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Black Friday: 5 Myths Debunked

Finance & Money

Posted on Friday, November 5, 2021

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Black Friday! A time to secure some of the best deals money can buy. But it’s important that you separate the facts from the myths before committing to buying anything.

 

 

While Black Friday offers some of the best deals, it’s easy to get caught in a web of bad financial decisions. So let’s separate fact from fiction and debunk some of these Black Friday myths and help you actually score some bargains on your Black Friday shopping spree this year!

 

Myth 1: There are no better deals than Black Friday deals.

 

The festive season is around the corner and end-of-year sales are also starting to pop up, so this is definitely not the last time you’ll get an opportunity to buy goods at a bargain price. So hold off on going wild and rather split your buys. There are going to be more end-of-season sales, so look out for these.

 

Myth 2: Black Friday specials are a one-off opportunity for consumers.

 

The truth is that Black Friday was not designed for the consumer but for businesses with the aim of helping them drive sales and meet their end-of-year targets. In other words, it’s a tactic to get you, the consumer, to spend money!

 

Myth 3: Buying in-store is best.

 

With the risk of being exposed to COVID-19, it’s better to try and buy your goods online rather than from physical stores. Retailers are increasingly moving into the e-commerce space, which gives you greater control over your spending by allowing you to track your total cost in your cart and the choice to shop from the comfort of your home.

 

Myth 4: Black Friday sales begin on Black Friday.

 

This is false. You no longer have to wait until the actual Black Friday to get some good deals. Sales start running before then, you just have to keep an eye out for these deals. It’s becoming more and more common for online stores to have promotional Black Friday sales before and little after Black Friday – Cyber Monday is one example. Check their websites to see what deals are available.

 

Myth 5: Black Friday purchases are returnable.

 

Unfortunately, once a Black Friday sale item has been bought, it’s highly unlikely that you can return it. Most stores are aiming to get rid of this stock to make room for new products. So be careful not to go overboard and purchase items that you might later regret getting. Buy what you need!

 

When doing your shopping in-store, exercise caution and beware of your surroundings. With the hustle and bustle that comes with so many people out and about, you can very easily become a target for pickpockets or have your items stolen. Ensure that you are always vigilant, inside the shops and on your way to your mode of transportation.

 

For more tips on how to prepare for Black Friday shopping, you can read our article titled Are You Prepared for Black Friday?

 

References

 

  1. https://www.budgetinsurance.co.za/blog/money-blog/are-you-prepared-for-black-friday/
  2. https://www.bobvila.com/slideshow/the-9-biggest-black-friday-myths-busted-50664
  3. https://www.thepennyhoarder.com/save-money/surprising-black-friday-facts/

https://www.cnbc.com/2012/11/05/top-black-friday-myths-debunked.html