Consumer Corner: How to have a successful Black Friday
Staff label and package items in the on-site dispatch hall inside one of Britain's largest Amazon warehouses in Dunfermline, Fife, as the online shopping giant gears up for the Christmas rush and the forthcoming Black Friday sales.
To truly prepare for a successful Black Friday it is important to go back to its origins. The term ‘Black Friday’ originated in the US in the 1950s and was no doubt coined by clever marketing folk who saw an opportunity for shops to make money in the pre-Christmas spending panic. Sure there are bargains to be had but ultimately the people who benefit the most from Black Friday are retailers. It is such a massive shopping extravaganza now that you have to protect yourself and your money before diving right into the madness of it all.
There is no doubt there will be bargains on Black Friday. That is what it is all about — and who doesn’t love a bargain? However, there will also be retailers looking for ways to package up items as Black Friday deals when they are not really good deals at all. That is why as a consumer you have to be clever about your spending activity on Black Friday.
This year Black Friday falls on Friday, November 24. The adverts have already started of course. In fact, places such as Amazon started advertising for Black Friday weeks ago. And not content with just one event the clever marketing people also coined the phrase ‘Cyber Monday’ which falls on Monday, November 27 — and this is when you can bag deals online.
The absolute top tip for a successful Black Friday is to keep your head. Be prepared in how you approach it and what you want to get out of it. A good way to start is by planning in advance. Pick items that you really want, and research their prices beforehand, and compare these with the Black Friday prices. That way you will know that you are really getting a bargain. You can’t rely on the shops to do that for you. Bear in mind that just because something is displayed as 50% off, does not mean that is the case.
Have your wish list but as Mark Coan of Moneysherpa.ie says, you should always have your budget set if you are planning a Black Friday splurge.
“The combination of steep seeming discounts and a limited buying window may tempt you to splurge more than you should. So work out what you are prepared to pay before you hit the sales.”
“Also if a deal seems to be good to be true check it. If the Black Friday discount seems too steep, make sure you check other retailers for a comparison. Often the discounts on the sticker price aren’t all they are cracked up to be.”
It is very worthwhile however to list out the items that you are looking for and keep that list close as you embark on your Black Friday shopping. You will be bombarded with social media posts, adverts, flyers, you name it between now and Black Friday and it will be very easy to get caught up in the hype... but if you focus on your list you can stay on track.
It is also worth engaging with brands you like before the big day. Sign up for email alerts or their social media and as brands generally value loyalty there may be additional discount codes or pre-sales advertised on these routes which could bring even more discounts your way.
Switcher.ie also points out that you should be on high alert for scams on Black Friday and if you find a deal that seems too good to be true, it could be. They advise checking websites are secure by making sure the site has HTTPS or a padlock symbol at the start of the address.
Also they say use a debit, credit card or PayPal for extra protection on your purchases and avoid websites that only use payments such as money transfers or cryptocurrency. Watch out too for copycat websites. They said a cloned website may use spoof logos or branding to look like the real deal.
Mr Coan also advises not to ‘overreach’ when it comes to spending on gifts this Black Friday. He said the temptation to be overly generous with your gifting may come from the right place, but it may leave you with buyer's remorse and a big credit card bill when the New Year rolls around: “Remember it’s the thought that counts and don’t be tempted to spend more than you can afford.”
The main thing to not forget this Black Friday is that you shouldn't panic and buy unnecessary items. There will be plenty more sales between now and Christmas and many retailers even start their 'January sale' in December now.
Be careful with your money and spend it wisely. Try not to let the hype around the day get to you but stay focused on what you would like to buy and ultimately what you need to buy.
According to magazine, the golden rule is that if you were going to buy it anyway and it's discounted, you've saved money but if you weren't planning to buy it, it's not a saving.
