How to beat the post-Brexit vote price hikes One year on - members of hotukdeals continue to find deals on items that are already more expensive
London, Tuesday 27th June 2017: It’s been a year since Britain voted to leave the EU and since then consumers have been dealing with price increases across items such as tech and groceries due to the weakening value of the pound. Despite these items being more expensive deal-savvy shoppers using hotukdeals, the UK’s biggest deal-sharing community, continue to find deals on some of these products.
According to research by Trusted Reviews*, British consumers are paying up to 25% more for some tech and software as companies, such as Microsoft and Sonos, increase their prices to protect profit margins since Brexit. The research highlights items that have seen a price increase including the HTC Vive, which increased in price to £759 in August (up £70); Apple’s iPad Pro (32GB, 9.7"), which increased in price by £50 to £549 in September and Facebook’s Oculus Rift, which rose to £549 (up £50) in August. Since these increases, members of hotukdeals have spotted the HTC Vive for £658.99 (£100 less than the new, higher price and cheaper than the original price); Oculus Rift for the original price of £499 and just this weekend, noticed that you could get £50 off all iPad Pro’s (1st Gen) at Argos enabling shoppers to pick up the 32GB, 9.7" version for £469 - less than Apple’s original price of £499.
Consumers have also seen price increases on grocery items with reports from December explaining that Lidl and Aldi raised the price of a pack of bananas to 72p (up 6 percent), Morrisons increased the price of Marmite and Hellman’s Real Mayonnaise (400g) also cost more**. The average price of a bottle of wine is also at its highest ever price (£5.56) according to the Wine and Spirit Trade Association***. Despite these increases, back in April a member of hotukdeals found that you can buy six individual bananas from Aldi’s for the same price as five packaged ones (72p) - getting one banana for free - and members continue to find deals on wine such as Campo Viejo Rioja Reserva 2012, which was spotted for £3.00 (instead of £8.00) in Asda just over a week ago.
Below are some tips on what consumers can do to get items at the price they want to pay based on the activities of the members of hotukdeals:
1 Compare prices - Consumers can make simple changes such as comparing prices before making purchases to ensure that they’re getting the best deal. Shoppers can check the price history of products via online tools such as Price Runner and CamelCamelCamel and some retailers also publish the price history of products. Members on deal forums will also happily share their knowledge on where and when consumers can get the best price on a range of products and services.
2 Let the deals come to you - Being deal-savvy doesn’t have to be a long, drawn out task that takes up time. Consumers can search for offers on deal forums or accompanying apps, such as the free, hotukdeals app. Via this app, shoppers can set deal alerts for the products they’re looking to purchase, so they receive notifications to their smartphone whenever a deal becomes available, so they never miss the best prices.
3 Get social and sign up – Shoppers should follow retailers and deal forums on their social media pages, so they’re notified of sales events and offers as early as possible. Some retailers offer a VIP service via email where once signed up customers can get early access to sales, which is useful during events such as Black Friday when stock can be limited.
4 Check for discount and voucher codes - Before clicking the buy now button online consumers should always check for discount codes and make use of vouchers from newspapers and magazines when making in-store purchases. When shopping online savvy shoppers will also check if codes and offers stack to make extra savings****.
5 Research alternatives and check reviews - As well as comparing prices and searching for offers, consumers can use deal forums to find inspiration on alternative items that they may not have thought about, which may be better value than the original product they wanted to purchase. Deal hunters on forums will happily share their experiences of products and consumers should also check reviews from trusted websites, so they know they’re getting a product that suits their needs.
6 Consider refurbished items – If you’re purchasing a new smartphone or games console, for example, but you’re reluctant to pay full price, consider a refurbished item, which you can buy direct from retailers or from their eBay outlet pages. Refurbished items can include customer returns such as unwanted gifts or ex-display models and are cheaper than brand new items. They may have minor marks and the packaging may be damaged but it will be a fully functioning product and if you’re purchasing from an official retail outlet it should come with a warranty as well. You will know what kind of product to expect due to the grading of a refurbishment from the retailer. Check the retailer’s description to be sure you’ll be happy with the purchase.
7 Wait for a price that’s right for you – If you’re looking to buy new items such as smartphones, tablets or consoles try and wait a while before purchasing, so you get the price that’s right for you. Products will reduce in price the older they become and as new models become available, so think about what price you’d be willing to pay for an item and try and wait for that cost. If you’re unsure ask members on deal-forums for advice on when prices are likely to drop.
*Trusted Reviews – 24th April 2017 - http://www.trustedreviews.com/news/brexit-theresa-may-article-50-letter-eu-referendum-vote-trigger
**The Sun – 13th December, 2016 - https://www.thesun.co.uk/living/2388127/the-25-things-that-are-more-expensive-since-the-brexit-vote-and-the-few-that-are-cheaper/
***Sky News – Thursday 1st June, 2017 - http://news.sky.com/story/blason-brexit-average-price-of-bottle-of-wine-hits-all-time-high-10900635?dcmp=snt-sf-twitter
****Code or voucher stacking is when you have something on sale already and you can use a voucher against it, or when multiple codes can be piled up on top of one another – thus combining multiple offers on the same product to get the maximum discount off the item/s you’re buying.
About hotukdeals: hotukdeals is the UK’s biggest deal-sharing community where users find, rate and share the best deals from on and off the high street every day. Members use the temperature gauge to vote on deals so other users know that the hotter the deal, the stronger the offer. hotukdeals has over 1.6m members and is a founding member of Pepper.com, the world’s largest social commerce group.