Millions of households across the UK are preparing to open their wallets this week, with the Black Friday sales frenzy expected to see the average home spend £299 on discounted goods.
Billions in Predicted Spending
The shopping event, officially set for November 28, has already seen retailers launch early deals. According to Chris Rudden, Head of Investment Consultants UK at digital wealth manager Moneyfarm, Britons are projected to spend a colossal nearly £14 billion over the Black Friday weekend.
This figure represents a significant increase of £4 billion compared to the previous year. Many consumers are reportedly using the discount period to make significant purchases and get a head start on their Christmas shopping.
Expert Advice for Financial Wellbeing
However, with Christmas on the horizon and Chancellor Rachel Reeves' Autumn Budget imminent, financial experts are urging caution. Rudden emphasised that while the increased spending shows consumer confidence, it also highlights the necessity for careful financial planning.
"Black Friday is not about buying everything or avoiding every deal. It is about balance," he stated. Rudden advised shoppers to set a clear budget and make mindful choices to take advantage of genuine savings without jeopardising long-term financial goals.
He concluded that spending with intention is the fundamental basis for maintaining financial security, ensuring every purchase fits into a broader plan for the future.
Guarding Against Black Friday Fraud
The excitement of the sales also presents a prime opportunity for scammers. Cybersecurity firm CyXcel and law firm Weightmans have issued warnings about fraudulent online offers designed to trick shoppers.
Megha Kumar of CyXcel commented: "During the festive season, scammers prey on the excitement of Christmas shopping, exploiting consumers with fake deals and misleading offers."
Shoppers are advised to know their rights under the Consumer Rights Act and Section 75 of the Consumer Credit Act, which can help recover losses. Key protective steps include verifying website authenticity, checking reviews, and avoiding rushed purchasing decisions.
If targeted by a scam, consumers should act swiftly by contacting their bank and reporting the incident to Action Fraud.
Beverley Beale, a Court of Protection Specialist at Weightmans, added a warning about financial abuse, urging anyone who suspects they or a loved one is a victim to seek professional legal advice quickly to prevent further exploitation.
