Impulse purchasing on Black Friday won’t always get you the best deal
High Street sales never fail to grab public attention; and when it’s a one-day sale it only becomes harder to ignore the lure of saving money.
Yet, it’s important to ask yourself; is this the best deal I could get, and do I need to spend the money?
The reason it’s important to consider your purchasing habits on massive sale days, such as Black Friday (23rd November 2018), is that you aren’t guaranteed to get the best deal.
Vanquis Bank analysed a range of deals from Black Friday 2017, using external data to compare them to prices ranging from 6 months before Black Friday, to 6 months after.
It was found that 62% of products that were discounted on Black Friday were actually available at a cheaper price at other times of the year.
It’s important to clarify that while Black Friday can often save you money on the recommended retail price (RRP) of a product, other times of the year may be even cheaper. On the analysed products, shoppers saved an average of 30% on the RRP on Black Friday.
The savings available on Black Friday 2017 led to the UK spending £1.4bn. Figures suggest that this figure could rise even higher in 2018.
So while Vanquis aren’t saying that Black Friday is a bad time to go shopping, they’re saying it isn’t necessarily the best.
Black Friday statistics
- 62% of products available on Black Friday 2017 were available at a lower price either in the 6 months before or 6 months after Black Friday
- Consumers saved an average of 30% on purchases during Black Friday 2017, compared to RRP
- The UK may potentially spend even more on Black Friday 2018
Five Black Friday tips you need to know
1. Only buy items you need
We often make purchases based on impulse and without research; this is not recommended. It can lead to unnecessary expense and you could regret the decision in the long term.
When browsing Black Friday deals, make sure you’re only looking for items you need. The best deals are often announced in advance, meaning you can go straight to the product page or relevant store. This removes potential spending urges that come with browsing online and high street shopping.
2. Do your research
Once you’ve decided that you need the item, it’s important to research which retailer will give you the best deal. On high-profile shopping days, such as Black Friday, retailers will often price match or drop their prices further based on competitor behaviour. Make sure you’re getting the best available deal.
3. Set yourself a budget, and stick to it
Knowing your budget before you start is good money management. It will help prevent overspending and lower your chances of going beyond what is financially viable.
In fact, setting and sticking to a budget is something that should always be practiced, but particularly around Black Friday.
4. Make a note of any payment terms
Large items will often come with credit options. Ensure you’re aware of the payment terms, including total repayment before making any financial commitment.
5. Check the returns policy
Retailers can often alter their returns policy during sale periods. Check these before you buy; they will be available online, in-store or via customer service.
What can we learn from previous Black Friday pricing?
Take a considered approach to your spending and resist the urge to impulse buy. If it’s something you need, make sure you shop around to find the best price. If you can wait before buying the item, do so. You may be able to get the item cheaper at another time of the year.
Most importantly, stick to your budget. It’s easy to have your head turned by a great deal, but if it’s something you don’t need, you could end up spending more than you’d planned.