Eight in 10 products advertised as Black Friday deals are the same price or cheaper at other times of the year, an annual study by Which? suggests.

The consumer champions compared prices on 175 home, technology and health appliances from eight major retailers – Amazon, AO, Boots, Currys, John Lewis, Richer Sounds, and Very – for six months either side of Black Friday last year to find that 83% were cheaper or the same on at least one other date outside of the four-week sales period.

On the day of Black Friday itself, Which? found there were no deals at all that were at their cheapest of the year. Reena Sewraz, retail editor at Which?, said: “Our research exposes the harsh truth: for the majority of shoppers, Black Friday is a false economy. Retailers are relying on hype and urgency to push products that are the same price, or even cheaper, at other times of the year.”

At John Lewis, Which? found that 94% of the products it analysed were the same price or cheaper at other times of the year.

One of these deals included a Samsung Jet Bot Robot Vacuum Cleaner, which was £350 on Black Friday but had been £299 for 29 days in May and June 2024. It was £399 for 35 days in August to September, before jumping to £500 during the first week of October.

Also at John Lewis, the Samsung Series 5 WW90CGC04DTH Freestanding Ecobubble washing machine was £399 on Black Friday, but had been the same price or cheaper on 108 occasions prior to the sale day and 115 after. It was cheaper than its Black Friday price 47 times after the sale, with a lowest price of £369.

At Very, 93% of deals were the same price or cheaper outside of the Black Friday sales period.

One example included the Dyson V11 Extra Stick Vacuum Cleaner. At Very, this was priced at £349 during the Black Friday period – but it was the same price on 29 days before Black Friday and on 41 days after the sale.

At AO, Which? found that 85% of Black Friday deals offered during the four-week sales period were at the same price or better at other times of the year.

Which? did find that Currys kept its promise that no sale products would have been cheaper in the six months prior to Black Friday. However, some items did drop in price after the event, and there were times before Black Friday when shoppers could have paid the same as the sales price.

Which? also found that Amazon’s Black Friday deals were either the same price or cheaper in 88% of cases, and cheaper in 63% of cases outside of the sales period.

The investigation also uncovered evidence that retailers appear to use Recommended Retail Prices (RRPs) to make a ‘deal’ seem more generous.

At Boots Which? found an Oral-B Vitality Pro Electric Toothbrush advertised as ‘save £25, RRP £50’, but the product was cheaper or the same price for more than 96% of the year. The £50 RRP was only in place for 13 days during the six months preceding the sale.

Similarly, also at Boots, the Oral-B Junior Kids Electric Toothbrush was advertised as ‘save £35, RRP £70’, yet the £70 RRP was only in place for three days in the six months prior; otherwise, it was priced at £35.

In contrast, Richer Sounds had by far the best performance in the analysis, with only 55% of analysed products found to be cheaper or the same price at other times of the year.

Which? said its findings showed that shoppers should not feel rushed into buying anything on Black Friday, as they would likely still find a competitive price ahead of Christmas or in the January sales if they’re willing to wait. 

Ms Sewraz said: “There are good deals to be found, but they can be few and far between. Our experts sift through thousands of deals every day during the sales to hand-pick genuine deals on products we think are worth buying. Our advice is simple: take your time, don’t be fooled by clever marketing and do your research.”

A John Lewis spokeswoman said: “Our customers can find brilliant deals with us all year round, but our Black Friday event brings together a unique breadth and volume of offers that can’t be found at any other time of year – and is especially popular as customers prepare for Christmas.”

A spokeswoman for The Very Group said: “We’re committed to delivering great value across our department store all year round. Promotions are important to our customers and Black Friday is just one of the many key calendar moments when we showcase some of our best deals.”

A Boots spokesperson said: “We know that our customers enjoy making genuine savings on their shopping at Boots, whether that is through our Black Friday deals or our packed programme of promotions that run all year round. In 2024, we offered discounts on over 20,000 products across the Black Friday period. Being part of that promotional programme does not preclude those lines from being on offer at other times throughout the year, as we strive to deliver great value for money for our customers every day.”

