Oval and advice against compulsive shopping
Although it is not part of our tradition, the Black Friday it is one of the most anticipated moments of the year. As everyone already knows, on Friday 29 November the online and physical stores around the world (or perhaps more) will offer crazy discounts to all their customers, effectively kicking off the Christmas shopping period. Oval, always in favor of a healthy management of one’s finances, he gives some tips to avoid an irrational purchase, which you then regret.
The crazy generational purchases
In the United States alone, where the tradition has its origins, it is estimated that 87 billion dollars will be spent between Black Friday and Cyber Monday (source: finder.com). As for generational differences, the same study states that Baby Boomers – i.e. people born, roughly, between 1945 and 1964 – will spend an average of $ 626, followed by Generation X (1960-1980) with $ 459 and, not least by the Millennials (1981-1996) with 252 dollars. Considering this data, it is clear that people are taking advantage of the event to get ahead on Christmas shopping, as well as to meet their own personal needs.
The important thing is to buy ‘with your head’
The research cited also reports another very interesting fact: 52% of people who bought something on promotion then regretted it.
The reason is not to be found in a defect in the product, but in the user’s impulsiveness who, attracted by the price and, above all, by the discount percentage, lets himself be attracted by completely superfluous objects.
Oval points out that this is the classic phenomenon of compulsive buying, driven by the needs of retailers to maximize sales precisely when people are most likely to do business. It is a very subtle psychological mechanism: we do not need the product, but the maxi-discount, the perception of the deal and, in a certain sense, the idea of “earning something”, sometimes prevails over rationality.
Since it exists, Oval is committed to transmitting the principles to have a careful control over its finances. Speaking explicitly about savings during Black Friday may seem out of place, but even in these cases a rational and less impulsive management of purchases is undoubtedly the best approach.
Instruction manual for Black Friday
In order to make this moment a ‘party’ for customers, you can follow some suggestions: first of all, start immediately to get an idea of the products that may be of interest, perhaps by monitoring the price trend for a few days, observing the objects that you have long desired but which cost too much and make a list of gifts that you would like to buy for yourself or for others – on the other hand, Christmas is close – so as to have it on hand at the start of the offers. However, the most important advice is try to avoid buying based on the feeling of the bargain alone: a product that was not of interest yesterday, will hardly be of interest once the shopping binge is over.
Oval, with its smart savings tools and investments, embraces the concept of simple, inclusive finance within everyone’s reach, but above all healthy and virtuous habits: such as buying what you really want.