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| Black Friday 2018: shoppers warned of rip-off deals as retailers look for boost | |
| (about 1 hour later) | |
| Struggling retailers are hoping for a boost from this year’s Black Friday, with as much as £1.5bn expected to be spent online alone on one of the biggest shopping days of the year. | Struggling retailers are hoping for a boost from this year’s Black Friday, with as much as £1.5bn expected to be spent online alone on one of the biggest shopping days of the year. |
| Britons are expected to spend £10.4bn in total over the US-inspired event which for some retailers now lasts almost a fortnight – 3.1% more than in 2017, according to analysts at GlobalData. | Britons are expected to spend £10.4bn in total over the US-inspired event which for some retailers now lasts almost a fortnight – 3.1% more than in 2017, according to analysts at GlobalData. |
| About a quarter of shoppers will put their purchases on to credit cards, according to research carried out by advisory firm KPMG ahead of the day. | About a quarter of shoppers will put their purchases on to credit cards, according to research carried out by advisory firm KPMG ahead of the day. |
| Some retailers have already been discounting for months as they try to encourage shoppers who have reined in spending due to uncertainty over jobs and the economy amid the political turmoil of the Brexit negotiations. | Some retailers have already been discounting for months as they try to encourage shoppers who have reined in spending due to uncertainty over jobs and the economy amid the political turmoil of the Brexit negotiations. |
| Tesco will kick off the day of discounting on Friday , opening more than 700 of its larger stores at 5am, while ailing department store Debenhams is hoping to boost sales by opening some stores at 8am and staying open until 11pm at its London flagship outlet on Oxford Street. | Tesco will kick off the day of discounting on Friday , opening more than 700 of its larger stores at 5am, while ailing department store Debenhams is hoping to boost sales by opening some stores at 8am and staying open until 11pm at its London flagship outlet on Oxford Street. |
| Amazon, Argos, John Lewis and Asda began their discounting earlier this week as what used to be a one-day event has grown to a 10-day affair. | Amazon, Argos, John Lewis and Asda began their discounting earlier this week as what used to be a one-day event has grown to a 10-day affair. |
| Argos said it had invested £2.5m in a new distribution centre in Croydon, south London, to help it supply 15,000 more products for same-day delivery into stores on Black Friday. | Argos said it had invested £2.5m in a new distribution centre in Croydon, south London, to help it supply 15,000 more products for same-day delivery into stores on Black Friday. |
| Fashion chains including New Look, River Island and Topshop are also offering Black Friday discounts after a warm start to the autumn left them with piles of unsold coats and knitwear. | Fashion chains including New Look, River Island and Topshop are also offering Black Friday discounts after a warm start to the autumn left them with piles of unsold coats and knitwear. |
| However, experts warned shoppers to be on their guard for rip-off deals and purchases that could tip them into debt. | However, experts warned shoppers to be on their guard for rip-off deals and purchases that could tip them into debt. |
| Research from consumer group Which? released this week found that nearly nine in 10 “deals” available on Black Friday last year had been even cheaper at other times of year. | Research from consumer group Which? released this week found that nearly nine in 10 “deals” available on Black Friday last year had been even cheaper at other times of year. |
| Jon Holt, head of financial services at KPMG, said: “Black Friday plays on the excitement of spending while frictionless finance and cheap credit puts that buying buzz within everyone’s grasp. | Jon Holt, head of financial services at KPMG, said: “Black Friday plays on the excitement of spending while frictionless finance and cheap credit puts that buying buzz within everyone’s grasp. |
| “Our poll found that 51% of respondents didn’t even think the discounts they’re offered on Black Friday are a genuine saving! Having an economy disproportionately built on debt is not sustainable for consumers, retailers or financial services.” | “Our poll found that 51% of respondents didn’t even think the discounts they’re offered on Black Friday are a genuine saving! Having an economy disproportionately built on debt is not sustainable for consumers, retailers or financial services.” |
| Retailers are also at risk of diving further into the red as a result of slashing prices, according to credit ratings agency Moody’s. It said retailers without a carefully thought-out strategy only succeeded in booking sales they would have made anyway in December, but at lower levels of profit. | Retailers are also at risk of diving further into the red as a result of slashing prices, according to credit ratings agency Moody’s. It said retailers without a carefully thought-out strategy only succeeded in booking sales they would have made anyway in December, but at lower levels of profit. |
| Ratula Chakraborty, professor of business management at the University of East Anglia, said: “High street shops may well have a bleak winter in struggling to compete with online retailers. We can expect to see more shop closures in the new year as the online shopping onslaught continues to kill the high street and create ghost malls with more boarded-up shops.” | Ratula Chakraborty, professor of business management at the University of East Anglia, said: “High street shops may well have a bleak winter in struggling to compete with online retailers. We can expect to see more shop closures in the new year as the online shopping onslaught continues to kill the high street and create ghost malls with more boarded-up shops.” |
| She said there could be bigger bargains for shoppers in January. “Canny shoppers might well prefer to wait until the new year when prices could be even lower as demand dries up and retailers become desperate to boost revenues and shift unsold stock,” she said. | She said there could be bigger bargains for shoppers in January. “Canny shoppers might well prefer to wait until the new year when prices could be even lower as demand dries up and retailers become desperate to boost revenues and shift unsold stock,” she said. |
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