An AO spokesman said: “Customers know that Black Friday is now at least a month-long promotion and isn’t a single day. It’s still a brilliant time to buy and gives customers the opportunity to snap up a deal ahead of Christmas. That shouldn’t mean we can’t offer strong value year-round too – as these findings show, there are great deals to be had at other times too.

“We welcome scrutiny that helps customers make informed choices, and our focus remains the same, delivering great value every day of the year, not just on Black Friday.”

An Amazon spokesman said: “We offer customers great value all year round through everyday price-matching that ensures our prices are as low or lower than other relevant retailers on products sold by Amazon, as well as through fantastic seasonal deal events like Black Friday. While Which? analysed just 24 products, Amazon’s Black Friday event offered hundreds of thousands of deals to customers in the UK.”

A Currys spokesperson said: “We’re proud to be recognised for our Black Friday pricing transparency and share Which?’s commitment in holding the industry to a higher standard. Restoring consumer confidence has been a key focus for us, and it’s disappointing to see that others in the industry are still falling short. More work needs to be done in ensuring customers get the best, most trusted Black Friday deals on the high street.”

A Richer Sounds spokesman said: “Last year – as in previous years – to be transparent with our customers, we had a disclaimer on our website from early November until the close of our Black Friday promotion to say that anything marked as ‘Fantastic Black Friday Value’ may have been at a lower price, previously, but we were happy it still represented fantastic value.

“Where we marked up items as ‘our lowest price ever!’ they meant just that – we’d never sold an item for less. The market may move after Black Friday, and if this is the case, we will always look to pass any extra savings on to our customers.”

1. Create a wish list. Some retailers, such as Amazon and John Lewis, allow you to set up a wish list for all the items you want to purchase. This makes it easier to notice when their prices drop. You can then easily click into your list to see what’s on offer. It may help you stick to buying what you want, too, rather than getting distracted by flashing red offer signs.

2. Sign up for newsletters. Be the first to hear about discounts from retailers you like to shop with. You can also keep an eye out for extra reductions on your wish-listed items, those that you’ve left in your basket or even those you’ve clicked on.

3. Do your own price tracking. Sites such as PriceRunner and camelcamelcamel (for Amazon only) display price history, allowing you to check whether the price of a product is competitive. If you do this ahead of the sale day, you’ll know the price you’re looking for and what the limit is.

4. Loyalty schemes. Several big retailers have loyalty schemes with tailored pricing for members, including AO, Boots and Superdrug. Sign up before the sales period to make sure you can access the deals. It’s also worth checking how many points you’ve built up on your existing loyalty memberships, and when they expire. They can be a useful way to save a bit extra on those big Christmas list items.

5. Watch out for fakes. If a particular product is sought after by shoppers, then counterfeiters looking to capitalise on that may not be far behind. In recent investigations, Which? uncovered counterfeit electricals, clothing, toys and cosmetics for sale on online marketplaces. Be wary of any deal that seems too good to be true, and verify the identity of the seller and shipping provider.

Eight in 10 products advertised as Black Friday deals are the same price or cheaper at other times of the year, an annual study by Which? suggests.

The consumer champions compared prices on 175 home, technology and health appliances from eight major retailers – Amazon, AO, Argos, Boots, Currys, John Lewis, Richer Sounds, and Very – for six months either side of Black Friday last year to find that 83% were cheaper or the same on at least one other date outside of the four-week sales period.

On the day of Black Friday itself, Which? found there were no deals at all that were at their cheapest of the year. Reena Sewraz, retail editor at Which?, said: “Our research exposes the harsh truth: for the majority of shoppers, Black Friday is a false economy. Retailers are relying on hype and urgency to push products that are the same price, or even cheaper, at other times of the year.”

At John Lewis, Which? found that 94% of the products it analysed were the same price or cheaper at other times of the year.

One of these deals included a Samsung Jet Bot Robot Vacuum Cleaner, which was £350 on Black Friday but had been £299 for 29 days in May and June 2024. It was £399 for 35 days in August to September, before jumping to £500 during the first week of October.

Also at John Lewis, the Samsung Series 5 WW90CGC04DTH Freestanding Ecobubble washing machine was £399 on Black Friday, but had been the same price or cheaper on 108 occasions prior to the sale day and 115 after. It was cheaper than its Black Friday price 47 times after the sale, with a lowest price of £369.

