Black Friday is approaching, and its popularity continues to increase—35% of UK consumers claim they are very well aware of the event, while 37% believe they know a fair amount.
Despite that, concerns about the traps of this shopping frenzy are on the rise, as people are worried that they are getting tricked instead of snagging genuine deals and saving money.
Financial expert from Invezz reveals the tactics that will help you actually save money on your Black Friday shopping, and the best strategies to survive the chaos during this discount season.
How to Save Money and Stay Sane During Black Friday Madness
As the holiday season draws near, the anticipation for Black Friday, as well as Cyber Monday intensifies, promising a whirlwind of irresistible deals and discounts. Although Black Friday originated in the US, it has become a worldwide phenomenon; according to Statista, over two thirds of consumers in the UK claim that they are well informed or know a fair amount about it.
Despite the frenzy of deals and discounts, some shoppers have become wary of potential consumer fraud, questioning whether the advertised discounts truly live up to their enticing promises. The scepticism stems from concerns that the fine print may hide additional costs, or that prices may be inflated before purported discounts are applied.
Despite these concerns and uncertainties, every click and every purchase presents a potential savings opportunity when armed if you’re armed with the right knowledge. Michael Charalambous, a financial expert from Invezz.com is here to give some sound advice on the best way to actually save money during this shopping season and some guidance on how to navigate through the chaos of Black Friday.
1. Create a Plan (and Stick to It)
Before diving into the Black Friday frenzy, take some time to create a plan, which will be your guide to smart and intentional shopping. Probably the most important aspect of successful Black Friday shopping is setting a realistic budget, and you can even break down your budget by item categories. This will prevent overspending as well as ensure that you prioritise purchases based on your needs.
Speaking of needs, it might be a good idea to create a list of items you genuinely need or have been eyeing for a while. Having a clear list of priority items will help you stay focused and avoid getting sidetracked by flashy deals.
2. Start Comparing Prices Earlier
Start your deals and discounts research as early as possible before the main event, as this will allow you to uncover deals and even secure limited-stock items. Apart from that, early price research will allow you to compare prices and assess the true value of discounts. By keeping track of the pricing history of the items on your wishlist, you can figure out if a store is genuinely offering a substantial discount or merely inflating prices before applying discounts.
There are many price-comparison sites like PriceRunner, and browser extensions, such as Honey and Price.com analyse prices across many websites. Additionally, consider setting up price alerts for specific items you’re eyeing; this way, you’ll be notified when they drop to your desired price, ensuring you don’t miss out on the best deals.
3. Avoid Impulse Buying
Even to the most focused shoppers among us, the allure of impulse buying poses a significant challenge. The urgency of limited-time offers and the frenzy of discounted prices can cloud your judgement, leading to decisions driven more by excitement than genuine need. This is where sticking to your list comes in handy, since it was made before your judgement was clouded by enticing ads and deals.
Your list will guide you through the shopping craze, but if sticking to it seems too extreme to you, you can establish a waiting period before making any final decisions. Allowing some time to pass will help you reflect and evaluate whether the item in question is truly a necessity or simply a fleeting desire which you can live without.
4. Study the Return Policies
Before finalising any purchases, and even before you decide whether to look at a store’s offer, take the time to thoroughly study the return policies of the store in question. Familiarise yourself with the duration of the return window, any restocking fees, and the accepted conditions for returns. By studying these policies, you make sure that you are prepared for anything in the event of unexpected issues or in case you have a change of heart.
Remember that you are protected under consumer law even when you’re shopping online, so if the items you ordered are damaged during delivery, or if the product is faulty, you have the right to a refund or replacement. You can find more information on your consumer rights at Gov.uk.
5. Don’t Forget About Potential Additional Costs
The discounts are often so alluring that we forget to think about and look for any additional costs that will come with our purchase. Things like shipping fees, taxes, and potential warranty costs can significantly impact the overall price, and sometimes what seems like a fantastic deal at first can lose its appeal once the additional costs are taken into account. These costs are often hidden on purpose, so take a moment to estimate them and see how they impact the overall price of the item you want.
6. Pay Attention to Gift Cards, Store Credits, and Rebates
On the other hand, retailers frequently sweeten the deal by offering incentives such as gift cards, store credits, and rebates, which often go unnoticed. These incentives extend the value of your shopping spree as they effectively lower the overall cost of your items.
Rebates may require a bit of additional effort, but the money you get back can be well worth it. Before finalising your purchase, check for any available rebates and follow the necessary steps to claim them. Whether it’s a percentage cashback or a post-purchase reimbursement, rebates can make your shopping haul very financially rewarding.
7. Study the Ads to Find the Best Deals
When it comes to ads, the early bird advantage is crucial. By proactively searching for pre-released advertisements and exclusive promotions ahead of the big day, you can gain a head start. You can discover limited-time offers, exclusive discounts, and even access to certain promotions before the masses.
These insights will help you create a better shopping strategy, prioritise the items on your list, and make necessary adjustments to your budget. This will also help you avoid the last-minute rush and allow you to make better decisions during the shopping frenzy.
Charalambous concludes: “As we approach the holiday season and the enticing prospects of both Black Friday and Cyber Monday, it’s crucial to resist the many temptations enhanced by various marketing strategies. The growing concerns about potential traps set by retailers are not unfounded, and it is important to approach this shopping season with caution.
“Increasingly, this whole event is happening online, as only 12% of consumers physically go to the stores in order to find out about any deals and discounts for Black Friday. This is good news for everyone, especially those who easily get carried away by the shopping craze, as physical distance from it all will allow you to pause and think about the consequences of your purchases.
“While the allure of Black Friday and Cyber Monday deals is undeniable, the key is to approach them with a thoughtful and intentional mindset, and creating a well-defined plan, setting realistic budgets, and prioritising needs over wants is what will keep you sane and within budget during this shopping season.”
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Sources:
https://invezz.com/news/2023/11/15/how-to-save-money-and-stay-sane-during-black-friday-madness/
https://www.statista.com/statistics/1422300/where-to-find-best-deals-black-friday-uk/
https://www.statista.com/statistics/1422724/uk-black-friday-awareness/
https://www.instituteforgovernment.org.uk/article/explainer/customs-duty-free-and-vat-after-brexit
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