A survey of 2,000 adults revealed that 57% are dubious about the discounts offered by shops during the November sale as two thirds reckon Black Friday is a ‘con’ cooked up by retailers to artificially inflate sales.
Nearly half (46%) claim to have spotted the same items on ‘sale’ during the event, cheaper at other times of the year saying retailers employ tactics such as using ‘per cent’ banners without revealing the original price and marking it as ‘limited stock’ to create urgency.
As a result two fifths have no plans to shop on Black Friday this year. With only 24% of younger shoppers confident they’ll snag a bargain.
The study was commissioned by Currys, following a 2023 report by consumer champions Which?, which found many deals from major retailers were cheaper six months either side of the event.
The tech giant, is promising its 2024 Black Friday deals won’t have been cheaper in the last six months, and is teaming up with broadcaster Angellica Bell to urge the UK retail industry to follow suit.
Angellica Bell stated: “The on-going campaign for retail transparency and fairness to the consumer is so important, especially at this time. Black Friday is meant to be beneficial and cost-saving for people and I agree that it needs to be protected.”
(Image: PinPep)
The research also discovered that 55% of shoppers believe retailers hike ‘standard’ prices just before Black Friday, with electronics deemed the products most likely to feature misleading discounts (33%).
Ed Connolly, chief commercial officer at Currys, said: “With the cost-of-living crisis still biting for families up and down the UK, we’re proud to be the first major retailer to commit to a minimum standard for Black Friday deals.”
“We’ll be implementing this rule across more than 3,000 deals on the biggest tech brands over the next five weeks.”
“We believe, without industry wide commitment to a transparent, minimum standard, there is a risk that trust erodes further and Black Friday will simply fizzle away.”
Those planning to shop during the event expect to spend up to £593 each, with Gen Z being the most likely to make a purchase