Black Friday is one of the busiest shopping events of the year. Traditionally, it's when people turn their attention from Thanksgiving to Christmas. All the offers come out and people start their Christmas shopping. This has been adopted from America and is still a huge shopping day here in the United Kingdom. The event has been lengthened and we end up with up to a week of offers and special events, including Cyber Monday too. Even though it's a big shopping day, where people spend money, let's have a look at how to make money on Black Friday.
When is Black Friday?
If we are looking at how to make money on Black Friday, we need to know when Black Friday actually is. Black Friday always falls on the last Friday of November. This means that for the year 2022, Black Friday will be on 25th November. Looking ahead, Black Friday will be on the 24th November in 2023, the 29th of November in 2024 and the 28th November in 2025.
Black Friday facts & stats
In 2021, it was estimated that revealed that the average Brit will spend £275 on Black Friday. That was around £4.8 billion being spent on Black Friday and Cyber Monday purchases. Whilst that is a decrease year on year, it is still a huge amount of money! There was also a small difference between men and women spenders. Whilst 44% of both said they would only do online shopping, more women (42%) than men (40%) said they would do hybrid shopping combining both online and in-store. 16% of men said they'd shop in-store only, compared to 14% of women.
There is also a difference between the spending of different generations. In 2021, GenZ had the biggest proportion taking part in Black Friday, with 54% having the desire to spend money during the event. This drops to 48% of millennials, 35% of generation X and only 15% of baby boomers.
How to make money on Black Friday
Traditionally, Black Friday is all about spending for the general public. The stores and shops all have great offers to lure us in and tempt us to part with cash. All whilst still making a decent profit for themselves. There are ways to make money on Black Friday though.
If you are shopping, make sure to click through via a cashback site such as Quidco or Top Cashback. This means that even with lower than usual prices and special offers, you can make some cashback when you spend. It could be 1% of what you spend, but 1% if better than 0%. Better to be in your pocket than in the pockets of someone else! You might be able to earn up to 25% cashback in some instances. This is a great way to lower the amount of money you are spending even further. Making good offers, great ones! You could even spend with a cashback card to earn money back on your purchases.
Buy bargains & sell them yourself. Have you ever seen something for sale at a price that is just unbelievable? Why not make some money by purchasing things that people want, at a low price and selling them somewhere closer to the RRP. If there is a specific product that is expected to sell out at Christmas, why not buy it and put it on one side? Then you can sell it at an inflated price in a couple of weeks. See it as a short-term investment that could as much double in price in a couple of weeks!
Stick to a budget
Whilst Black Friday is in many ways the prelude to Christmas, it is also a time when we can easily spend more than we wanted to. The bright colours and huge savings put in front of us are there to tempt us. It is all too easy to beep our contactless card for impulse purchases. Make sure you make a budget for your spending and stick to it. You might need something like a new kettle or fridge freezer for the kitchen that you can take out of your household fund. Any Christmas presents you are buying during Black Friday should be put against your Christmas fund. Budgets are easy to make but often hard to stick to. Yet getting a handle on your budget can help with your personal finances.
Using the annual shopping event can be a great way to earn some extra cash. Make money on Black Friday and it could help you financially over the long winter months.
