday sales, with recent reports indicating it drives around 20-25% of online sales.
“So hit ‘unsubscribe’ and don’t let your email inbox make you an easy target for marketing ploys.
“Cost of living pressures are still biting so it’s important to make sure that great purchase doesn’t have a sting in its tail when your bank statement arrives.”
Jane’s tips for navigating Black Friday sales
- Use comparison sites to get the best deals
Many deals aren’t what they seem so in order to get the best ones; you should do your research well in advance. This takes time and this is often in short supply especially at Christmas. You can check prices of potential purchases using sites such as PriceSpy for Amazon products to see if they really are that great deal the stores are claiming they are.
- Do the maths
Can you really afford it? Black Friday is a week until payday for many of us so completely the wrong time of month to be spend, spend, spending. Black Friday is irresponsible; it potentially encourages us to spend beyond our means and buy things we don’t need at a price we can’t really afford.
- Look outside of retail offers
We tend to think of Black Friday deals as those offered by high street stores. Instead of scanning websites and clothes rails for clothes and trinkets, look for deals on things you really need and that you’ll actually use and benefit from. Black Friday deals aren’t just retail, they cover just about everything you can think of such as travel, hospitality and telecoms with discount broadband packages.
- Is it really a bargain?
Here’s the hard truth: You’re not saving money if you’re spending it and it’s not a bargain unless it’s something you’ve been intending to buy for some time, have budgeted it for it, price tracked your wish list and do actually manage to get any purchases for a lower price on Black Friday.
- Unsubscribe to remove temptation
Most companies offer a small discount for signing up to their marketing emails. These can be great if you want a discount on something you’ve budgeted for and do actually need.
But if it didn’t make those companies money, they wouldn’t do it, so hit that ‘unsubscribe’ button for those companies you aren’t really interested in. Removing temptation is a good way of ensuring that you don’t end up with a wardrobe full of sparkly clothes you’ll wear once if you’re lucky as you panic about paying those essential bills.
- Make money whilst you spend
If you have decided to make a purchase, you can afford it and you’re confident you’ve found the best price, use cashback sites or apps such as Top Cashback, Quidco, and Jam Doughnut.
- Be alert for scams
Fraudsters will target this time of year as they know it’s when people are more likely to spend. But if it’s too good to be true, then that will inevitably be the case. The devil is in the detail, make sure you check it.
- Check the returns and exchange window
If you’re buying for Christmas check you don’t get caught out by any standard returns or exchanges windows. By this time of year, some stores thankfully offer longer to get a refund or exchange. Obtain a gift receipt for any present purchases and check for any applicable postage costs to return unwanted items.
