5 Ways to navigate the Black Friday frenzy (like a pro)

Published on 1st November, 2023 at 12:31 pm

It’s deals, discounts and sales galore out there! The Black Friday frenzy is in full swing, and you might be hoping to score a bargain or two. Here are five ways to navigate the hype.

Reading time: 3 minutes

In this article you’ll learn:

• The psychological impact sales marketing has on your spending.
• Practical ways to shop responsibly on Black Friday.
• Safe practices for shopping online and in-store.

The psychology of Black Friday

In recent years, Black Friday has become a worldwide phenomenon encouraging people to take advantage of so-called exclusive deals and sales at various retailers. According to The South African College of Applied Psychology, there are three methods businesses use to encourage us to shop:

• FOMO (fear of missing out)
  This plays into the idea that not getting a good deal can make us worried about regretting it later.

• Reward factors
  Shopping tends to make us feel good (it’s not called retail therapy for nothing!), but this can lead to addictive behaviours that cause more spending.

• Group mentality
  ‘Mob mentality’ encourages more reckless behaviours that can cause us to buy into the hype of sales.

Feeling buyer’s remorse? Learn how to build a better relationship with money.

Become a responsible shopper

Set yourself up for success with these five practical tips:

1. Set a budget
   If you are planning to spend this Black Friday, start by setting a budget. Make sure you stick to it and avoid being tempted by seemingly exclusive or limited-time deals. Not sure where to start? Use these budget templates.
2. Pick your purchases
   If you have an item or gift you’ve been eyeing for a while, it’s worth looking for sales on those to save some cash ahead of the festive season.
3. Do your research
   Avoid falling for sales gimmicks by researching prices beforehand. Some retailers hike prices before sales to make the bargains appear even better, when in reality you’re hardly saving. Your free Personal Assistant benefit is a great tool to use when it comes to shopping around to make sure you pay the right price for a product. Try it now.
4. Don’t buy into ‘shopping momentum’
   A study in the Journal of Marketing Research describes shopping momentum to be “when an initial purchase provides a psychological impulse that enhances the purchase of a second, unrelated product”. Meaning, you should avoid making small, seemingly harmless purchases, as this can only make you spend more.
5. Use credit responsibly
   Buying on credit can make it feel like you aren’t spending money, but this can only lead to higher repayments and an amount that never seems to go down. Always use your credit card responsibly when shopping sales and repay what you use as soon as you can.

Stay safe during Black Friday

Shopping at this time of year carries risks, both online and in-store. Make sure you’re prepared and know what to expect so you can protect yourself.

Online

Only buy from reputable websites by checking reviews, location and contact information. Avoid using cookies, if you can, and open websites in private browsers.

In-store

Arrive at an appropriate time and avoid crowds or rushing into shops. If you find yourself in this situation, try to leave safely, and don’t engage in arguments over items (there will always be more).

This Black Friday, use your Sanlam Money Saver credit card to help you save while you shop. Every time you swipe, anywhere in South Africa, Sanlam doubles your 2.5% contribution for a guaranteed 5% Wealth Bonus on the co-save option.