Black Friday sales have started again. To get the real deal, it’s worth following the plan

Tomorrow is Black Friday, the official beginning of one of the biggest sales events of the year.

With so many consumers still feeling the drastic cost of living, they are expected to once again attract bargain hunters in droves.

While some sales have already begun, market research firm Roy Morgan estimates Australian shoppers will spend a record $6.7 billion over the four-day shopping window. This is over 5% more than last year.

For Australians, this is one of the three huge annual sales events. The others take place at the end of each financial year (EOFY) and on Boxing Day.

Even though Black Friday has only recently arrived in Australia, it has quickly become one of the most essential shopping days of the year.

For consumers, navigating sales and avoiding the marketing tricks used by retailers is no mean feat. Here’s what you need to know.

What exactly is Black Friday?

Black Friday as a major sales event originated in the United States. It falls on the day after Thanksgiving, which is celebrated on the fourth Thursday of November each year.

The four-day sales window typically spans the weekend after Thanksgiving and includes “Cyber ​​Monday,” a similar event that was recently held to encourage online shopping.

However, as you may have noticed, this official start date does not prevent retailers from discounting products early, which many do.

Australians do not officially celebrate Thanksgiving. Nevertheless, the sales event has gained considerable popularity here over the last decade.

Initially, this was driven by gigantic American companies operating here, such as Apple and Amazon. However, it was soon adopted and eventually adopted by major Australian retailers.

Some Australian retailers say Black Friday has already happened overtook Boxing Day will become their most essential sales event, and this position may become even more established this year.

It was similar story all over the world. Countries including Canada, Brazil, France and the UK are now celebrating the occasion with their own huge sales events.

How does huge selling work?

Black Friday and other huge sales events are designed to create a sense of urgency. They rely heavily on a phenomenon known as fear of missing out – called FOMO for compact.

Retailers know that shoppers feel pressure to buy when they think they may be missing out. It’s called scarcity marketing.

Retailers have ways of creating artificial scarcity, which can pressure us into making purchasing decisions that are not in our best interests.

You’ve probably seen phrases in stores and online like “only two left!” or “just today.” These tactics are designed to get you to take action.

The extent of savings may also depend on retailers’ vigorous pricing tactics. Many companies employ algorithms to adjust discounts in real time based on customer demand, inventory levels and competitive trends.

Popular products may start with compact discounts, while less popular products receive larger price cuts to attract interest.

How to be a conscious customer

With these factors in mind, there are a few strategies to aid you keep your mind clear.

One tactic is to create a shopping list and understand how essential it is to stick to your predetermined purchasing decisions and budget. Put needs ahead of impulsive desires.

For example, if you need to replace your aged keyboard due to a huge sale, set a budget before you start looking, and try to avoid buying a completely modern computer just because it’s on sale in the store.

Shoppers should prepare for price fluctuations while remaining wary of tactics such as artificially inflated “imitation” discounts, in which original prices are inflated to make the savings seem more attractive.

Our previous one tests showed that price promotions can evoke emotions such as surprise and lead to anticipated regret in customers, influencing their purchasing decisions.

Go in with a plan

Another tactic is to do some window shopping a few days or weeks in advance. This allows you to check and research the products you are interested in. Make a note of their off-price prices for future reference.

Create a list of places to purchase, along with some alternatives. When it comes to shoes and clothing, try them on if you can and note your size. This will aid you act quickly once you start selling.

And in the excitement of sales, don’t forget: if you don’t really want or need anything, there’s always the option of not shopping at all.