Black Friday is fast approaching, on Friday 29 November.
While some retailers still limit deals to Black Friday weekend – Friday 29 November through to the end of Cyber Monday on 2 December – some stores offer discounts throughout the entire month.
Black Friday marks the beginning of the Christmas shopping season
A US import, the annual sales event occurs the day after Thanksgiving (the last Thursday in November). For years, the big shopping day has been the starting gun for Christmas shopping.
Though Black Friday originated in the US, during the last decade or so, retailers have caught on to the potential for greater sales and now, “Black November” is big news everywhere – especially online.
The consumer bug has well and truly bitten. In the past, Black Friday events tended to focus on promoting deals on tech product. These days, everything under the sun is on sale – including pet products, vitamins and supplements, and even tyres.
In 2023, Black Friday sales totalled more than £13 billion
With so many retailers offering discounts, both on- and offline, it may be hard to resist parting with your cash.
Indeed, figures from research firm Mintel, suggest that 44% of Brits made an in-store purchase in 2023 and Black Friday sales “reached an estimated £13.3 billion”[1].
That said, you may question whether the deals touted are as good as they appear.
Much like Amazon Prime Days have lost their shine, you might feel that Black Friday is simply a celebration of consumerism, and prefer to turn your back.
If so, the anti-holiday “Buy Nothing Day” is an alternate idea you may wish to get behind.
It encourages positive financial thinking, including:
- Being mindful of how much money you spend
- Controlling the urge to make impulse purchases and instead spend wisely
- Remembering that your personal happiness doesn’t revolve around material objects.
Whether you’re a willing or reluctant consumer, before you splash the cash, remember this: the choices you make when faced with tempting offers could have a lasting impact on your financial future.
3 top tips for retaining control when you hit the sales
1. Consider your financial goals
Before you part with your money, take some time to think about your financial goals. Whether you’re saving for a holiday, a deposit for a home, or planning for your retirement, your long-term aspirations can help you make informed decisions about what you spend in the sales.
2. Set a budget and weigh up your wants and needs
Some Black Friday deals allow some fantastic savings, making it tempting to splurge on items you don’t intrinsically need. To prevent yourself from getting carried away with impulse buys you don’t need, set a realistic budget. Ideally, prepare a list of specific items that you genuinely need to buy before you begin to browse.
3. Be wary of buying on credit
Buy now pay later deals can be super tempting, especially if you don’t quite have ready cash to buy what you want. If you’re tempted to buy on credit, proceed with care. The short-term gain could spiral into a vicious cycle of debt. So, stop and think carefully about when you’ll repay the credit in full. Missed or late credit payments could affect your credit score and hamper your ability to get a mortgage.
Get in touch
If you’d like help planning your budget and taking steps to ensure you can support your long-term financial goals, please get in touch.
Email info.wp@titanwh.com or call us on 0800 048 0150.
Please note
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
[1] https://www.which.co.uk/topic/black-friday