Brexit fears could mean biggest Black Friday discounts ever – with up to 60% off

Consumers have also been warned that the current bargains are for a limited time only as prices will rise sharply once the effects of the Brexit-weakened pound filter through to shop floors

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The Independent Online

Discount deals on Black Friday will be bigger than ever this year, with cuts of more than 60 per cent, new analysis suggests. But shoppers will need to be shrewd to avoid fake “deals”

Thousands of products have already been heavily discounted in the wake of the Brexit vote amid fears that consumer demand would suffer, meaning shops will have to slash prices even further to capture customers’ attention.

The number of items on sale jumped 45 per cent in the week after the referendum, according to price analysis of millions of items by discount website lovethesales.com. Prices are normally reduced at the end of June as shops attempt to get rid of summer stock in readiness for autumn lines, but they normally bounce back in the following weeks. 

This year prices have remained lower for many products and average reductions are now 39 per cent, up from 35 per cent. Shoppers can usually expect a further Black Friday discount of 20 per cent, meaning up to 60 per cent off in total.

The company’s founder, Mark Solomon, said: “Post-Brexit uncertainty has resulted in increased competition between retailers, reflected by more aggressive discounting of inventory. If this trend continues, this Black Friday weekend will be the biggest ever.”

Shoppers need to be savvy to get the best deals however. A report this month from consumer group, Which? found half of all products supposedly discounted for Black Friday in 2015 were actually available cheaper at other times of the year.

Consumers have also been warned that the current bargains are for a limited time only as prices will rise sharply once the effects of the Brexit-weakened pound filter through to shop floors.

Input costs such as fuel and raw materials jumped at the fastest pace ever recorded in October, the Office of National Statistics revealed last week. Costs for producers have risen 12.2 per cent over the year, with most of that increase coming since the vote in June.

Manufacturers hedge themselves against currency movements, meaning many have not yet felt the brunt of the effects.

Earlier this month the National Institute of Economic and Social Research predicted inflation will shoot up to 4 per cent next year.

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