- Finance expert, Kia Commodore aka Pennies to Pounds, shares her top tips for making sure consumers squeeze as much as they can out of Black Friday offers
- Research from Virgin Media O2 found only a quarter of Brits (26%) admit to checking the additional benefits and perks they can get when making a purchase
- Half of shoppers also admitted to spending less time deciding on a purchase during Black Friday
- O2 is kicking off its Black Friday sale early, with deals and discounts up for grabs from 2nd November
Ahead of Black Friday and Cyber Monday, finance expert and founder of Pennies to Pounds podcast and blog, Kia Commodore, shares her top tips on how consumers can stretch their money further during the busiest shopping period of the year.
The tips come as new research from Virgin Media O2 reveals that a staggering 50% of Brits are more likely to impulsively buy items on Black Friday compared to any other time of the year.
But Brits’ sense of speed and pressure to get the deal before it ends could actually see many missing out on getting the best value from their purchases this Black Friday. Despite almost half (48%) saying they consider value for money over the lifetime of a product, only a quarter (26%) admit to checking the additional benefits and perks they might get with a purchase, instead making a decision solely on price.
The reminder to consider extra benefits beyond price comes as Brits suggest they are willing to spend the most on tech purchases this year, where additional perks such as added subscriptions offer more bang for their buck.
In fact, almost two-thirds (65%) of people say they’re actively planning to make a tech purchase this Black Friday with 34% willing to spend over £500 on the items.
The most sought-after tech purchases this year are set to be smartphones and headphones, with over half (55%) of those surveyed keeping their eyes peeled for the best deal on both.
Commenting on the pressures of getting the best deal during the sales, Kia Commodore says: “It’s natural to feel pressure to go with the first good deal you see during Black Friday sales. But when you’re investing in new tech in particular, it can be a big financial outlay so you want to make sure you’re not only getting a good price, but value for your money too.
“So, when considering the purchase of new tech items such as a new phone or TV for example, take a moment to look at what other benefits are available. For example, are you getting access to other experiences or benefits not offered by others? Things like this help make your money go further and you can be sure you’re choosing a good deal that actually delivers value beyond immediate price.”
For the 70% of those saving their purchases until Black Friday in the hope of nabbing a good deal, these are Kia’s top tips on how to get the most value when it comes to investing in new tech:
- Consider the added value you’re getting – Added benefits and exclusive add-ons are often overlooked but will help you get real bang for your buck. For example, O2 offers a range of added perks with its contracts such as Priority from O2 which offers access to a variety of deals and discounts as well as early access to gig tickets. O2 is also the only major UK provider to still offer inclusive EU roaming as standard (up to 25GB). Plus, with their Refresh contracts, you can get an O2 Extra for up to 6 months which offers savings on TV, movies, music, meditation, books or audiobooks. These are real value-adds that can help products stand out from others at a similar price. In fact, USwitch found that those buying a phone on O2 can save £700 for example over the duration of their contract due to the value of the perks on offer. Make sure you’re considering these additional benefits to make your purchase better value.
- Understand what you’re buying – People rarely look at the smaller details before making purchases, often due to fear of missing out on the deal. But it’s worth taking the time to understand what you’re actually getting. For example, some mobile providers don’t fully roll down your phone bill once you’ve paid off your handset, so before you commit to a new mobile deal this Black Friday, it’s worth checking that the deal you’re after won’t leave you potentially paying for your phone twice! What is the warranty like? Can I get a split contract? Do I get inclusive roaming? These are some of the questions to consider before you buy to avoid any unwanted extra costs down the line.
- Go Green– Before you purchase new tech items, think about what you could do with your old devices, is there a way you can recycle them and even make some money, or could you buy a refurbished device rather than brand new. With O2 Recycle for example, anyone, regardless of their network provider, can trade in an old device and can get money back, with consumers getting £330 on average when they recycle an old iPhone. Plus, the recycled devices are refurbished and sold as Like New, offering a more cost effective and environmentally friendly way of upgrading your phone.
- Have a clear budget – It can be really easy to panic buy and unwittingly spend more than intended. Take the time now to decide the top things you would deem “must-buy” as well as a list of any “worth checking out” purchases. This will help you to prioritise and avoid spending more than planned. Write out, or have clear in your head, your goal budget as well as your maximum spending cap so you can keep track and avoid overspending.
- Take your time – With so many deals up for grabs it’s easy to feel pressure to buy right then and there, shown by the fact that 50% admit to spending less time deciding to buy a product in Black Friday sales compared to usual. But you do have time. Nowadays deals tend to start appearing from mid-November right up until Black Friday weekend and many even continue in the run up to Christmas. So, take your time to assess what you really need and can afford.
For those on the lookout for the hottest tech this Black Friday, O2 has already announced its Black Friday deals with discounts available across smartphones, tablets and smart watches. Anyone upgrading or switching to O2 during Black Friday can enjoy the additional benefit of inclusive EU roaming (up to 25GB) as standard on all contracts, as well as access to Priority, which offers exclusive deals, amazing experiences and early access to the hottest gigs across the UK.
Those buying a smartphone on O2 can opt for a Plus Plan which offers customers additional protection with a three-year warranty and access to O2’s ‘Switch Up’ initiative, where customers can flex their plan and swap their phone when suits them. Switch Up is automatically included in Plus Plans at no extra cost.
For more information on O2’s latest Black Friday deals, please visit: https://www.o2.co.uk/black-friday-cyber-monday
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Source: O2 Blog