Further still, more than half (51%) of consumers don’t believe that buying discounted Black Friday items makes you better off in the long run.

It follows an investigation by Which? that tracked a range of popular products included in last year’s Black Friday sales and found that 95% were available cheaper or the same price from the same retailer at least once in the six months that followed.

Kevin Brown, savings specialist at Scottish Friendly, said: “Our research shows that two thirds (66%) of people are more cautious about spending on Black Friday than they were 12 months ago. Despite this, 52% of the 2,500 people we spoke to intend to increase spending this year. In 2018, under a quarter (23%) of respondents said they spent between £150 and £500 and now almost a third (29%) of people plan to spend that amount this Black Friday.

“The appeal of Black Friday shows no sign of relenting even though more than half (51%) of people say they don’t think you’re better off in the long-run for buying discounted items in the Black Friday sales. This chimes with a recent Which? investigation that warned consumers not to rush into making spontaneous purchases as prices aren’t necessarily cheaper than at other times of the year.

“If the evidence suggests people aren’t always getting a bargain and saving money, then should Black Friday really be used as an opportunity to make financial gains? Instead, it might be worth considering whether there are more viable options available? Consumers may actually be better off by taking a longer-term view and considering putting that money to work by investing it in something that has the potential to provide greater returns.”