Black Friday is officially Friday 29 November, but many retailers have already started their Black Friday offers. The sales also usually extend beyond Friday and end at midnight on what has become known as Cyber Monday (2 December). So, with Black Friday discounts being offered at most of our favourite retailers, shopping this week can be a great time to make savings… but only for savvy shoppers.
What is Black Friday?
Black Friday is an American tradition where sales start the day after their Thanksgiving celebrations. It’s called Black Friday as it was considered that businesses operate at a financial loss throughout the year (in the red), until the big Black Friday sales which take them into profit (in the black).
As with many American traditions, Black Friday has been adopted by the UK and, over the last decade, has become a huge event – with spending growing each year. Analysis of the 2023 Black Friday sales in the UK showed that we spent over £13 billion. Black Friday was initially an online sale when it was introduced in the UK. However, high street shops now also take part, with almost half (44%) of 2023 Black Friday purchases taking place in-store.
Is buying on Black Friday a good savings hack?
The stats show that we have embraced Black Friday as a nation, so with all the discounts we’re getting we must be saving money, right? Well, we might be… but not necessarily.
With Black Friday coming just a few weeks ahead of Christmas, one of our busiest spending times of the year, it provides a great opportunity to save money. By being prepared with a list of the presents you need to buy and shopping during the discount period, you should save money – maybe around 10-20% of your total spending.
However, be wary. There is speculation that some retailers inflate prices a few weeks before Black Friday to make discounts seem bigger. So the deals offered during Black Friday might not be any cheaper than the price throughout the year.
Also, with so many of our favourite retailers sending us regular notifications of discounts, Black Friday can be a tempting time to buy more than we meant to, or buy things we don’t need. If we give in to this temptation, we could spend much more of our savings than we’d planned. Or worse, we could bump up the credit card bill and face a big shock in January.
Stay on Track with These Tips for Smart Black Friday Shopping:
1. Pause and Reflect: Before making a purchase, ask yourself if the item is truly necessary or if it aligns with your financial goals. Use the “If…then…” method: If I want this item, then I’ll consider if I already have something similar or truly need it. This simple strategy helps you avoid impulse buys and stay focused on your goals.
2. Shop Savvy:
o Set a Budget: Define a maximum amount you’re willing to spend during Black Friday to avoid overspending. Stick to your pre-set limit, and you’ll be able to enjoy the sales without straining your wallet.
o Compare Deals: Use comparison websites or apps to ensure you’re getting the best price. Some discounts may seem significant, but a quick check can reveal a better deal elsewhere.
o Cashback and Coupons: Take advantage of cashback apps, promo codes, and reward programs to squeeze even more savings out of your purchases. Every little bit helps!
So, when those texts and emails land, remember Black Friday can be a great way to save money – but also a great time to be tempted to over-spend. Be a savvy shopper this week, stay focused and stick to your list. You can then relax in the glow that comes with feeling you saved a little money, and you’re well on the way to being organised for the festive season.
