Most of us have experienced the adrenaline of waiting in ridiculously long lines and fighting through mobs of tunnel-visioned shoppers on Black Friday. Or perhaps the anxiety of preparing for the best online deals and clicking that ‘Place Order’ button before the dreaded ‘Out of stock’ appears. 😓
Well, we’re here to tell you something important. Black Friday and Cyber Monday are overrated. Don’t buy into the hype and splurge more than you need to. Save your wallet for the more important things in life!
Here’s why you shouldn’t go on a shopping spree this weekend:
It’s a nation-wide marketing scheme.
Basically, it’s a phenomenon created by retailers to generate huge buzz around supposedly heavy discounts in a limited time frame. Same applies for Cyber Monday. The FOMO increases the chance of you splurging in the moment, because you fear the regret that may arise if the prices are up next time you try to buy it. And these two days happen only once a year.
Stores leverage the buzz to trick you.
How easy is it for retailers to artificially inflate the “original price”, so the discount rate could appear higher for a final price that’s actually closer to normal? Pretty easy. In fact, there’s evidence that the true discounts are a lot smaller than they appear. 😡
From a Boomerang Commerce study on 1,000 popular products across Amazon, Jet.com, Walmart, and Target:
Black Friday and Cyber Monday prices were nothing special. Retailers did not significantly discount the vast majority of popular products.
Stores may also increase prices of complementary products to make up for the difference.
Doorbuster products can be low quality.
A lot of them, especially TVs, are false brands sourced from third-tiers manufacturers. And a lot of the products online have low ratings or fake reviews (use Fakespot to test for authenticity of reviews/ratings). You may end up paying more having to replace the items sooner than later.
You can find same or better deals at other times.
Many products can have even better discounts throughout December, Christmas, Day After Christmas, New Years Day and beyond. Here are some examples.
You have more important goals, remember?! 🤔
That music festival you want to attend with your friends. That Spring Break trip you don’t want to miss out on. Those ridiculous tuition fees and student loan payments. Carefully weigh the benefits of the physical things you buy vs the lifelong memories of experiences & the reduction of real world stress.
Introducing Pluto Black Friday weekend spending challenges 🙌
Spend Less on Black Friday Challenge
Set a limit, spend under it, save the difference towards a goal (virtual for now). It lasts from Black Friday through Cyber Monday. That extra $100 spent could go towards a life-changing travel experience. Or help you get ahead of some bills. We’re here to keep you accountable and motivated! 💪
No Spend on Black Friday Challenge
Fight against the overhyped Black Friday weekend and don’t be like the status quo. Motivate yourself by setting a reward amount to save towards a goal if you succeed. 🏆 Plus, it’s got this awesome timer that’ll countdown to the end of Cyber Monday and motivate you to stay strong.
If you fail, no worries. Simply switch over to the Spend Less challenge! 👌
As always, your transactions are automatically tracked and categorized when you link your banks. All ‘Shopping’ transactions will be counted towards the Black Friday challenges by default. If you don’t care about saving for goals, the challenges can still function as a regular spend tracker.
Good luck and stay safe! #avoidthetramples