December is in and detty.
As Monday takes the baton from Black Friday, the shopping frenzy shows no signs of slowing down. Deals and discounts flood online stores, tempting Nigerian buyers to make purchases they might not need. However, experts warn that many of these “bargains” are often available at similar or lower prices during other times of the year. So, how can shoppers manage the hype while staying financially savvy?
“It’s only a deal if it’s something you genuinely wanted or needed before seeing the discount,” says Sarah Johnson, director of merchandise consultancy Flourish Retail. Her advice?: Make a list of must-haves and stick to it. “If you stick to your list and stay within your budget, you’ll maximize savings without unnecessary splurges,” she adds.
Comparing prices across multiple retailers is another key tactic. Harry Rose, editor of Which? Magazine, highlights the importance of checking a product’s price history. “That way, you’ll know a good deal when you see one,” he advises. Online tools that track historical pricing can help consumers avoid falling for artificially inflated “discounts.”
Resale platforms offer yet another opportunity for shoppers to snag deals. Influencer Jess, an advocate for second-hand shopping, suggests searching for desired items on resale websites. “Not only are you likely to get a good deal because it’s not brand new, but you can often negotiate an even lower price,” she says. Vintage clothing influencer Cecilia Banire agrees, noting that second-hand platforms now make it easier to filter for items in near-new condition.
Interestingly, gifting second-hand items is becoming more socially acceptable. A survey by Retail Economics and Vinted found that 63% of people are comfortable receiving second-hand Christmas gifts, with an additional 26% feeling neutral about it. This shift could open doors for budget-friendly and sustainable holiday shopping.
However, financial pitfalls loom during these sales events. Many shoppers rely on credit cards or overdrafts to fund their purchases, which can lead to interest payments that offset any savings. Moneyfacts, a financial information service, warns that paying off a £300 purchase over time with a typical credit card could incur £55 in interest. Experts recommend paying off balances immediately to avoid these costs.
Scams are another concern during the Black Friday-Cyber Monday frenzy. Liz Ziegler, fraud prevention director at Lloyds Bank, reveals that purchase scams surged by 29% during this period last year. Criminals often create fake websites or social media posts advertising deals that are too good to be true. Ziegler advises, “Buy from trusted retailers and always pay by card for added protection.”
To avoid falling victim to scams, shoppers should verify websites using domain checkers and look out for red flags like newly created social media accounts or suspiciously low prices. The golden rule? If a deal seems too good to be true, it probably is.
Consumer group Which? also cautions against feeling pressured to buy during these sales events. Research from the group found that 90% of Black Friday deals on 227 products were the same price or cheaper at other times of the year.