At Very, 93% of deals were the same price or cheaper outside of the Black Friday sales period.

One example included the Dyson V11 Extra Stick Vacuum Cleaner. At Very, this was priced at £349 during the Black Friday period – but it was the same price on 29 days before Black Friday and on 41 days after the sale.

At AO, Which? found that 85% of Black Friday deals offered during the four-week sales period were at the same price or better at other times of the year.

Which? did find that Currys kept its promise that no sale products would have been cheaper in the six months prior to Black Friday. However, some items did drop in price after the event, and there were times before Black Friday when shoppers could have paid the same as the sales price.

At Argos, which also offers a price promise, Which? found that 79% of deals over the Black Friday sales period that researchers analysed were cheaper or the same price as at other times of the year.

Which? also found that Amazon’s Black Friday deals were either the same price or cheaper in 88% of cases, and cheaper in 63% of cases outside of the sales period.

The investigation also uncovered evidence that retailers appear to use Recommended Retail Prices (RRPs) to make a ‘deal’ seem more generous.

At Boots Which? found an Oral-B Vitality Pro Electric Toothbrush advertised as ‘save £25, RRP £50’, but the product was cheaper or the same price for more than 96% of the year. The £50 RRP was only in place for 13 days during the six months preceding the sale.

Similarly, also at Boots, the Oral-B Junior Kids Electric Toothbrush was advertised as ‘save £35, RRP £70’, yet the £70 RRP was only in place for three days in the six months prior; otherwise, it was priced at £35.

In contrast, Richer Sounds had by far the best performance in the analysis, with only 55% of analysed products found to be cheaper or the same price at other times of the year.

Which? said its findings showed that shoppers should not feel rushed into buying anything on Black Friday, as they would likely still find a competitive price ahead of Christmas or in the January sales if they’re willing to wait. 

Ms Sewraz said: “There are good deals to be found, but they can be few and far between. Our experts sift through thousands of deals every day during the sales to hand-pick genuine deals on products we think are worth buying. Our advice is simple: take your time, don’t be fooled by clever marketing and do your research.”

A John Lewis spokeswoman said: “Our customers can find brilliant deals with us all year round, but our Black Friday event brings together a unique breadth and volume of offers that can’t be found at any other time of year – and is especially popular as customers prepare for Christmas.”

A spokeswoman for The Very Group said: “We’re committed to delivering great value across our department store all year round. Promotions are important to our customers and Black Friday is just one of the many key calendar moments when we showcase some of our best deals.”

A Boots spokesperson said: “We know that our customers enjoy making genuine savings on their shopping at Boots, whether that is through our Black Friday deals or our packed programme of promotions that run all year round. In 2024, we offered discounts on over 20,000 products across the Black Friday period. Being part of that promotional programme does not preclude those lines from being on offer at other times throughout the year, as we strive to deliver great value for money for our customers every day.”

An AO spokesman said: “Customers know that Black Friday is now at least a month-long promotion and isn’t a single day. It’s still a brilliant time to buy and gives customers the opportunity to snap up a deal ahead of Christmas. That shouldn’t mean we can’t offer strong value year-round too – as these findings show, there are great deals to be had at other times too.

“We welcome scrutiny that helps customers make informed choices, and our focus remains the same, delivering great value every day of the year, not just on Black Friday.”

An Argos spokeswoman said: “We believe our customers should not feel pressured into a time-sensitive purchase, and Which?’s report shows our Black Friday Price Promise in action. Last year, we offered Black Friday badged deals from November 1 and assured customers that these products were their lowest price for the last six months and would not be available for less before December 25.”

An Amazon spokesman said: “We offer customers great value all year round through everyday price-matching that ensures our prices are as low or lower than other relevant retailers on products sold by Amazon, as well as through fantastic seasonal deal events like Black Friday. While Which? analysed just 24 products, Amazon’s Black Friday event offered hundreds of thousands of deals to customers in the UK.”

