Vicky Parry
13th Nov 2024
Reading Time:
6
minutes
It is that time of year again that our email inbox, our television screens and social media feeds are being bombarded with two words: BLACK FRIDAY. As ever, businesses are promising incredible sales and bargains you can’t possibly afford to overlook. This year, due to the rising cost of living, these promises could feel more important than ever. However, MoneyMagpie’s founder and consumer expert Jasmine Birtles is telling us to stay financially safe.
Black Friday is a phenomenon that hit our shores back in 2010 and has grown bigger every year. In fact, 30% of all annual retail sales happen between Black Friday and Christmas: it occurs on the last Friday of November.
This year, with so many of us worrying about our finances, retailers are pushing Black Friday ‘deals’ very hard, both in store and online. But how do you know if you’re going to get a real bargain, rather than wasting your cash?
Jasmine says, “It’s so easy to be taken in by clever marketing tactics. They make us think that we’ve nabbed ourselves a bargain and stop us checking to see if it really is the cheapest – I know I’ve done it! The problem with Black Friday is that there’s a weight of advertising and hype around the whole event that makes us think that anything we get in a Black Friday sale is definitely going to be a bargain. It isn’t. In fact, some studies (like ones from Which?) have found that in most cases you’re likely to be able to buy that item cheaper somewhere else than in a Black Friday sale!”
Although we love a good bargain, we also want to make sure you’re getting the best deal possible. So, before you head out shopping, read our 4 reasons to beware of Black Friday below.
1.Beware of Brands You Don’t Know
The best offers aren’t always provided by the big brands. Small retailers often jump in on the act too and provide some really good deals. If you do, however, get tempted by an offer on a site you don’t recognise, you should check their authenticity before you buy.
Impartial reviews are available to read on sites such as Reevoo where you can run a background company check online, which includes their credit score. If you are buying online, always pay with credit card or Paypal to make sure that your transaction is protected.
Also remember that Black Friday products do not guarantee extended return policies either, so if you’re buying for Christmas, do check in advance. This is especially important right now when many shops might offer a full Black Friday closing down sale – so you won’t be able to return the goods when the shop is closed permanently.
One thing to keep in mind, though, is that major card providers such as MasterCard and Visa will reimburse you the cost difference if an advertised Black Friday price is lower than the price you recently paid for the same item.
You need to send your receipt, the ad and a claim form within 60 days of the ad’s publication.
2. Beware of Losing Money
If you’re a small (or big) business taking part in the Black Friday frenzy, you could actually end up losing money.
In the last few years, customers have gone into serious spending mode online with bargain buying, and as a result, many businesses failed to cope as their websites struggled to handle the demand of traffic.
An example of this is Argos which saw its website go down for two hours in the 2014 Black Friday sales because it simply wasn’t prepared for the high quantities of traffic. Research by Six Degrees Group estimate that this website fault could have cost them around £5m.
Research by Deichmann in 2020 revealed that most people haven’t a clue when it comes to bagging a bargain, either. Of almost 6,000 adults surveyed, only 9% worked out that a ‘buy one get one free’ offer isn’t as good value as a “buy one, get a discount on second item” offer. Make sure you’re up-to-scratch on your maths before you make any big purchases!
So it’s important if you’re a small business to prepare properly in order to avoid losing out on revenue on this day. Take a look at this useful guide on how to prepare your website for the Black Friday frenzy…or just decide to ignore the day and do your own flash sale in December to pull in the crowds!
3.Beware of Scams and Fraudsters
Black Friday is a great day for fraudsters and scammers to take advantage of shoppers, so make sure you’re extra cautious when looking for deals.
Just because someone uses the words ‘cheap’ or ‘discount’ doesn’t mean that it’s always a good deal. Usually, where the prices seem too good to be true, it means the goods may also be fake or faulty. If a deal seems too good to be true, it probably is!
This also means you MUST make sure you know the returns policy on what you are buying, especially electrical and other expensive items. Reputable sites and retailers will have no problem being upfront about the ins and outs of their policies so check before you buy.
Faced with the right pressures, we’re all vulnerable. Fraudsters put people into what psychologists call a ‘hot state’. This is when we think less clearly if we are eager to spend during the frenzy of deals and sales. We tend to lose the ability to do due diligence and the hope of getting a bargain can be a compelling lure.
As we shop online more than ever, it’s easy to fall victim to a scam.
Make sure to beware of scam emails, too. Fraudsters will send emails under the guise of being a popular high street retailer offering amazing discounts. When you click on links, you may become susceptible to fraudulent activities. It is important to always verify the legitimacy of the email address from which a message is sent.
4. Be Cautious of Impulse Buying
Before making a purchase, ask yourself if you truly need the item or if you just want it because of a tempting Black Friday deal. It is advisable to make a list of items you need or want to buy as gifts, compare prices, and locate where the products are available before the sales begin.
During Black Friday, it is easy to get caught up in the excitement of sales, leading to impulsive purchases. Whether shopping in stores or online, carefully consider if the purchase is practical and beneficial. Researching items in advance can help you identify genuine discounts and avoid falling for fake deals.
According to a survey by TopCashBack, many consumers wait for Black Friday sales to purchase high-ticket items they have been eyeing for some time. While planning to spend an average of £421, they aim to save £228 by seeking a 35% discount. However, it is essential to be cautious as some discounts may not be as good as they seem.
Jasmine advises ignoring Black Friday unless there is a specific item you genuinely need and have researched beforehand. Falling for the hype of sales can lead to unnecessary spending on items you neither need nor can afford. It is best to stay away from websites and shops during this time to avoid temptation.
Similar caution should be exercised during Prime Day as well.
(Please note: This is a rewritten version of the original content with the same key points and information, adapted for a WordPress platform.)