
God. I feel like such an idiot.
Last month I bragged to my neighbor about snagging a "£500 off" TV from Currys. Felt pretty smug about it, honestly. Turns out I might've been played harder than a fiddle at a country fair. Which? just dropped this investigation that's making me want to crawl under a rock and never shop again.
They analyzed over 1,600 TV deals across five major retailers and found something that'll make your blood boil. More than half—56% to be exact—of those "was" prices weren't even the most recent prices before the so-called discount. Like, what the actual hell?
Lisa Webb from Which? put it perfectly: "Shoppers deserve clear, honest pricing – not smoke and mirrors." Couldn't agree more, Lisa.
Very Is Playing Games (And Not the Fun Kind)
Very emerged as the absolute worst offender in this mess. Nearly nine out of ten of their TV deals used "was" prices that weren't the most recent. That's 87% if you're keeping track at home.
Here's where it gets really maddening: they had this LG OLED65B46LA 65-inch TV advertised with a "was" price of £2,499 and a "now" price of £1,499. Sounds like a steal, right? Wrong. That £2,499 price hadn't been charged for FIVE MONTHS and had been replaced by seven different lower prices during that time.
Five. Months.
My friend Sarah (who works in retail, ironically) texted me after seeing this: "This is why I have trust issues with shopping." Can't say I blame her.
Currys Isn't Much Better, Unfortunately
Three-quarters of Currys' 608 TV deals featured these dodgy outdated "was" prices. Plus, they had the highest rate—68%—of TVs where the higher price was in place for less time than the discounted price. That's just backwards logic right there.
Take their LG UT73 50-inch TV example. "Was" £399.99, "now" £299.99. The higher price? Only in place for 25 days compared to 207 days at the lower price. That's like me claiming I "usually" eat salad when I had one salad in January and pizza every other day since then.
The whole thing makes me feel like a ghost at a family reunion—completely out of place and questioning everything.
Some Hope in This Retail Wasteland
Not everyone's playing these games, thankfully. Argos came out looking like saints in this investigation. Nearly all their "was" prices actually reflected the price immediately before the promotion. Imagine that—honest pricing! Revolutionary concept.
AO wasn't perfect (a third of their deals used intervening prices), but at least they're transparent about it. They publish the dates of their "was" prices and acknowledge when lower prices might have applied. It's not ideal, but it's honest, which counts for something these days.
Amazon does their own weird thing where "was" prices reflect the median price customers paid over 90 days, excluding promotions. It's different, but Which? still thinks it could confuse shoppers. Fair point.
What This Means for Us Regular Humans
Listen. I'm not a pricing expert or consumer law genius. I'm just someone who wants to buy a TV without feeling like I need a PhD in retail manipulation tactics.
Which? recommends checking price tracking sites like CamelCamelCamel or Price Runner before making big purchases. Smart advice that I wish I'd followed before my Currys adventure. Live and learn, I guess.
The Competition and Markets Authority could step in with enforcement action against retailers pulling these stunts. Here's hoping they do, because this smoke-and-mirrors approach to pricing is getting old fast.
And apparently this isn't just a TV problem—Which? also found Sports Direct doing similar shady pricing tactics earlier this week. Makes you wonder what other "deals" are actually just elaborate illusions designed to separate us from our money.
Poor us, thinking we were savvy shoppers when we were just playing their rigged game all along.
Frequently Asked Questions
How can I improve my credit score?
To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.
What are the benefits of having an emergency fund?
An emergency fund provides financial security by offering a safety net for unexpected expenses, such as medical emergencies or job loss. It helps prevent debt accumulation, reduces stress, and allows for better financial planning, ensuring that individuals can navigate unforeseen circumstances without significant hardship.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
How can I budget my money effectively?
To budget effectively, start by tracking your income and expenses to understand your spending habits. Set realistic financial goals, categorize your expenses, and allocate funds accordingly. Regularly review and adjust your budget to ensure it reflects your current financial situation and objectives.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
Statistics
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
External Links
How To
How To Set Financial Goals That Stick
Setting financial goals that stick begins with defining what you want to achieve, whether it’s saving for a home, paying off debt, or building retirement savings. Use the SMART criteria—Specific, Measurable, Achievable, Relevant, Time-bound—to structure your goals effectively. Write down your goals and break them into smaller, actionable steps to make them less overwhelming. Establish a timeline for each goal and regularly review your progress to stay motivated. Adjust your goals as necessary to reflect changes in your financial situation or priorities, ensuring they remain relevant and attainable over time.
Did you miss our previous article...
https://hellofaread.com/money/icelands-pulling-the-plug-on-two-more-stores-and-yeah-people-are-mad