Friday 26th November 2021 marks Black Friday in the UK and much of the Western world. It is a day when many retailers offer discounts on items and give customers the impression they are making huge savings. But in the competitive ecommerce society that we currently live in, do Black Friday Deals really save us any money at all?
According to Finder.com, the average Briton spent a whopping £295.67 (in 2020) across Black Friday and Cyber Monday, an increase of 39% on the previous year.
But are Black Friday Deals any cheaper or are we just lured in by flashy advertisements and the promise of huge discounts? Comparison company Which completed an investigation into Black Friday Deals in 2020, and found that 98% of the discounts advertised the previous year were available for the same price or cheaper in the six months after the sale ended. Take a look at the Which – How to avoid fake Black Friday deals article giving you 4 tips to help you check if a Black Friday deal is fake.
With numerous companies offering their own discounted sales days throughout the year and also being a student, you can access additional student discounts by making the most of UniDays, Student Beans and Totum, so is it worth heading out to the shops on this one day? Or should we budget and spend moderately throughout the year? Within the Financial Guidance Team, we would encourage students to follow the MoneySavingExpert mantra and to think carefully before spending and remember to ask yourself the following questions:
- Do I need it?
- Can I afford it?
- Will I use it?
If the answers are no, don’t buy it.
However, if there is something that you need and you are heading out shopping, then take a look at the MoneySaving Expert guides and tools to help you shop smarter. Remember to budget your student loan, it is important to use this money wisely and effectively to ensure you are meeting all your essential costs throughout the year before being tempted by discounts and deals for items that you may not need.