Black Friday is nearly here and according to new research, four in five people are set to splash the cash during this year’s shopping bonanza.
Research for deals website MyVoucherCodes suggests 80% of people are planning to spend at this year’s Black Friday event – which falls on November 29, although many retailers have already started offering deals and discounts.
Seven in 10 (69%) shoppers will be splurging on family and relatives, according to the findings, while 65% plan to self-indulge and treat themselves. Nearly half (46%) of people will be shopping for their partner, and one in 10 (10%) see it as a chance to snap up some Secret Santa gifts.
Pets won’t be left our either, with one in six (15%) people planning to treat their furry friends.
Gifts aren’t the only purchase people expect to make on Black Friday though, with one in eight (12%) considering getting away from it all and looking for discounts on holidays.
But, even with big discounts and deals on offer, Black Friday shoppers can be caught out if they’re not cautious. To help shoppers navigate the spending spree, here are some key dos and don’ts to bear in mind…
D0… look for additional discounts.
By going through cashback websites and checking for extra voucher codes, a discount could be made even bigger. If there’s a particular retailer you’re planning to spend with, you could consider downloading their app or signing up with their website for extra rewards and offers.
DON’T… buy from people or websites you’re unfamiliar with, without doing your research first.
“Mega cheap deals are everywhere on Black Friday, but be cautious about deals on brands you’re not overly familiar with,” says MyVoucherCodes shopping expert, Sarah Jane Outten.
She suggests checking the warranty conditions on electronic goods you have your eye on. You could also use independent review websites to see whether other people have had issues with a retailer.
Remember as well that websites can be cloned by scammers to look like those of popular retailers – so even if you think you know who you’re buying from, it’s worth double checking.
DO… check the price history of a product.
Outten highlights online price trackers such as CamelCamelCamel, PriceRunner or Keepa for Amazon, which show how product prices have changed over time. These can help you weed out the genuine discounts from the duds.
DON’T… assume you’re getting the most up-to-date tech.
With tech such as smartphones, TVs and tablets regularly being updated, models on offer may be older ones that the retailer is trying to shift. Outten cautions shoppers to “be aware” that on Black Friday, they may find they are offered heavily-discounted older models.
DO… create a wish list and a budget.
Planning the items you most ‘need’ to buy in advance can help you to work out whether the amount of money you’ve put aside to spend is realistic. If it isn’t, give yourself time to consider whether you can swap items on your wish list for alternatives.
Alex Stedman, a shopping and trends expert at Rakuten, says research for the shopping platform indicates that Black Friday shoppers have budgeted to spend just over £400 typically.
“It’s easy to get carried away when shopping, especially during Black Friday when there are countless amazing deals floating around,” says Stedman. “You should ask yourself whether you actually need the item or if you are just buying it as it’s on sale.”
If it’s all getting a bit too much, consider taking a break and leaving your items in your online shopping basket while you make a cup of tea and consider whether you really need all of them.
DON’T… forget to read returns policies.
Greg Zakowicz, an expert at e-commerce marketing platform Omnisend, says: “Before making a purchase, check the retailer’s return policy. A good retailer should have a clear and fair return policy, especially during sales events. If it’s difficult to find or overly restrictive, think twice before purchasing.
“As delivery times are usually longer during sales events, you may find that by the time your refund is issued, the money might not be back in your bank account before you need to buy an alternative gift.”
Zakowicz also suggests reading product reviews, as: “Sometimes, items with the biggest discounts are lower quality or not popular among consumers.”
In general, don’t forget that shoppers have certain rights under the Consumer Rights Act and the Consumer Contracts Regulations if things go awry.
Under the Consumer Rights Act, goods should be fit for purpose, of satisfactory quality and as described. The Consumer Contracts Regulations, meanwhile, give people buying goods remotely, such as online purchases, certain rights. In general, cancellation rights under the regulations are more generous than when someone is buying something in person from a shop.
More information about both of the protections and what they cover can be found on consumer group Which?‘s website.
DO… think about how you’ll pay for your purchases.
Some payment methods, such as credit cards or PayPal, can offer certain protections if something goes wrong.
Under Section 75 of the Consumer Credit Act, credit card providers can be held liable for a purchase if something goes wrong, if you buy something costing over £100 and up to £30,000. If you paid by debit card, you could ask your bank to reverse the payment through another scheme, called chargeback.
DON’T… lose sight of how you’ll pay it all off.
Zakowicz says: “Stay focused on your shopping list and budget, and don’t let clever marketing sway you into buying things you don’t need. Websites will bombard you with flashing graphics, bright colours, even little games to help you bag a further discount.”
Payment options such as ‘buy now pay later’ may make it more tempting to spend, but multiple purchases made this way can soon add up, so consider how they will affect your budgeting in the months ahead.
