2024’s Cyber Monday sales are projected to reach £10.4 billion—compared to Black Friday’s £8.5 billion—and with 512,000 monthly searches going into December, this year is set to be the biggest yet.

But with so many brands offering what seem to be irresistible discounts, it can be easy to get swept up in the Cyber Monday madness and make purchases that might not actually be a bargain.

GIGAcalculator recently discovered that while products in the beauty and software departments offered the best value during Prime Day, handmade products and musical instruments offer the worst discounts. With this in mind, they consulted Victoria Leyton about the findings and also provided their top tips to shop smarter this festive season.

Consumer finance expert and podcast host of ‘Spendology’, Victoria Leyton, commented on the findings:
“To get the most out of Black Friday, consumers need to have a clear idea of what they need rather than just browsing, and be ready to shop around. Remember, it’s only a deal if it’s something you actually want to buy, so it is key to start your wish list now to quickly spot discounts.

“With many Black Friday sales starting earlier and earlier each year, retailers will be working to get ahead of competitors, and with smaller budgets, they will be pushing to secure consumer spending.

“Watch out for flashy discounts that may not be as good as they seem - knowing usual prices will help you avoid misleading leads. Beyond electricals, there are huge savings to be made across various departments from mobile contract plans to flights.”

GIGAcalculator’s six tips for smarter shopping ahead of Cyber Monday

1. Check out future models

Most products go through life cycles, whether that be with newly released models or updated versions, this is especially common in the tech industry with items such as phones, laptops and gaming consoles. But when a new version is released, previous versions are often re-released at a discounted price making them become more budget-friendly, which is a great chance for savvy shoppers to spend less for the same quality product.

Many retailers also tend to create bundles for these outdated items pairing older models with accessories to sell out their stock. By understanding the life cycle, consumers can make purchases strategically and save money.

2. Local media shopping

Whilst many will be turning to social media to keep up to date with the latest trends and news, brands are now utilising platforms such as Facebook, Instagram and TikTok to promote their Black Friday deals in advance.

Some retailers will be sending out newsletters offering early access to their sales, allowing shoppers to grab some of the most popular, in-demand products before they sell out this season.

3. Prepare a wish list

Amidst the excitement of new deals and whopping discounts, it can be extremely easy to impulse buy, so to prevent spending more than your allocated shopping budget, preparing a list of all the items you need - especially any gifts - is essential to stay on track and be ready for the holidays.

4. Research your purchase

Finding the item you want and buying it straight away seems to make the most sense, however, it is best to compare this item across various sites to secure the cheapest offer possible. Not only is this important but often shoppers forget things such as the hidden costs of shipping, VAT or service charges as well as checking the returns policy in case your mind is changed in the future.

You can also use price-checking tools to compare prices across various sites that offer the same item you’re looking to buy, this can help save you money from splashing out on the more expensive sites.

5. Prioritise discount, rewards & cashback sites

Using reward and cashback programmes is one way to help maximise your savings while still making a profit on your purchases. Whilst there will be hundreds of discounts available during Black Friday, many sites will be offering a reward scheme to encourage spending.

Typically sites turn your spending into points which you can then use to put towards future purchases, saving you cash in the long run. Alternatively, cashback sites also take a percentage of your spending as cash which consumers are then able to claim.

6. Spot a scam

Every year around big sales events like Black Friday, a new wave of sale scams arrive perfectly in time to target avid shoppers looking for deals and discounts. With people being eager to maximise their savings, scammers are aware that shoppers will be vulnerable making these popular events a prime opportunity for fraud.

As social media can now be used as a shopping tool, it is key to stay vigilant by checking the reliability of communications, avoiding suspicious links and only making payments through secure websites and payment methods.

Whilst shopping for the latest deals and biggest bargains may seem exciting, often people overlook the negative impact sales can have on those who feel a high from buying something new. It’s estimated that between 8% and 16% of the UK population struggle with a shopping addiction that may be heightened during these sale events.

Research done by GIGAcalculator