Consumer Corner: Check out our tips for a successful Black Friday

Black Friday: careful of your bank balance amid all the seemingly unmissable doorbuster deals

It might officially be just one day but these days it is more like a month-long series of discounts. 

Black Friday dates back to the 1950s and was once just associated with America and stores like Macys and Coles. In recent years however it has become a global phenomenon and is now a major shopping event in Ireland. 

Officially Black Friday takes place the day after Thanksgiving however these days many retailers will start bombarding you with deals from early November. As if Black Friday is not enough, it is followed by Cyber Monday when many online retailers offer deals, especially on tech. This year Black Friday is November 25 while Cyber Monday follows on November 28.

Last year it was revealed by AIB that Irish consumers spent more than €25,000 a minute during Black Friday, with more than €8,000 a minute being spent buying clothes online alone, a 232% increase in volume compared to a normal day.

Daragh Cassidy of consumer website Bonkers.ie said many people get caught up in the excitement of big sale events and often go shopping or browsing online just for the sake of it. He said to have a think before Black Friday about what you actually need.

“As with any sale item, it’s only a bargain on Black Friday if you were actually prepared to buy it at the original, higher price. Make a list of presents for family and friends, or items for yourself, that you really want and then go shopping for these items during the sale.”

We have compiled our Consumer Corner tips to a successful Black Friday and one that won’t have you crying into your December credit card bill.

Budget and stick to it

Deals will be flying from all angles on Black Friday so it is important to put a budget in place and only spend what you can afford. Financial expert John Lowe, of moneydoctors.ie said that just like Santa, create a budget, check it twice and stick to it.

“Black Friday sales, especially the doorbuster specials available in limited quantities, are designed in part to get you into a store or shopping online so that the retailer can sell you stuff you weren’t intending to buy. It’s really easy to get caught up in the excitement and overspend,” he said.

Before you hit the Black Friday sales, decide ahead of time how much you want to spend and do your best to resist impulse buying, especially if you’re not sure how good a deal is.

Do your homework

Make a list of things you would like to get in the Black Friday sales and check out their real pre-sale price now. You could often find that the ‘sale’ price is not really that much of a bargain.

“There’s no point grabbing a bargain if the product is no good or not needed in your household. Sales season often sees shoppers battling over items we wouldn't recommend at all. It pays to do your research and really important to find out which products are best for you and your budget,” said Mr Lowe.

Mr Cassidy said that there are very, very loose rules around the pricing of sale items and these rules are rarely enforced.

“Research constantly shows that many items ‘on sale’ during big discount events have actually been on sale at a similar, or even lower, price at other times throughout the year. So if you don’t have the money to buy something during the Black Friday event, don’t worry. The chances are the item will be on sale again, maybe at an even cheaper price, within a few weeks or months. Remember, the Christmas sales are only a month away.”

Don't forget about Cyber Monday

Black Friday started as an in-store event and Cyber Monday was for online deals. However, it's different now and often there can be some additional deals on Cyber Monday.

“Now, more money is actually spent online than in-store on Black Friday, but that doesn't mean to say you should ignore Cyber Monday. Some retailers, particularly those focused on IT and computing, will have deals on laptops, desktop PCs, printers and more. If you didn't get the product you wanted on Black Friday, then keep checking over the weekend and on Monday itself to see more deals,” said Mr Lowe.

Watch out for scams

If a deal looks too good to be true, it could be. Many fake retailers target people on social media websites to scam them.

John Brennan, Head of SME Banking at AIB said that with more consumers choosing to shop online over in-store on Black Friday, its important consumers remain vigilant and stay safe.

“While Black Friday is all about getting the best bargains, buyer beware because if it seems too good to be true, it probably is.”

Mr Brennan said to also check your bank statements often and once you’re done shopping online, ensure you have logged out of any websites you have used.