People need to see the hype for what it is: an attempt to get you caught up in all the bright colours, the advertisements and the excitement to make you act on impulse and buy! buy! buy! without giving you a chance to stop and think.
Black Friday, which falls on November 29 this year, is no longer limited to the day after the American holiday Thanksgiving, which falls on the fourth Thursday of November every year. Efforts to part us from our hard-earned cash last for the weekend, a whole week even in some places.
The American tradition of retailers offering an extravaganza of discounting and special offers on this day, which is considered the first day of the American Christmas shopping season, has been exported around the world by canny retailers looking for new ways to move more merchandise.
Another similar case is that of Singles Day, a shopping bonanza on 11/11, which was started in China by retail giant Alibaba. Like Black Friday, South African retailers are starting to offer specials for Singles Day, which is just another ploy to make people spend money they don’t have on things they don’t want or need.
Yes, times are tough for retailers, but the same is true for shoppers, who should be wary of retailers offering them unbelievable/once in a lifetime deals in honour of traditions in faraway lands.
What makes things worse from a shopper’s point of view is that Black Friday deals are often not as impressive as they are made out to be. There have been cases reported where prices are increased in the run up to the sales days to make the discounting on the day look all the more impressive.
All the hype and frenzied advertising, even trickery in some cases, entices people to buy things just because they are at reduced prices, rather than because they want or need them. These frenzied purchases often sit in the cupboard with the tags on.
It is easy to get caught up in the hysteria but ask yourself, Do I really want to be part of this rather contrived celebration of consumerism?
One idea might be to take any cash that might be at risk of being blown on the sales and putting it out of harm’s way. Remember that if you make an additional voluntary contribution to your retirement savings fund you will get the additional bonus of some tax back, which you could then spend without guilt on something that you actually want or need.
You could even give yourself a little talking to in advance of Black Friday and use the time you would have spent avoiding the sharp elbows of eager shoppers in a mall (or tearing your hair out trying to get things online) to get a head start on drawing up financial goals/new year’s resolutions for next year. The glow you will feel will be more than a match for any satisfaction at getting a slightly tight pair of jeans at a bargain price.
By Mica Townsend, Business Development Manager at 10X Investments
