Black Friday and Cyber Monday 2016: The UK's biggest shopping day is almost here. So, should you save the pennies or splash the cash?
Love or loathe it, the US import Black Friday is almost here. Introduced by Amazon in 2010, Black Friday has become the UK's biggest shopping day of the year. It all kicks off on the 25th, followed by the online version Cyber Monday on the 28th November. The great British public is estimated to spend a whopping £5 billion over the course of the weekend.
But is all the hype around the Black Friday weekend worth it or are we all just being sucked into a marketing gimmick? Ferratum takes a closer look at the bargain bonanza to find out if it’s worth separating with your cash.
Keeping Your Cool: Avoid the Pressure to Buy Things You Don’t Need or Even Want.
The Black Friday weekend is designed to make people feel like they’re missing the deal of a lifetime. Last year, 39% of shoppers reported they feared they might miss out on a deal. Retailers feed on that anxiety, hoping that you buckle under the pressure to spend.
Tricks of the Trade: How to Spot a Bargain and Avoid a Dud Deal.
It would be nice to think that retailers had the best interests of the consumer at heart, but this is business! The savings may seem tempting at first, but often it's just a way for retailers to clear unwanted stock. Many inflate their prices in the run-up to the weekend to make the price drops look more dramatic.
So, how to avoid a dud deal? Do your research. Find out everything you can about items you’re interested in before Black Friday weekend. Bookmark the pages so you can keep an eye on price fluctuations. Read reviews. Don't be seduced by an exaggerated price tag!
Stay Savvy: How to Keep Your Wits About You in the Face of Savings!
As with any spending decision, it’s all about taking notice of the details. It’s easy to get caught up in the excitement, but remember to be mindful about your money. Don’t take on unnecessary debt to take part. Set a personal budget and stick to it.
If you’re shopping online, then remember to factor in hidden extras, like delivery costs. Using your credit card for big buys can offer some protection if anything goes wrong.
Save or Splurge?
So, is Black Friday weekend the perfect opportunity to splash your Christmas shopping budget? Or should you save your pennies for the January sales?
The sales are great for big-ticket electricals. Have you been saving for a new big screen TV? Have the kids have been crying for an Xbox One since LAST Christmas? Then you could save money by buying over the Black Friday weekend.
Make a list of items you are hoping to come across in the sale frenzy. Do your research beforehand so you can make a quick decision on the day. Don’t forget to follow your favourite retailers on social media. You can also download the app and sign up to their newsletter. Make sure you’ll be the first in the know if the perfect deal lands.
But, if you spot what looks like a great bargain and you didn’t already need it or want it before the event, AVOID! It’s not a bargain if you didn’t need to spend the money in the first place. Don’t feel pressured into spending by time-limited offers. You need to take as much care when buying expensive items as any other time of the year.
Maybe you don’t know in advance what you want to buy? If you just want Christmas present inspiration, set yourself a sensible and realistic budget. Don’t let yourself get carried away when you see all those low prices!
If you’re planning to shop ‘til you drop, read our blog about Christmas budgeting here for more helpful advice.
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