Making Cents: Beware of Black Friday 'bargains'
We are days away from Black Friday, rapidly followed by Cyber Monday, the traditional day for online sales.
Despite increased interest in shopping local, one transatlantic import to the Irish retail scene shows no signs of waning in popularity. We are days away from Black Friday, rapidly followed by Cyber Monday (November 30 this year), the traditional day for online sales.
Given the current level 5 restrictions, these two shopping days have become largely interchangeable and are likely to see a spike in online shopping.
Even those of us who are determined to spend as much as possible with small and local businesses are likely to have a few items to be purchased from a larger retailer. If so, is the next week the right time to buy?
The answer is, it depends. As with any sale, the key thing to remember is — it is only a bargain if you wanted it/would have bought it at full price. Sales are a way for retailers to shift surplus items and clear some warehouse space, so what is on sale may not be what you want to buy.
If a big-ticket item, technology or otherwise, is on your list, hopefully you have already researched the product and have a good idea of the regular retail price. The European Consumer Centre Ireland (ECCI), which has put together some advice for Irish consumers, explains why.
“We’ve all seen examples of 'deals' where retailers simply inflate the prices before reducing them down again in order to give customers the impression of getting 'a huge discount', so it’s advisable to track the price of your chosen product,” the centre says.
“Do your research, compare prices and retailers — look up the price before the sale to make sure you really are getting an actual deal.
“Do that on the websites of several retailers to get the most competitive deal. Always look at the final price rather than the saving discount, which is often vague, such as 'up to XX% off'."
"Make sure that price comparison claims between competitors are fair, verifiable and refer to like-for-like products/versions.”
Take note of the all important phrase ‘while stocks last’. Retailers may be offering a fantastic deal on a much-wanted product, but not every customer is guaranteed to get it. It may be that, ultimately, only a small number of a particular product is available.
The danger is that, having missed out on their preferred deal, the consumer starts looking for similar items and panic-buys something else.
#Shoppingonline? Do you know your #consumerrights? Do you know how to make sure that your #shopsafely? Take our #consumerquiz on our test site here: https://t.co/UAcwjmdwgU #ECCNet #onlineshopping #ecommercebusiness #ecommercestore #ecommercewebsite
— European Consumer Centre Ireland (@eccireland) November 22, 2020
This purchase may be done without the careful research that went into choosing the original product and as a result the consumer may end up with something superficially similar but not suitable.
“Products go on sale all the time these days, so don’t let the over-the-top marketing and feeling of urgency overwhelm your common sense,” the ECCI says.
“Particularly this year when more people migrate online for their shopping, the price deals generated by increased volumes are getting better and more frequent."
"Superior quality products will also be more sustainable and durable, and often come with extended warranty/guarantee which means you are ultimately getting more out of your purchase.”
The centre points out that extra savings may be made by planning ahead and looking for additional savings with no strings attached.
“Many retailers will offer genuine, no-obligation add-ons to deals, such as free delivery, temporary discount codes and exclusive subscribers promotions,” it says.
“It’s worth signing up to retailers’ newsletters, loyalty programmes and/or following them on social media as this may give you early access to deals and additional discounts on top of the sale prices.”
If you want to give the gift of a trip away (or give yourself the joy of knowing a break, whenever it can be done safely, is already paid for) check out Irelandhotels.com's ‘Go Anywhere Gift Card’.
Launched by the Irish Hotels Federation (IHF) and supported by Fáilte Ireland, the card offers flexibility; with a choice of a break away at over 350 participating hotels and guesthouses. The card can be purchased in denominations of €50 to €1,000, and is valid for five years.
Additionally, from Friday November 27 to Monday November 30, if you spend €200, you will receive an additional €20 free.
"There are numerous benefits of purchasing a ‘Go Anywhere Gift Card’ as part of the Black Friday promotion; it offers the best choice for a lovely break away, you’ll have the feel-good factor of supporting our local economy, and you’ll receive €20 free when you spend €200,"IHF President Elaina Fitzgerald Kane said. "Support local, and together let’s make green the new black.” To purchase log on to Irelandhotels.com and select the value gift card you wish to purchase. The gift card can then be delivered instantly electronically, or by post in a signature gift box.
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