Martin Lewis has issued a warning for shoppers ahead of Black Friday sales, urging them not to get “caught up in the hype” as prices drop for the weekend.
On his website, the money saving expert said: “Before spending, ask yourself, do I need it? Can I afford it? If the answer’s no to either, don’t buy it. Remember, it’s not a saving if you weren’t going to buy it anyway.”
Urging shoppers to check prices for comparison, he said: “Then when it comes to Black Friday, you’ll know if the ‘discounts’ are really cheaper. Check prices at the retailer you were planning to buy from, and do a wider price comparison using free tools, such as Google Shopping, PriceRunner, PriceSpy and the Amazon price-tracking tool CamelCamelCamel.”
He further stressed customers should make the most of extended return periods, and see if the product they’ve bought has dropped in price. If so, they can return the item, receive a refund and purchase it again for less.
On his ITV show, he revealed whether Black Friday is the best time to buy presents, as shoppers hope to make the most of their pennies in the run-up to Christmas.
He suggested not waiting for the pre-Christmas sales, and has urged buyers to make the most of any deals that are being advertised after checking they are as good as they seem.
During last week’s episode of The Martin Lewis Money Show Live, he said shoppers could save an average of 10 per cent more, rather than waiting on any last-minute bargains.
While Black Friday is ongoing this week and is set to fall on Friday 29 November, the pre-Christmas sales usually take place just before the big day and on Boxing Day and can be attractive for any last-minute shoppers who are struggling for ideas.
When asked when is the “optimal” time to buy gifts, the 52-year-old said that 70 per cent of items were cheaper on Black Friday, 12 per cent were cheaper on pre-Christmas sales and 18 per cent were equal.
“So if you’re going to be buying for Christmas, Black Friday is the time to be buying,” he said.
“I know it gets bad-mouthed but if you get the right item and it’s something that you needed, it is the time to buy.”
When asked about gift vouchers, the money guru warned he was “not a fan”, given the risk that the company could become bankrupt, or have use-by dates which are not obvious to the receiver.
“Obviously, Amazon is very unlikely to go bust but if a local restaurant is giving gift vouchers, there is a real risk with that,” he said.
While Black Friday has trumped the pre-Christmas sales, shoppers can get the most for their money during the January sales, which sees prices drop following the festive period.
