Black or Red Friday?
Our thanks to Kim Robinson for this weeks article.
Black Friday - so called because apocryphally it was the date in the US calendar (the day after Thanksgiving) that retailers actually went into the black (profit).
Over the past few years, we’ve seen it become a firm fixture in UK retail calendars too and with news this week that retail sales volumes in October fell to their lowest level since February 2021 we can expect a bumper ‘Black Friday’ on 24th.
Except, Black ‘Friday’ now stretches over several days with credit cards, HP and BNPL (Buy Now, Pay Later) schemes making it easy for people to spend more than they can afford and incur eye-watering interest charges into the 'bargain'.
“From the perspective of the public, BLACK Friday is a time that people can easily slip into the RED”
So, some questions to ask before pressing that 'buy' button....
How much would I actually be prepared to pay for this if it wasn't in the sale (the percentage saving needs to be calculated based on YOUR figure, not the 'usual sale price')?
What will I do with the phone/TV/hoover/handbag that I'm replacing to ensure it doesn't end up in landfill
Are the incremental 'benefits' of the new model vs the old really worth the price tag?
If I'm buying on credit, how much will the interest charged over the months paying it off actually add to the cost - so is it still a bargain?
Have I actually researched the item I'm buying to ensure it's what I really want/need or will I be disappointed by a hasty purchase?
In a world focused on buying things, it's easy to think that having more will make us happy. But that's not true. Possessions might feel good for a little while, but then we just want something else.
Real happiness comes from things like relationships, personal growth, and meaningful experiences.
“When we focus too much on buying things, we forget about what’s really important.”
We end up feeling empty and not satisfied. True happiness isn't about getting more stuff, it's about having a life filled with love, purpose, and contentment.
And that is as true for our loved ones as it is for us, so hold hard against being guilt tripped into buying Christmas presents for friends and family who neither need nor want them.
“Each year, the UK spends £700 million on unwanted Christmas gifts. Consumers throw away approximately £42 million of unwanted presents each year (most end up in landfill). Of all purchases made in the UK for Christmas, only 1% will still be used six months after the big day.”
So, why not agree a 'no presents' pact....or here's a nifty site for allocating 'Secret Santas' - set a limit on what can be spent on a single, thoughtful present or even that all gifts must either be made/composed/fabricated or an item you already own https://www.drawnames.co.uk/secret-santa-generator
Look out for gift-making ideas over the next few weeks.