Black Friday sales are here, and with them comes the excitement of snagging a great deal. However, while the frenzy of discounts can be tempting, it’s worth remembering that not every offer is as good as it seems. Consumer group Which? has cautioned that many Black Friday deals are often cheaper—or at least no more expensive—at other times of the year. If you’re looking to make the most of the sales while staying savvy, here’s how to shop smart and avoid overspending.
Plan Ahead and Stick to Your Budget
“It’s only a deal if it’s something you genuinely wanted or needed before seeing the discount,” says Sarah Johnson, director of merchandise consultancy Flourish Retail. Johnson advises creating a list of items you need and setting a clear budget. “Using Black Friday to save on planned purchases ensures you maximise your savings without unnecessary splurges,” she adds.
Check Prices and Compare Deals
Harry Rose, editor of Which? Magazine, recommends taking the time to compare prices across multiple retailers and using tools to review price history. “This ensures you’ll know if a deal is genuinely worth it,” he explains. When shopping online during Black Friday, it’s wise to check a product’s price history using tools like those recommended by Which? to ensure you’re getting a genuine deal. Last year, Which? analysed 227 Black Friday deals across major UK retailers and found that nine in ten products were the same price or cheaper at other times of the year. Rose also notes that many Black Friday offers return—or are even improved—later in the year. “Don’t feel pressured to buy into the hype,” he advises.
Rose also notes that many Black Friday offers return—or are even improved—later in the year. “Don’t feel pressured to buy into the hype,” he advises.
Consider Second-Hand Options
Black Friday doesn’t have to mean brand-new. Resale influencer Jess highlights that many second-hand platforms offer almost-new items at reduced prices. “You can often negotiate an even better deal by making a reasonable offer,” she says.
A survey by Retail Economics for resale platform Vinted found that 63% of people are comfortable receiving second-hand Christmas gifts, making platforms like these a practical option for both savings and sustainability.
Stay Financially Savvy
While credit cards can offer protection on purchases over £100, they also come with potential pitfalls. Using credit or overdrafts without paying them off promptly could mean interest charges that outweigh your savings. A £300 purchase on a typical credit card could accrue £55 in interest if repaid over time, according to Moneyfacts. Financial experts recommend using savings to clear balances immediately, minimising costs while benefiting from purchase protection.
Be Alert to Scams
Black Friday is also prime time for scams. Lloyds Bank reports a 29% rise in purchase scams during Black Friday and Cyber Monday. Criminals often create fake websites or social media adverts to trick shoppers into transferring money for non-existent goods.
To stay safe, Liz Ziegler, fraud prevention director at Lloyds Bank, advises buying from trusted retailers and using cards for purchases. Verify website authenticity and avoid deals that seem “too good to be true.” Checking domain creation dates and avoiding newly-created social media accounts can also help identify potential scams.
Black Friday can offer genuine savings if approached thoughtfully. By planning purchases, comparing prices, considering second-hand options, and remaining vigilant against scams, you can shop smart without falling into financial traps.
Stay ahead of the curve with EyeOnLondon – your trusted source for insightful news, features, and practical tips. Follow us for a fresh perspective on London’s stories!
