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Thursday, January 28, 2021

Is Black Friday a Scam?

In recent years, there has been an increase in UK companies embracing the American tradition of Black Friday deals. This involves companies offering discounts and deals the day after Thanksgiving. But, new research from consumer group, Which? has suggested that many of the deals shoppers might find on the day could actually be the same price or even cheaper before and after the event.

Consumers will often use Black Friday as a way of saving money on big ticket items, with many putting off their shopping until the event. According to Lloyd’s Bank, more than two thirds of people have delayed their shopping in the hope of finding a bargain. They are expecting Black Friday spending to reach £750 million this year.

Do your research

Which? studied the prices of over 200 home and tech products in the 6 months before and after Black Friday 2019 and found that only 3 items were genuinely at their cheapest price on Black Friday. The consumer group is urging shoppers to do their research before buying so that they can make sure they really are getting a good deal.

Natalie Hitchins from Which? said: “Deals that look too good to be true often are, so don’t fall for time-limited offers and if you are looking for something in particular, do some research first. That way you’ll know a genuine bargain when you see one.”

Banks warn of fraud risks

With more and more consumers choosing to shop online this year, there are warnings of fraud risks. Barclays bank has warned that consumers who get caught by online scams this week could lose an average of 735 each. Fake websites are popular technique for criminals to use, offering apparently brand name products at heavily discounted prices. In reality, the products never arrive or are of poor quality. It is always advisable to use trusted websites.

Credit: Max Fischer - Pexels (Black Friday)
Credit: Max Fischer – Pexels (Black Friday)

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