Black Friday is upon us, and as the powers that be would have it, it falls on payday for most South Africans.
Armed with a full salary after deductions, the urge to splurge will be the strongest today.
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We love a good Black Friday special
The statistics show that South Africans love a good Black Friday special, with BankservAfrica finding that the total value of 2021 Black Friday transactions was a mammoth R3.3 billion – a 17% increase from 2020.
According to PayU, SA’s shopping volume was up 36.64% in the four days leading up to Black Friday last year.
Transaction values and online shopping volumes on the day were up 30% from 2020 to 2021, with consumers spending a whopping R17 million in just an hour on Black Friday itself.
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But the reality of a harsh financial climate and the lingering effects from the Covid-19 pandemic saw online basket sizes drop by 22% year-on-year.
This year insurance service provider, Budget, is arming cash-strapped consumers with a game plan to take advantage of Black Friday mania- without blowing the bank.
“While South Africans are keen to take advantage of the numerous specials on offer, money is tight, and every cent needs to work as hard as it can,” said Budget Insurance spokesperson Susan Steward.
“Compile a list of priorities, set the budget, shop around for deals, and compare deals by taking advantage of the ‘Black November’ trend.
“A nose for a bargain combined with savvy spending can see you getting what you need and saving lots of cash without breaking the bank,” adds Steward.
Steward said the key to surviving Black Friday is ensuring you’ve paid your bills and left money aside for outgoing debit orders.
“You can maybe even settle some debt and ensure you have a good reserve fund in place for unforeseen circumstances before considering the big spend,” she said.
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Budget’s Black Friday game plan
Focus on what you need first: Look around the house and compile a list of things that need replacing and prioritise those. Luxuries come second in line.
Set up a budget: Decide on the amount you can afford to spend to avoid being tempted into spending more than you have. The last thing you want is to go into December in debt and start the new year on a poor financial footing.
Shop online or on apps rather than in-store: Grab the same discount’s from the comfort of your own home.
Be first to know: Sign up for SMS notifications and e-mail newsletters with your favourite retailers. Follow their social media pages to be alerted when new specials become available.
Research, research, research: Don’t get taken in by the hype and don’t fall into the trap of believing that Black Friday is the only time to find a good deal. Do your research and compare where necessary to make sure you are getting the best price. Use price-comparing sites to compare.
Set up online accounts in advance: This can save time during high traffic volumes on retail websites. Setting up accounts includes filling in your details, setting up your preferred delivery address and receiving a log-in and password. Doing this beforehand means you can buy quickly when deals go live.
Be prepared to take a step back: Avoid getting swept up in grabbing every bargain you can get your hands on. If you’re unsure about a purchase, take a moment to step away from the store or the computer screen to think about whether you are making a wise buying decision.
Don’t buy a lemon: Some products may be older models or of inferior quality, added to the specials list to clear stock.
Use those loyalty rewards: Now is a good time to use those points discounts, or cash-back offers you.
Check return policies: Understand the return policies and fees, and make sure you get a receipt.
Compiled by Narissa Subramoney
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