Black Friday officially hits on Friday 28 November but, as ever, retailers have been building up to the big day since early November. If you take the right approach to finding bargains during the sale, this can be a fantastic opportunity to save money on Christmas presents and special gifts for yourself. However, if you fall foul of the deadly Black Friday mistakes, you can end up wasting hundreds of pounds.
It’s not our fault that it’s so easy to overspend on the day. There’s a whole industry devoted to getting us to part with our money, and they have a number of dastardly tricks up their sleeves. It’s worth knowing what retailers are up to, so you can protect yourself.
You may already have been hoodwinked by a couple of their sales techniques. Retailers have been sending emails and posting endlessly on social media about the fabulous bargains on offer.
This isn’t just them helpfully letting you know about deals. They’re repeatedly sending you the message that this event is unmissable. It can make you feel you have to join in and buy something, even if there’s nothing you really need.
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Another common tactic is to push out deals early, and then provide an extra discount on the day. They’re hoping that the excitement as the clock ticks down to Friday will prove too much, and you’ll buy before their deepest discounts are unveiled.
If you wait for the day itself, take care not to be drawn in by another technique where they have a limited number of items on sale, sometimes only for a very short period of time. This creates the idea of scarcity, so we rush into making a purchase without shopping around or giving it enough thought.
Some retailers will take advantage of the fact we’re in a hurry so may not shop around. They’ll charge more for an item for a period before Black Friday, and then mark it up with a big discount on the day. It means they can offer a huge price cut – and yet it might still be cheaper elsewhere.
Others will take the opportunity to shift old stock. If you’re not desperate for the latest version, it’s a great chance to save by buying an old model. However, don’t fall into the trap of comparing prices against those of something newer. Check exactly what’s on sale.
The other risk is that you’re persuaded to trade up, because they’re offering a deal on the luxury model. If you need something top-of-the-range, then this is a saving, but if you were perfectly happy with the basic model, you could end up paying more for features you’ll never use.