This Friday marks the annual Black Friday. Retail giants filled with “decent” deals will also be filled with hopeful individuals wanting to bring home a bargain. While getting more for less is a plus, there can also be disadvantages to shopping on this dedicated day of discounts.
According to Netivist – an organisation which seeks to empower digital citizens – the American invention of Black Friday as we know it today, popularised in the 1960s, refers to the day after the country’s Thanksgiving when most major retailers opened extended hours and offered promotional discounts. The organisation further notes that the term was originally coined in 1869, referring to the country’s financial crisis.
Now, Black Friday is a worldwide phenomenon, steeped with pros and cons. Here are a few to consider before making your purchase:
Pros
- Great deals: This is easily the most obvious pro. According to UFCU – an American credit union – it is beneficial when the prices on some great gift items are the lowest they have ever been all year.
- Helps stimulate the economy: Netivist adds that Black Friday can also assist stores with getting rid of old stock.
- Provides the opportunity to do Christmas shopping: With the holiday season making its way to the fore, Black Friday allows many shoppers to get what they need for Christmas in advance and at a decent price, notes Netivist.
Cons
- It can lead to overspending: The fact that deals will only be available on a certain day can encourage people to overspend and not stick to their budget, says UFCU.
- Long queues and crowds: UFCU also adds the long lines of people vying for the same discounted items as a con. This can lead to a waste of time and not getting the product you wanted.
- Some deals aren’t really deals: The above-mentioned credit union notes that not all items are at their lowest price. “Some items are cheaper than what you’ll see the rest of the year, but they could also be lower quality versions of the products that the companies usually produce.”
Also see: Safety tips for online shopping
