Black Friday sales 'twisting your spending nipples'? Ours too. Put your pending purchase to the test using Chip's decision-making chatbot to answer the question on everyone's lips: Do I really need it? Check it out here.
‘Do I reeeeeeally need this?’ my inner monologue questions a discounted Chrome-Pink Air Quality Monitor I have sitting in my online cart.
On the eve of the spending Olympics that is Black Friday, asking yourself aloud if you really need something should as much a part of the purchase journey that the three digit code on the back of your bank card is.
While Finder predicts Brits to spend more than £5.6 billion on sales this year, 21% of shoppers that purchased something on Black Friday/Cyber Monday last year admit they later regretted it, spending an estimated average of £83 on each of these items.
The impulsive purchases brought on by a combination of adrenaline, time sensitivity and seizure-inducing promotional banners can endanger your savings, and even put you in a position of financial vulnerability, so we’re here to talk about it.
We can easily be disillusioned we’re bagging a bargain by the level of hype surrounding the sale weekend, asking a second question: are these deals actually deals?
While for many outlets, Black Friday prices are their lowest, others leverage off the naïve consumer’s belief that Black Friday boasts the best deals, sneakily adopting marketing ploys to get you swiping, tapping and spending those precious pounds.
MYJAR.com found seven in 10 admitted they are more likely to make an impulse purchase when something is reduced in price.
And TV's Martin Lewis, the Money Saving Expert, explained the need to really question your Black Friday buys in this week's episode of the Money Show (the Chip team was there at the filming!).
He used an interesting turn of phrase:
They’re trying to twist your spending nipples to get you to buy the things that they really want to. Actually, this is where you’ve got to be careful. Just because it’s cheap, if you weren’t planning to buy it, don’t buy it. If you were planning to buy it, it’s got to be cheap.
Much like the electric blanket you plan to purchase on Amazon, price comparison sites are the tools you never knew you needed this time of year. Idealo and Camelcamelcamel reveal the price history of a given product, telling you if and when it was at a lower price.
Looping back to the opening question, “Do I really need this?”, we had a light bulb moment. We thought, why not use our chatbot expertise to help you decide whether you’re making an impulsive purchase or not?*
Plus, share your results to Instagram or DM us a photo of your Black Friday buy to go in the running to win £50 in your Chip account!
Tag in your friends and share our Chat Bot with the hashtag #DoYouNeedIt?
*FYI, Chip is not authorised to provide financial advice. This is just a silly way to help you be sensible.
Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.