A Currys spokesperson said: “We’re proud to be recognised for our Black Friday pricing transparency and share Which?’s commitment in holding the industry to a higher standard. Restoring consumer confidence has been a key focus for us, and it’s disappointing to see that others in the industry are still falling short. More work needs to be done in ensuring customers get the best, most trusted Black Friday deals on the high street.”

A Richer Sounds spokesman said: “Last year – as in previous years – to be transparent with our customers, we had a disclaimer on our website from early November until the close of our Black Friday promotion to say that anything marked as ‘Fantastic Black Friday Value’ may have been at a lower price, previously, but we were happy it still represented fantastic value.

“Where we marked up items as ‘our lowest price ever!’ they meant just that – we’d never sold an item for less. The market may move after Black Friday, and if this is the case, we will always look to pass any extra savings on to our customers.”

1. Create a wish list. Some retailers, such as Amazon and John Lewis, allow you to set up a wish list for all the items you want to purchase. This makes it easier to notice when their prices drop. You can then easily click into your list to see what’s on offer. It may help you stick to buying what you want, too, rather than getting distracted by flashing red offer signs.

2. Sign up for newsletters. Be the first to hear about discounts from retailers you like to shop with. You can also keep an eye out for extra reductions on your wish-listed items, those that you’ve left in your basket or even those you’ve clicked on.

3. Do your own price tracking. Sites such as PriceRunner and camelcamelcamel (for Amazon only) display price history, allowing you to check whether the price of a product is competitive. If you do this ahead of the sale day, you’ll know the price you’re looking for and what the limit is.

4. Loyalty schemes. Several big retailers have loyalty schemes with tailored pricing for members, including AO, Boots and Superdrug. Sign up before the sales period to make sure you can access the deals. It’s also worth checking how many points you’ve built up on your existing loyalty memberships, and when they expire. They can be a useful way to save a bit extra on those big Christmas list items.

5. Watch out for fakes. If a particular product is sought after by shoppers, then counterfeiters looking to capitalise on that may not be far behind. In recent investigations, Which? uncovered counterfeit electricals, clothing, toys and cosmetics for sale on online marketplaces. Be wary of any deal that seems too good to be true, and verify the identity of the seller and shipping provider.

Chancellor Rachel Reeves is reportedly considering a dramatic shake-up of Britain’s savings landscape, with the annual Cash ISA allowance set to be cut in half in her upcoming Autumn Budget.

According to the Financial Times, Treasury officials are considering plans to reduce the annual cash limit from £20,000 to £10,000 as part of a broader effort to encourage more people to invest in the stock market.

The move would revive an idea first floated earlier this year, which ministers framed as part of their ambition to build a more dynamic “investment culture” across the UK. While no final decision has been made, several options are understood to be on the table – and speculation has intensified in recent weeks that a firm announcement could come in November’s Budget.

The change would be significant. More than 14 million people in the UK currently hold over £10,000 in cash savings, and since Reeves became Chancellor in July 2024, over £59 billion has been invested in cash ISAs.

For many households, these accounts are a simple and trusted way to shelter savings from tax. The current system allows people to save or invest up to £20,000 a year tax-free, with complete freedom to allocate that amount between cash and stocks and shares.

Financial experts have been quick to react to the revived plans, with several describing the proposal as a thinly veiled revenue-raising exercise.

Rob Mansfield, an independent financial adviser at Rootes Wealth Management, said the move “looks like nothing more than a tax grab”. He argued that many savers simply prefer cash ISAs over stocks and shares, and that lowering the limit would have little impact on their behaviour. “If the limit is reduced, we’d likely see cash held where the interest is taxed,” he said. “If the government are serious about wanting people to invest, then tell people of the benefits and rewards of long-term saving rather than trying to force them into investing for nationalistic reasons.”

Luke James, tax director at Gravitate Accounting, warned that the policy could have unintended consequences. “After nearly a decade without inflation adjustment, any sudden change could appear punitive to cautious savers and weaken trust in fiscal policy,” he said. “While Stocks and Shares ISAs offer higher potential returns, they involve volatility and assume a level of financial literacy not shared by all. Many prefer Cash ISAs for their simplicity, security, and tax efficiency. Reducing the limit may push savings into taxable accounts rather than equities, undermining the policy’s intent.”

