Black Friday: Is it worth the spend?
Friday 24th November marks another Black Friday here in the UK, with most retailers trying to grab our attention with the best deals and promotions. Retailers will give us the impression that the deals are the best they are going to be, encouraging us to panic buy and stock up for the festive season. But with so much competition taking place all year round, is it really worth all the hype?
According to Finder, Brits plan to spend an estimated £3 billion in the 2023 Black Friday and Cyber Monday sales, with 51% of UK adults planning to spend during the Black Friday weekend. That’s 12 percentage points more than the 39% planning to spend in 2022.
But are Black Friday deals really the best deals around, or do the illustrious marketing campaigns manage to draw us in every year? Comparison site ‘Which?’ complete an investigation into Black Friday every year, to help you avoid falling into the trap of fake deals.
For their 2022 investigation, they analysed 214 of the previous year’s Black Friday deals at seven major home and tech retailers – Amazon, AO, Argos, Currys, John Lewis, Richer Sounds and Very – looking at their prices every day in the six months before and after the sale day (26 November 2021). They found that a whopping 86% of the items had also been the same price or cheaper in the six months before Black Friday.
To check if a Black Friday deal is fake, Which? recommend the following tips:
- Check the price of the product across multiple sites
- Check the price history
- Be wary of the ‘was’ price
Quite often, retailers will raise the prices in the few days leading up to the day, making it look like the reduced price is a great deal. With discount apps like Unidays and Student Beans available, maybe Black Friday isn’t all that? Spending is inevitable with Christmas approaching, but we would encourage you to think carefully about spending all in one go. Ask yourself important questions before making any purchase:
- Do I need it?
- Is it a good deal?
- Can I afford it?
- Will myself or the recipient use it?
Remember to budget appropriately this Christmas and avoid getting tempted by deals that aren’t actually so much of a deal.
For more advice on how to budget effectively this Black Friday, why not try one of our Multiply programmes? We offer budgeting and numeracy confidence sessions, taking on your worries of money management so you don’t have to stress about it this festive season.
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