PriceSpy predicts prices will begin sharply dropping this week
Last year, Boxing Day overtook Black Friday as the cheapest day of the year
PriceSpy is predicting a shopping frenzy on what it’s describing as ‘Frantic Friday’. Friday 22nd December will be the final payday before Christmas for many, and - according to price analysis of 3.8 million offers on PriceSpy - falls at the same time that prices begin their downward descent towards Boxing Day - the cheapest shopping day of the year*.
PriceSpy’s Price Index** - a tool that monitors daily indexed price changes across the most-popular products on the comparison site - demonstrates that Boxing Day is now the cheapest shopping day of the year (overtaking Black Friday).
According to PriceSpy’s Price Index, the average price on Black Friday 2022 was down -1.72% compared to 1st November, whilst the average price on Boxing Day was down -1.74%.
If trends follow last year, prices will start their downward trajectory from Wednesday this week as retailers start a last-ditch attempt to get people to spend money - and as last-minute shoppers bank on bargains.
Liisa Matinvesi-Bassett, UK country manager at PriceSpy comments: “Unlike in previous years, Black Friday wasn’t the cheapest shopping day of the year last year. Retailers’ propensity to run sales from the start of November has diluted Black Friday, as stores now appear to offer smaller levels of discounting - but for longer.”
“Shoppers that can hold their nerve until Frantic Friday may be rewarded with some of the best deals of the year. And those that opt to wait until Boxing Day might enjoy even better savings.”
Products that were cheaper on Boxing Day compared to Black Friday 2022 include:
Beds & mattresses (49% of products were cheaper)
Running shoes (42% of products were cheaper)
Video cameras (39% of products were cheaper)
Golf clubs (38% of products were cheaper)
Drones (32% of products were cheaper)
However, given the post-Black Friday price rebound evident in PriceSpy’s Price Index, PriceSpy advises shoppers to be aware of potential pricewashing around Frantic Friday and Boxing Day - with retailers often advertising deals far bigger than they are in reality.
Liisa Matinvesi-Bassett explains: “Prices change constantly throughout the year, and even more so during the final few weeks of the year. Therefore, shoppers should take promotional marketing with a pinch of salt. Often, we find retailers select an arbitrary day to calculate a discount against in order to promote an attractive saving - and, in reality, the price may not have changed much, or in some cases may have even increased, over recent weeks.”
“We always encourage shoppers to check an item’s price history to ensure you’re getting a good deal. And consider looking at different, older models to get better savings.”
Products that were more expensive on Boxing Day compared to Black Friday 2022 include:
Skincare (49% of products were more expensive)
Perfume (44% of products were more expensive)
TVs (41% of products were more expensive)
Kitchen appliances (37% of products were more expensive)
Headphones (37% of products were more expensive)
Shoppers not wanting to risk last-minute delivery hitches over Frantic Friday can use PriceSpy’s barcode scanner to compare prices in-store, in real-time. The feature allows shoppers to check prices across multiple stores and also to check stock levels before visiting the store.
Liisa Matinvesi-Bassett continues: “Footfall typically increases as we edge closer to Christmas, but shopping in-store rather than online means people often forget smart shopping habits like comparing prices. The barcode scanner in our app is designed as a way for shoppers to very quickly and very effectively compare prices across multiple stores, simply by scanning the product barcode.”
Notes to editors
* Boxing Day was the cheapest day on average throughout 2022, according to PriceSpy’s Price Index of 3.8 million offers in the UK
** PriceSpy’s Price Index is a daily updated chain index that tracks price changes across all categories, brands and markets over time. Products are weighted by popularity, determined by the number of clicks-out received and the number of stores offering the product. The index works much like a stock index, where daily price changes are used to calculate the accumulated index.
PriceSpy is a comprehensive price and product comparison service used by millions of consumers every month. It helps consumers find, discover, research and compare products. Since the business first started in 2002, its main objective has been to help consumers make better purchasing decisions. PriceSpy does this by collecting and sharing honest, transparent information about retail shops, products and prices. PriceSpy has well over 700 000 indexed products, sold by more than six thousand shops. PriceSpy is part of Schibsted and is located in Sweden, Norway, Denmark, Finland, New Zealand, France and the United Kingdom. The PriceSpy app is available to download for free, via the App Store and Google Play.