James also pointed out that with the Government’s previous “British ISA” proposal scrapped earlier this year, there is no guarantee that redirecting funds away from cash would lead to more money flowing into UK businesses. “Without broader incentives, education, and a clear long-term investment strategy, the reform risks short-term gains at the expense of lasting confidence and growth,” he added.

The potential impact on ordinary savers is clear. Antonia Medlicott, founder and managing director of Investing Insiders, estimated that around 30% of savers would need to move their cash to avoid paying tax. “The big advantage of saving through an ISA is that not a penny of the interest you earn can be taxed,” she said. “If Rachel Reeves is planning a cut to the annual allowance, that could mean the roughly 30% of adults who use Cash ISAs may soon need to find a new home for their savings – or face a tax bill.”

Medlicott also questioned whether the policy would achieve its stated goal. “Rachel Reeves is rumoured to be using this move to cajole more people into investing. But ISAs aren’t the only way to avoid tax on cash. If you’re a basic rate taxpayer, you can also earn £1,000 of tax-free interest per year in an ordinary savings account. You’d need to be holding over £33,000, earning 3%, to exceed that allowance. So, if the Chancellor goes ahead, we may just see a mass exodus of people moving their ordinary savings instead. I fail to see how that helps the Chancellor achieve her goal of increasing the flow of investment into UK equities.”

Jeremy Cox, head of strategy at Coventry Building Society, said the simplicity of ISAs was one of their biggest strengths – and warned against making them more complex. “Upsetting this balance by reducing the cash ISA allowance is going to make it far more complex in one fell swoop,” he said. “In nudging people toward investing more, the Chancellor needs to be careful she doesn’t throw the baby out with the bathwater and discourage people from building up their cash savings too.”

Others suggested there could be ways for savers to adapt if the rules change. Rob Morgan, chief investment analyst at Charles Stanley, noted that limiting Cash ISAs could lead some to use short-dated gilts or money market funds within a Stocks & Shares ISA to replicate “cash-like” returns while staying within a tax-sheltered wrapper. That would, however, require greater knowledge and potentially financial advice.

Ritesh Sood, founder of Soul Mortgages, took a more optimistic view of the policy. “While the potential reduction of the Cash ISA allowance has sparked debate, it could ultimately guide the public towards a more robust, diversified savings strategy,” he said. “The Government’s objective is to stimulate the UK stock market by channelling more capital into investments, which could potentially flow directly into UK businesses.”

Kevin Mountford, co-founder of Raisin UK, said halving the allowance would be “a major shake-up for savers”. He warned that cutting the limit risks undermining public confidence in one of the UK’s simplest savings vehicles. “At a time when more people than ever are paying tax on their savings interest, restricting access to tax-free cash savings could feel like a step backwards for ordinary households,” he said. “It has taken considerable effort to build a stronger savings culture in the UK, and it feels as though the Government now sees savers and pensioners as easy pickings.”

Mountford added that while investment can yield higher returns over the long term, it isn’t suitable for everyone. “For many, particularly older savers or those building an emergency fund, a cash ISA is not about chasing returns but about peace of mind,” he said. “Any reform needs to balance the push for growth with the need for financial inclusion.”

Denis Cornwall, direct channel manager at Wesleyan, echoed that sentiment but said reform could still be an opportunity if handled carefully. “Any steps to encourage a stronger culture of retail investing are welcome if they help improve financial wellbeing,” he said. “For savers, the key will be ensuring investments align with personal goals and tolerance for factors like risk and volatility – especially if they’re thinking about moving from Cash ISAs to Stocks & Shares ISAs for the first time.”

The Government has not confirmed whether any ISA changes will feature in the Budget, though Treasury sources have repeatedly emphasised that any reforms would not be aimed at raising revenue.

Martin Lewis, founder of MoneySavingExpert, questioned that claim on social media this week. Responding to a comment that wealthy savers should pay tax on their interest, Lewis wrote: “That’s a different point. The idea isn’t to raise revenue as noted, it’s to encourage investing.” He added that cutting the cash ISA limit “would simply piss millions of, often older, people off and I doubt will change the dial on investing.”