A post-war, possibly apocryphal, explanation of the term tells of US retailers running at a loss (in the red) until the day after Thanksgiving when the start of Christmas shopping brought them back into the black.

Today, Black Friday is a global phenomenon. In the UK, Black Friday is closing the gap on Boxing Day as the biggest shopping day of the year (and hijacking the phrase often given by the police and NHS to the Friday before Christmas – no guesses why).

Retailers strategy for Black Friday

Black Friday is the biggest shopping day of the year in the US and highly profitable for retailers, so it’s no surprise that retailers in other countries follow suit.

The retail strategy for Black Friday is simple: pile it high, promote it at full volume and sell it cheap. Retailers piggyback on the Black Friday phenomenon to control their audience and persuade them to spend their money with them.

Five tips to help you survive and thrive on Black Friday

So, survive and thrive on Black Friday by making the most of this excellent retail opportunity without letting the retailers control you.

1. Develop and stick to an annual spending plan (it does not have to start in November). You are in control when you know how much you plan to spend on family gifts, friend gifts, household goods, etc.
2. Create a list of what you want to buy and stick to it. Black Friday is an excellent opportunity to purchase the presents and household goods on your list at a discount – but don’t deviate from your list.
3. Keep your emotions in check. Approach Black Friday with a clear head, knowing how much you want to spend and what you want to buy. Stay in control, and don’t hand power to the retailers.
4. Don’t fall for the sales chat. Stay in control, and don’t come home with stuff you don’t need and maxed out on your credit cards.
5. Choose only retailers that you are happy to buy from. You may favour a retailer because their sales staff are helpful and polite or because you like their sustainability policy. Whatever the reason, it puts you in control and makes spending your money less painful.

Black Friday is a snare for the unwary and a golden opportunity for anyone who has prepared well and keeps control.

Photo attribution

Photo by Marcin Kempa on Unsplash

Audio link

https://audio.com/jeremy_deedes/black-friday/

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