November marks the beginning of festive season sales and we are greeted with early-black Friday deals almost everywhere. Over the past few years, Black Friday has expanded from one day to the whole of November and right into early December, partially because of the pandemic. This is great for consumers because we have a full month to shop for good deals for the festive season. However, we have also seen the rise in the cost of living rock us as a nation throughout 2022. This may mean that some Black Friday deals may not be as great as retailers say they are. If you’ve been planning (emphasis on “planning”) to purchase an item, it’s always worth checking out the Black Friday sales to see if you can get a good discount.
It is important to remember that not every deal is a great deal and you will only see the best benefits of Black Friday if you take a step back and shop smart.
Let’s talk about a few ways you can do Black Friday the right way.
Don’t assume all sales are good sales
You want to make sure you are getting a bargain on items so it is important to check if you are getting a good discount. Many retailers lure consumers by inflating prices and then giving a discount so consumers assume that they are getting a great deal. For example, a retailer can sell an item for R1000 and have a big sign that says “60% off”. This would mean the original price was R2500. However, if you do track the price of the item throughout the year you may find that the original price was always R1000. This is why it’s very important to plan ahead and compare prices before making the purchase. If it’s not a great discount maybe keep the item on your wishlist for a bit longer.
Don’t impulse buy
Festive season sales are in full swing and many of them are for a “limited time”. Retailers use this tactic to create a sense of urgency and to entice you to believe that now is the best time to purchase the item. To make sure you don’t fall into the temporary excitement of impulse buying, don’t buy the item if it’s not on your list. We’ve all been there but trust me, the excitement doesn’t last long.
Don’t fall for cheap products disguised as good deals
If you are looking to make big purchases such as electronics and furniture, keep in mind that a great deal may not be as great if the product stops working after a week. Make sure you don’t purchase an item that you will regret buying just because it had a bigger discount. You don’t want to be searching for the same item on next year’s Black Friday deals.
There are lots of great Black Friday deals and it may be the best time to shop for the festive season however it is important to remember to shop responsibly. Don’t take out debt or withdraw from your investments because of the hype, rather plan ahead. Janu-worry is right around the corner and you want to make sure that you start the new year off on a great foot. You can also find some more tips to make sure you shop smart this festive season on Franc’s blog.