Nationwide issues £261 warning to customers ahead of Black Friday

Nationwide has issued a four-day warning to customers ahead of Black Friday.

Black Friday actually takes place this Friday, November 24, but many retailers have already slashed prices as shoppers try to bag the best deals. Early discounts and reductions have been seen in John Lewis, Argos and brand sites like Ninja and Shark.

Amazon is also hosting a week-long sale with many items on offer. Nationwide has now issued a four day warning to all customers.

The major banking company suggests customers will spend an eye-watering £222,000 per minute on Black Friday, BirminghamLive reports. Many people are expected to spend average of £261.

According to a national poll of more than 2,000 people, nearly six in ten people will fund their purchases from their current account with debit cards being the preferred way to pay, while nearly a quarter will use cash. However, many will use credit to make purchases with a third paying by credit card and 15% using ‘buy now pay later’.

Nationwide is warning people to shy away from making impulse purchases to avoid losing money you would not have otherwise spent. A warning has also been issued to credit card users.

Mark Nalder, Director of Payment Strategy at Nationwide Building Society said: "The previous trend of people using the Black Friday sales as a way to spread the cost of Christmas looks set to continue, but many also use sales to purchase essential items at a cheaper price due to the ongoing cost-of-living challenges. Judging by current spending habits we are seeing.

"We are predicting Black Friday 2023 to be the busiest shopping day on record for our customers. With so many bargains on offer, it can be easy to impulse-buy things we don’t want, let alone need, so planning ahead is key to avoid buyer’s remorse.

"People can often throw caution to the wind when it comes to spending at Christmas and many will put the cost onto credit. While using a credit card can help spread the cost and offer additional consumer protection, you should make sure you repay as much as possible when the bill arrives otherwise you will end up paying for Christmas well into the new year."

TSB issued a similar warning to customers after it found many customers would rely on credit for Black Friday purchases, BirminghamLive reports.

Carys Barnes, head of personal current accounts at TSB, said: "We know it can be tempting to splurge the cash on Black Friday weekend, particularly as you're bombarded with emails, texts and ads with discounts popping up on most platforms. Before you spend, it might be worth taking the time to assess your finances first to make sure you can afford to pay for whatever catches your eye."

Paul Davis, TSB Director of Fraud Prevention, added: "At this time of year, many of us are looking online for a bargain. But it can quickly go wrong when shopping on social media sites – which are rife with scam adverts for items that simply don’t exist.

“Over this busy shopping period, it really pays to stick to responsible shopping sites that offer payment platforms. And don’t be easily caught out by a bargain you see on social media – if it seems too good to be true, it probably is."

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