What started off as just one day a year of big sales in the USA has been slowly turning into an international shopping festival engulfing not only the entirety of November but also the tail end of October. Black Friday hype grows and shows no signs of stopping, which can be great! Those of us on the lookout for deals (hello, broke students) might benefit immensely from Black Friday discounts.
However, all this consumerism extravaganza can sweep you into a spending frenzy followed by acute pangs of buyer’s remorse. According to research on Black Friday statistics, 42% of shoppers regret at least one purchase made during Black Friday sales. Funnily enough, even if this happened to you last year, it doesn’t necessarily prevent you from repeating this same mistake again. For example, 62% of consumers believe Black Friday is a scam. Yet a whopping 80% still plan to shop again this year. Talk about consistency.
To be clear, the prices are actually lower, with an average discount being 20% the week of Thanksgiving and 35% on Black Friday. However, not everything is discounted, and not everything that goes on sale has the price tag slashed as much as advertised. At the same time, FOMO makes you splurge more than you need or plan to. To make sure you don’t fall for the traps set by cunning retailers, but do benefit from the legit deals, follow the advice of money-saving experts and consumer consultants. I’ve gathered the gist of it in this handy guide. You’re welcome.
Plan purchases in advance
The best strategy is to have a clear plan. This will prevent you from impulse-buying things you don’t need only because they are so cheap. When you have a shopping list, it’s easier to avoid adding extra items to your cart. So, step one is to decide what you actually need. Step two is to assess what items are best to buy on Black Friday because not all merchandise was created equal. For example, the best deals are on consumer electronics (laptops, desktops, tablets, earbuds, smartwatches, smart home gadgets), small appliances (mixers, blenders, pressure cookers, fryers, toasters), videogames, and gaming consoles.
The worst things to buy on Black Friday are closing, shoes, and furniture. The deals on these items are, as a rule, offered on specific models, not across the board. There is a high chance you will end up buying a replacement item at full price only because it’s in your size or the right color.
Compare prices
The next step would be doing your homework. Oops, sorry, did I trigger a memory? I meant thorough research and comparison of different prices. Still, if you have some unfinished coursework, you’d better take care of it as well. By the way, our history essay writing service (or whatever subject you have outstanding essays on) also has Black Friday deals. Okay, end tangent.
Researching prices on things you know you want to buy is the golden rule of smart shopping. Jana Bowden, a Marketing and Consumer Behavior professor at Macquarie University Australia, warns you against discounts that aren’t really discounts. She advises searching for recommended retail price and comparing it with the offered “sales” price instead of focusing on the size of the so-called “markdown.” This will help you decide whether a sale is a real deal.
Set a budget
Setting a limit before you go into a shopping mode is the best way to keep you from spending more than you can afford. That also applies to the “buy now, pay later” items – you don’t want to rack up a huge credit card debt that will haunt you like the Ghost of Christmas Past. The best way to rein in your spending is to set a shopping budget – ideally, a sum you can pay off by the end of December.
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Shop online
Most Black Friday purchases are made online anyway, especially in the wake of the global pandemic. However, in case you were planning to visit a brick-and-mortar store, maybe it’s better to give it a pass this weekend. When you shop exclusively online, it’s easier to resist the temptation. First, you are not interacting with a physical item, and your senses aren’t overwhelmed by displays, so it’s easier to keep a cool head, compare prices, and objectively assess specs. You can also allow yourself to take a breather before hitting “buy” – there is less pressure to commit to purchasing when your cart is virtual.
Second, online you don’t see many products that would otherwise catch your eye in a physical store. Stores often place attractive undiscounted items in places where you can’t miss them – aisles caps, eye-level shelves, checkout lines. When you shop in a virtual store, it’s easier to stick to relevant sections of the website and avoid browsing everything else.
Don’t overpay for shipping
Benefits of shopping online come with the caveat – shipping costs. If the thing you are looking for is available at different online stores, compare the delivery fee as well as the price. Sometimes the lowest price you’ve found is entirely wiped out by the unreasonable shipping fee. In that case, consider buying the thing you want from another seller that offers cheaper or absolutely free shipping. Alternatively, consider free in-store pickup to save on shipping.
Shop with a friend
If you absolutely have to visit a brick-and-mortar store, don’t go alone. Take a friend with you. Make a pact to stick to your shopping lists and budgets. Keep each other in check. Another trick you can use to avoid impulse purchases in a store is exchanging credit cards with your shopping buddy until checkout. Mike Catania, entrepreneur, investor, and founder of PromotionCode.org, explains: “As you do the handoff, ask each other if you really are serious about the purchase. Taking 30 seconds in the extra-long checkout lines can help assert the voice of fiscal responsibility.”
Pay with cash
Credit isn’t for everyone, and many shoppers realize that. That’s why using cash for holiday season shopping has become a traditional way of sticking to your budget. In fact, more than half of customers use this trick. Not only because you have only a limited amount available but because physical cash is harder to part with than to swipe a card. Moreover, watching as your wallet becomes thinner as money runs out gives you a vivid visual representation of how much you’ve already spent.
If you tend to overspend during Black Friday sales, Andrea Woroch, money-saving expert and financial coach, advises you to put yourself on a “cash diet” at least for the day.
Don’t get suckered by the doorbusters
Doorbusters are coveted merchandise at deep discounts. For example, 4k TV sets sold at 70 or even 80% off the usual price. They are widely advertised and used to lure you in. However, such items sell out in minutes. Instead, off-sale items are marked up by as much as 300% because retailers know they will have many customers who have already set their minds on spending today. That’s why you should avoid buying items that aren’t on sale on Black Friday. If this thing isn’t discounted, there is absolutely no hurry to buy it now, right? Wait and see. You might get a way better deal later.
Keep the receipts
In case you can’t resist the temptation and buy something you don’t need or something that isn’t discounted, you should always keep the receipts. Put them all in one place somewhere you won’t lose them, for example, a desk drawer or a designated folder. This way, you will be able to return items you regret splashing out on. Also, always check the return policy before committing if you hesitate or if the thing is pricy.
Shop before or after Black Friday
Who says you must wait until Black Friday for a great bargain? Many big retailers, such as Amazon and Walmart, offer early bird specials or daily deals as a “pre-party” before the Black Friday sales. Also, did you know that Black Friday is actually only the third-best day for shopping? Cyber Monday and Green Monday offer more and better deals.
Anyway, as a savvy consumer, you should be on the lookout for deals all year round (here are some of our previous blogs on the matter). Seasonal clearances, sales, and discounts happen before and after Black Friday. You don’t need to feel pressured to shop specifically during this time, for it can lead to panic buying instead of intelligent investment.
That’s your guidelines for reasonable shopping, allowing you to save this Black Friday. However, don’t forget that you can opt out of the whole thing. Participating in Black Friday doesn’t have to give you anxiety. You don’t have to buy stuff only because it’s on sale. If you don’t actually need anything, stay home and find something else to do. Find positive distractions like a cozy movie, a favorite book, an afternoon with your family, a museum tour, or a long walk. Stay smart and happy shopping… or whatever you feel like doing this Black Friday!
