Every November, Americans are put to the test. Following Thanksgiving, Americans spend millions of dollars in retail stores across the country, as well as online. With storefronts plastered in discount signs, websites with pressuring countdowns, and the illusion of scarcity, many unnecessary purchases are made. Aside from consumers, companies also spend millions of dollars advertising for the holiday, using calculated marketing tactics to maximize sales. This Black Friday, and Cyber Monday, I encourage you to be mindful of your shopping.
It seems like every time you turn on the TV, go online, or walk into a store, a new product or a great deal is being shoved down your throat. There are more options than imaginable on the market. It can be easy to get caught up in the marketing and make purchases that are unnecessary or irresponsible. For example, buying a tenth reusable water bottle when eight of the ones you already have sit in the cabinet most days (speaking from personal experience!). As consumers, it is important to be mindful of what you need, what you want, and what is truly a good deal versus what marketers want you to think is a good deal. As we head into one of the biggest shopping days of the year, here are my tips for you:
- Think about what you already have
Circling back to the water bottle example, buying the newest color or style of trendy water bottle is tempting. However, these bottles are intended to be reused, and minimize consumption. Buying excessive amounts can counteract this intention. In this example, some considerations you could make are
- How often will I use this?
- How many do I already have?
- Of the ones I have, how many do I actively use?
This process can apply to other items such as clothes and shoes. With social media and the seemingly endless amount of new trendy pieces, it is impossible to keep up. Your favorite influencer has on a different outfit every day, so you should too, right? Wrong, outfits are meant to be reworn, which is why we pay money for the clothes. It is easy to get caught up in the social “competition” and forget this fact.
- Think about the money you are saving vs. spending
50% off is a steal! Saving hundreds on that new iPhone is an unmatched feeling, however, so is the feeling of seeing a thousand dollar bill on your credit card statement. Saving money does not equate to not spending money, simply spending less money. If you did not have plans to spend on something, don’t let a sale influence your decision. If you spend money that you would not have spent otherwise, you’re still losing money.
- Be aware of marketing strategies
Stores know how to make you purchase their products. Especially online, pressuring messages and symbols are used frequently. When you are shopping, watch out for strategic wording such as “Get it before it’s gone!” or “Going fast!” Another tactic used is countdowns. A clock ticking down the time until the sale ends is certainly stressful, and can lead people to impulse buying.
Don’t let these strategies make you stress buy! Remember that there is a purpose behind the messages, and don’t let them affect which products you buy.
- Make a budget/guide
Drowning in sale signs and piles of clothes and herds of shoppers is half the fun of Black Friday. However, these things make it easy to forget how much you’re spending, or how much you should be spending. To combat this, don’t be afraid to make a loose budget or shopping guide. You could include things such as amounts you want to spend on specific categories of things, shops, or simply a total you want to stay under.
This holiday season, don’t let impulse buying cloud your holiday spirit. As of 2023, the average consumer spends about $480 on Black Friday, and total spending grossed $75 billion throughout the weekend. Across the country, purchases will be made that result in financial hardship, are unnecessary, or are driven by fear of missing out. Don’t let these occurrences taint your bargain shopping.
