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Black Friday – is it really worth it?

22/11/2019

Black Friday. We all know it’s coming and people across the country wait in anticipation for the deals to start rolling in to see what bargains they can bag.

According to statistics released by comparison site Finder, Brits are estimated to spend £7 billion across Black Friday and Cyber Monday this year – spending an average of £220 each!

This year, Black Friday falls on November 29, and a lot of companies are already pushing their campaigns in our faces in a bid to make us part with our cash. But is it really worth it?

Sure, it can seem like a great way to sort out your Christmas shopping without breaking the bank, but that doesn’t mean it doesn’t come without some major flaws.

Good deal or bad deal

It’s no secret that a large portion of the ‘special offers’ that come about on Black Friday aren’t exactly what they seem to be on paper.

In recent years, it’s been documented that some companies will put an inflation strategy in place in the lead up to the big day. To put it in simple terms, they will raise their prices in the lead up to November before dropping them when Black Friday hits.

This means that although it looks like you’re making a great saving, you’re actually paying the original price of the item. Admittedly, not all shops do this, but it’s worth noting that if it looks too good to be true, then it probably is.

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A scammer’s dream

This applies more to those who do their Black Friday shopping online or make more use out of Cyber Monday. Everyone knows there’s dangers when it comes to buying things online, but this can become very much heightened around this time of year.

Black Friday is a scammer’s ultimate dream. Research released by TSB found that a quarter of UK consumers shopping on Black Friday have experienced attempts at fraud during the sales period.

There are warnings put out every year for people to watch out for fake websites, emails and the offers that appear a little too flawless to be real. It can be hard to know what’s real and what’s fake when it comes to online shopping, but there are guides out there to help you.

An anxiety nightmare

Black Friday has always been described as a day of one-off deals with everything on offer in limited stock – meaning that once it’s gone, it’s gone. This is a lot of pressure to put on shoppers who just want to find a good bargain.

As such, many people end up making panic purchases, which often results in people spending money they don’t have on things they don’t really need.

In reality, there’s no need to panic. A lot of Black Friday items will remain in stock after the event and in most cases, the price will drop again before Christmas.

To spend or not to spend

Smart marketing surrounding Black Friday makes us think that we need to buy more to make our lives better. When you then throw the idea of a perfect Christmas into the bargain, it becomes very easy to believe that you need to spend more to make it happen.

It’s this philosophy that often puts people in a spending dilemma. Leaving them feeling forced to spend money they don’t have because they think it’s the only way to make others happy.

This couldn’t be further from the truth, and we always advise you to shop within your means. You don’t need to spend a whole load of cash for gifts to be special, and you can find lots of ways to be savvy this holiday season.

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Our advice

It’s important to make sure you’re not spending more than you can afford, so make sure to do your research before Black Friday hits. This way you can know what you’re going in for and make sure you get the best deals.

We also suggest to also work out a budget beforehand to help you set a limit for how much you’ll spend. This way you’ll be less likely to overspend and won’t leave yourself short in the long run.

If you’re struggling with money worries, contact us today on 0808 2234 102. We can work through your debts from the moment you contact us and offer you advice and solutions tailored to your situation.

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