What’s your most regrettable purchase? For some, it’s the round of tequilas they really didn’t need on a night out, for others it’s an impulse buy in the supermarket (did you really need 3 sets of crockery or was it just because they were on offer?)
Do you spend money on things you don't really need?
According to a new study, 15% of Brits who splurged the cash on Black Friday can’t even remember what their hard-earned cash went towards, leading many people to regret their purchasing decisions.
Matt Button, Interim Head of Marketing at Gumtree, says that this behaviour is what the retailers want: “Discount days are designed to get shoppers to spend on things they may not necessarily need, and being so close to Christmas, Black Friday plays into the idea that you’re saving money whilst stocking up on essential festive items.
But, as our research shows, people are more likely to get caught up in a shopping frenzy, resulting in many regretting their Black Friday buys. To make sure every penny is spent wisely, plan ahead for what you really need for Christmas by using sites like Gumtree to find once-loved items local to you. From Christmas decorations to practical hosting solutions like extra chairs and tables, it’s a simple, easy and cost-effective way to keep your Christmas spend under control.”
Gumtree and Opinion Matters found out that the following ten items were Brits’ most regretted purchases.
- Clothing
- Coffee machine
- Handbags
- TV
- Tablet
- Drone
- Mobile device
- Smoothie maker
- Smart assistant (e.g. Amazon Echo)
- Slow cooker
Another interesting result from the study found that men are more likely to feel pressured into buying something on Black Friday compared to women. On average, men spend £22 more than women.
And apparently, only 43% of us return our impulse buys to the retailer.
Financial expert, Jasmine Birtles, said: “Like trick-or-treating, Black Friday is another ‘tradition’ we have picked up from America, aimed at making us spend silly money on silly things. The only way to win at Black Friday is to be very clear beforehand what you want to buy for yourself, or someone else, and how much it usually costs. If you see that item in the Black Friday sale then by all means pick it up. If you don’t, then close your laptop and get on with your life. There are so many other things to think about in the run up to Christmas, don’t let yourself get distracted.”
So, if you want to save some pennies, financial expert Jasmine Birtles has some top tips to shopping more mindfully this Christmas:
- Think about what you need to buy, find out how much each item should cost and only look for those products in the sales. If they’re not on offer, stop shopping and go and do something else.
- Think about what will really make a difference this Christmas – and whether all the things you need, need to be new. For example, if you’re hosting friends or family over the Christmas period, you might be better off looking on an online marketplace like Gumtree for local solutions like Christmas decorations, extra chairs or party games rather than battling it out online or on the high street
- If there’s any possibility that you could be tempted by ‘amazing’ deals in the shops, simply avoid the high street on the big discount days. If you’re in the shop, you won’t want to stop!
- If you can’t keep away, find out if retailers will match prices. Some stores like John Lewis will match the price offered in other stores (though not online ones like Amazon). So challenge them if you find, say, a pair of boots in another store at 20% less. Take a photo and then see if they’ll give you the discount too.
- Start early. Online Black Friday deals traditionally start at the stroke of midnight, so if there is something big you’re dying to get, it’s worth staying up to make sure you get it. More often now though, retailers start their Black Friday deals a week or more before the day, so make sure you’re signed up to their emails to find out what’s on offer and when.
- If you’re likely to get carried away, check the returns policy. You can only return a non-faulty item for an exchange or refund if the retailer allows that in their returns policy. Legally they don’t have to if you just change your mind.
- Check the price, not the money off. Even if something is 70% off, if the resulting price is more than you would normally want to pay for that item, then it’s still too expensive. Be strong. Don’t be tempted by the alleged ‘savings’. It’s the end price that matters!