- This year Black Friday is 27 November, in preparation consumers should make a list and stick to a budget
- Consider how you’re paying for purchases to make the best of the deals
- Many feel compelled to buy because psychologically we tell ourselves Black Friday is a unique opportunity
With the US shopping phenomenon, Black Friday on the 27 November this year, now well established in the UK and retailers offering sizable discounts to attract pre-Christmas crowds, it can be easy to get swept up in the excitement and make poor or unnecessary purchases. Consumers need to be careful not to fall into the trap of buying things just because they seem to be getting a “bargain” and should consider what they actually want to purchase and whether they will be getting a good deal.
Comparethemarket.com has some tips on how to make the most of the savings on offer:
- Black Friday can offer significant savings, so make a list of what you know you need or want to buy as gifts, and scope out the costs and where the goods are available.
- Decide how much you want to spend – and stick to it! Don’t get drawn into over spending.
- Compare the offers available between shops, but also think about extras such as free extended warranties and delivery costs, consider the value of those in your decision making.
- Make sure you know what the returns policy is on sale items, in case you change your mind.
- Make sure you get a gift receipt for presents.
- Consider how you want to shop – online or in store – online might be simpler, but check delivery costs and how long it will take to arrive.
- Consider if you’re paying for your shopping in a cost effective way too. There are lots of credit cards offering 0% interest on purchases which can help you spread the cost for up to 27 months, rather than taking out store credit which can have high APRs.
- Credit cards also offer additional protection if the item is worth over £100, so if your purchase goes missing in the post, the company goes bust, or if what you purchase ends up being faulty, then the credit card company can also be called on to repay you, under Section 75 of the Consumer Credit Act.
Jody Baker, Head of Money at comparethemarket.com, said, “It’s easy to lose your head in the excitement of the sales on Black Friday, so carefully consider if you are making a sensible purchase that you’re going to get use from.
“Buying on credit cards can be an option if you use it effectively. If you are making a large purchase, a credit card could help spread the cost and provide legal protection, so long as you’re not paying high interest on the balance. There are many 0% interest credit cards available. Consider if you can afford the repayments and any other fees that may be involved such as balance transfer fees. Be sure to make regular payments above the minimum amount to pay off the balance on the card before the interest free period is over to avoid any additional cost.”
Dr Thomas Webb, Department of Psychology, University of Sheffield, said, “Black Friday poses a classic self-control problem because people are often tempted to buy things that they want, but do not need, simply because they seem like a good deal. Evidence suggests that people who are compulsive buyers often think that purchases represent a unique opportunity and that they will regret not buying them. However, this is not necessarily the case – there are lots of good deals to be had at all times of the year by shopping around, especially online. So, if you want to avoid being tempted by Black Friday, then perhaps try telling yourself that this is not the once a year opportunity that you think it is!”
comparethemarket.com was launched in 2006 and has grown rapidly over the past nine years to become one of the UK’s leading price comparison websites.
comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as, credit cards and loans.
comparethemarket.com actively selects its brand partners, working with the best and most trusted organisations to ensure quality service to consumers.
comparethemarket.com is a trading name of BISL Limited. BISL Limited is authorised and regulated by the Financial Conduct Authority. Registered Address: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Registered in England number 3231094.