We are almost at the end of November and that means Black Friday is upon us.
The sales give millions the opportunity to bag a bargain, with thousand of shops in store and online slashing the prices of products from air fryers to iPhones. Despite the deals, the sales can provide fraudsters with the opportunity to pounce, sending phishing emails and texts to lure in curious shoppers.
But how do you know you are actually getting a good deal, and how can you avoid falling victim to vicious scams? Phillip Stubbin, Managing Director at Money Expert shared his top tips.
READ MORE: How to get Argos air fryer for £15 as shoppers race to secure Black Friday deal
Is Black Friday the best time to buy a product?
Black Friday is often thought of to be the best time of year to bag yourself a bargain. However, expert predictions reckon that the cost of living crisis will put shoppers of spending as much in 2022 compared to last year. The average spend if expected to be around 15 per cent lower compared to last year.
Waiting until Black Friday to purchase a wanted item could pay off, with lots of retailers slashing prices of their products.
It’s worth noting that most Black Friday sales continue over the weekend and into Monday too, also known as Cyber Monday, giving you more time to find the right deal for what you are looking for.
Whilst we all love a bargain, it is sensible to create a budget and stick to it, as it may save you from spending more than you intend. If you don’t need an item, then you aren’t saving money by getting it at a lower price just because it’s in the Black Friday sales.
Always do your research before making a purchase
Black Friday is usually a great time to grab a tech bargain, therefore it’s wise to do some research before you commit to buying. Reading customer reviews will give you a good idea of whether it’s a good quality product. Also, look at the age and spec of the product too, to ensure you’re getting something that will stand the test of time.
Unfortunately items’ sale price can often be exaggerated to make it look like you’re getting a good deal so it’s a good idea to keep track of items you want before offers start. Don’t assume you’re getting a good deal simply because it’s Black Friday!
If the item has been cheaper at different points in the year, the deal is likely to have been exaggerated for Black Friday and therefore not worth buying.
How can shoppers prepare for the sales?
The Black Friday rush can be stressful, with websites crashing due to increased traffic and retailers running out of stock. If you know what you’re looking for, create a wishlist of items you want and note multiple retailers that sell the product. Using this technique means that you have plenty of options to get the product you want, particularly if retailers are having technical difficulties with their websites.
Consider setting up customer accounts on retailers ahead of time too, as these can make checkout time a lot quicker. Signing up to their mailing lists may offer you early access to offers or special deals as well.
By being prepared you can avoid any impulsive purchases and make the most of the deals, whilst also ensuring you're not overspending.
Be aware of Black Friday scammers
Black Friday is an ideal environment for scammers, where consumers are preoccupied with the prospect of an amazing deal.
The sales give scammers the ideal opportunity to use tactics such as phishing emails, text messages or impersonating websites to advertise fake deals and ultimately steal your personal information.
If you receive an email or text from a retailer be sure to double check the sender information such as the email address or number, to make sure it’s legitimately related to the brand and do not click on any links you might receive. If you are unsure you can double check by opening a new browser window and heading to the real website to check. You could even check on another device to be extra secure. Remember to check the URL for any typos as this may be a fake site.
If you do suspect fraudulent activity from an email or text, you should block the user and delete the message. Some email providers do enable you to report spam or phishing, which is always worth considering to stop scammers in their tracks.
Ultimately, the best advice is to only buy what you planned and avoid getting caught up in spontaneous spending via random offers on the day. And again use protected payment methods such as credit cards, where possible.
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