Black Friday is fast becoming Black November, with many retailers now offering discounted prices on goods from the start of the month. That’s a few weeks of extra temptation that may be hard to resist, especially with Christmas around the corner. While Black Friday is when many consumers start ticking items off their Christmas shopping list, it’s easy to get drawn in and over spend.
Recent research has suggested that 33% of adults plan to spend in the Black Friday sales this year, down from 39% last year and 42% in 2019[1]. One reason for this may be down to the Covid-19 pandemic putting financial strain on families who may have been on furlough or had working hours reduced. Despite this reduction, estimations for total Black Friday spending still reach approximately £4.8 billion[1].
External factors
The pressure felt to spend in Black Friday can be immense. Whether it’s parents looking for the newest toys or those wanting the latest gadget (perhaps to keep up with The Jones’), it is really easy for us all to get caught up in the hype, and your employees are no exception.
Of course, there’s absolutely nothing wrong with taking advantage of a great deal and saving some money. The key is not to spend more money than you would have otherwise. Providing your team with a little financial education in this area may go a long way.
Top tips
We’ve put together four really easy tips that you can pass onto your staff that may help ease some of the Black Friday anxiety.
1. Budget
If you want to get your hands on some discounted goodies, make sure you look at what you can afford; create a budget and then stick to it.
2. Is it too good to be true?
It may be useful to check the prices of items you want ahead of discount day to make sure you’re getting a good deal. Check the small print too; if it sounds too good to be true, it may well be.
3. Could I do without it?
Thirdly, and this makes sense to do all year round, not just in November, ask yourself two questions: ‘Do I really need this?’ and perhaps more importantly, ‘can I afford it?’
4. Go offline
If you want to limit your spending but find those deals just too hard to resist, try and limit your time online to avoid being targeted by adverts. As mentioned, there is nothing wrong with getting a great deal, but if you know you can’t afford any additional expenditures this month – read ‘extravagant purchases’ – then avoid the internet as much as is possible (easier said than done, we know!).
