POLL | Have you got a Black Friday action plan?
SA retailers and shoppers are gearing up for Black Friday, with some having planned their purchases for weeks.
A recent study predicted that people will spend more this year on the annual shopping holiday than in 2020, but will fall short of the 2019 level.
“Black Friday 2021 will not be as good as in 2019, but will be better than 2020 due to the fact that while 2.1-million people lost their jobs during 2019 to 2020, 733,000 new jobs were created during 2020 to 2021,” said Prof Carel van Aardt from Unisa’s Bureau of Market Research.
According to Van Aardt, there are different reasons that consumers spend on Black Friday, from great deals to just plain boredom and Fomo (fear of missing out).
“The middle and affluent market buy luxury goods at discounted prices. It [Black Friday] arouses a lot of buying behaviour,” he said.
Ester Ochse, product head at FNB Money Management. told Business Day that Black Friday can be an opportune time to buy something one has had one’s eye on for a while at a bargain price, but said it needs to be within budget.
She suggested setting a budget; making a list of what’s actually needed; doing extensive research before spending; using loyalty or rewards points; investigating warranties and return policies; and shopping safely.
Software developer Ashton Hudson built a price-tracking service, Serval, to help consumers gauge the cost of products at online retailer Takealot over several months to see if they are really scoring a “once in a lifetime” deal.
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