Dr Jake Monk Kydd discusses the lure of Black Friday, Cyber Monday and countless sales as consumers continue their endless search for a bargain.

If you haven’t already received eye catching emails or advertising promotions with near panic inducing banners of ‘Time Limited Offer’, ‘Special Deals!’ or just a simple ‘Buy Now!’, then you probably will do soon.

October, November and December are known by retailers as The Golden Quarter, a time when some in the retail industry make their only profits of the entire year. The phenomenon of Black Friday originated in the USA as the ‘bridge day’ to a long weekend following Thanksgiving being held on the third Thursday of November. The event is now recognised and held around the world.

In Mexico for example it is known as El Buen Fin and held on the weekend before Mexican Revolution Day in November but follows the same format with everyone looking for a good end to the year. Whatever the name, these events are designed to promote consumption and deliver profits.

While the root of the term Black Friday is debated, with some saying it comes from retailers’ bank accounts moving from the red into the black Others saying it is from the car choked streets of American cities turning black on traffic control monitors from heavy volumes of bargain hunters; all agree it was often an effective way to boost sales.

The only relevant question for shoppers though is whether the sales are genuine?

A 2023 report from consumer champions Which? revealed that only 2% of these offers could be considered to offer real savings. This begs the question – what is going on?

In the UK there are strict rules about what can be promoted as a sale. There are ways around this for any retailer wanting to stay within the guidelines. A product could be priced at £99 in the summer, increased to £129, but then later reduced to ‘Only £99!’ for a sale promotion. The real question here is not what the price was, but rather what it is. Does the current price represent a saving or good value?

The most important question should always be, is the item actually required? If not, then whatever the price it isn’t a good buy. There is the urge felt by many of us to hit the Buy Now button before that special deal disappears. But could it be found for cheaper elsewhere?

In addition to these concerns the traditional autumn sale season, the notion of annual ‘January Sales’ being consigned to the distant past, attracts a slew of scammers and con artists. The rise of fake websites has grown rapidly in the last few years with often no goods arriving, or defective or cheap substitutes being sent, with little or no prospect of returns and refunds.

With some observers commenting that they see consumers acquisition of ‘things’ having reached a peak, a popular BBC1 TV show suggests otherwise though, with people more likely to want experiences and travel opportunities instead. Retailers will be then under increasing pressure to persuade us with enticements to Buy Now! for their ‘Unrepeatable Deals!’.

Dr Jake Monk Kydd is a Senior Lecturer in the Christ Church Business School.