Saturday, November 26, 2022

Experts remind us to welcome Black Friday under inflation: Beware of 3 shopping traps

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,black Friday“(Black Friday) is the highlight of the year when many consumers are gearing up for big purchases, but experts point out that people are more cautious in planning their purchases this year so as not to overspend.”budgetBleeding.

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Non-profit research organization “The Conference Board” (The Conference Board) pointed out that high inflation and an uncertain economic outlook have affected the holiday mood later this year, and many consumers will reduce their budgets when giving gifts .

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However, the low price promotions of “Black Friday” and various discounts for online shopping can make consumers who originally wanted to reduce their spending suddenly lose their success. The National Retail Federation, an industry group, estimates that an estimated 166.3 million people will visit brick-and-mortar stores or shop online this year from Black Friday, the day after Thanksgiving, to Cyber ​​Monday, the highest number of people surveyed in 2017. numbers since inception.

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wall Street“The vast majority of reasonable people would say that enough is a good thing, but the reality is that there will still be overcrowding.”

The joy of shopping for gifts can be overwhelming, but this year in particular is likely to bear fruit, she said, as the US economy heads into recession.

The Wall Street Journal reports that retail industry experts and financial advisors suggest that consumers should pay special attention to three spending traps this year’s “Black Friday” weekend, including:

Cohen said you don’t have to regret it if you don’t head to the store early on Friday, as many of the discounted items have already been discounted for a while. Financial advisor Bryan-Podwin (Lindsey Bryan-Podwin) said that strictly following a shopping list can resist the temptation of unnecessary consumption, and browsing products can also be reduced by unsubscribing from merchant promotional emails.

According to data from wealth management website Bankrate, the interest on co-branded cards jointly launched by retailers and credit card companies is typically around 26.72%, while interest on generic credit cards is around 22.66%.

Resorts, airlines and cruise liners usually launch promotions during Black Friday, so it’s best for consumers to read the detailed instructions carefully before placing an order.

MSC Cruises and Holland America Line offer 40% off on some itineraries, including free-flowing wine and other items, but not for non-drinkers, said Tara Minson, senior associate director of marketing and public relations at travel consultancy InteleTravel. , Buying an itinerary that includes unlimited drinking is a waste of money.

Mason said that many “Black Friday” travel promotions are non-refundable. Consumers must pay a deposit after placing an order, and the date of departure is strictly regulated.

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