As Black Friday sales continue, many shoppers are eager to score big discounts, but experts are warning that not all offers are as good as they seem. Consumer group Which? has revealed that the majority of Black Friday deals are either the same price or cheaper at other times of the year, advising shoppers to proceed with caution.
Stick to a List and Budget
To avoid impulse buying, experts suggest creating a shopping list and setting a budget before diving into the deals. Sarah Johnson, director of merchandise consultancy Flourish Retail, emphasized that “it’s only a deal if it’s something you genuinely wanted or needed before seeing the discount.”
“Make the deals work for you by using Black Friday to save on products you already planned to buy,” she added. Sticking to a list helps shoppers maximize savings without splurging on items that weren’t part of the plan.
Compare Prices and Look at Historical Trends
Harry Rose, editor of Which? Magazine, advises consumers to compare prices across multiple retailers and use tools that track price histories for products over the past 12 months. This allows shoppers to recognize a genuine deal when they see one.
Research conducted by Which? last year revealed that nine in ten Black Friday deals on home and tech products were either the same price or cheaper at other times of the year. Rose cautioned shoppers not to feel pressured into buying during the Black Friday sales, as many deals are repeated throughout the year.
Consider Second-Hand Alternatives
Resale influencer Jess recommends exploring second-hand platforms, where products are often sold at lower prices. Many resale websites also allow buyers to make offers, and sellers are often open to negotiating a better deal.
“Not only are you likely to get a good deal, but you can also offer a lower price,” Jess said. Similarly, vintage clothing influencer Vivien Tang noted that second-hand platforms often feature items in excellent condition, making it easier to find nearly-new or brand-new goods.
A survey by research consultancy Retail Economics revealed that 63% of people are comfortable receiving second-hand gifts, particularly for Christmas. This trend could be a savvy alternative for those looking for gifts at a lower cost.
Watch Out for Debt
While many consumers use credit cards or overdrafts to fund Black Friday purchases, financial experts warn against accumulating debt. Using a credit card for a £300 purchase, with monthly repayments of £20, could take over a year to pay off and accrue £55 in interest, according to Moneyfacts.
To avoid interest charges, experts recommend paying off the credit card balance immediately, ideally using savings. Additionally, credit cards offer more consumer protection, especially on purchases over £100.
Be Aware of Scams
Black Friday sales also attract scammers looking to take advantage of unsuspecting shoppers. Fraud prevention director at Lloyds Bank, Liz Ziegler, urged consumers to purchase from trusted retailers and pay by card for the greatest protection.
Last year, purchase scams increased by 29% around Black Friday and Cyber Monday. To avoid falling victim, shoppers should be wary of suspicious websites, especially those with newly created social media accounts or “too good to be true” prices. Which? recommends using verified domain checkers to confirm the legitimacy of a website before making a purchase.
With careful planning and awareness, Black Friday can be a great opportunity to score genuine deals without falling into traps or overspending.
