Stick to the budget on Black Friday

Retail

Many Hungarian webstores started Black Friday promotions this morning. While this is a great opportunity to make significant cost savings, it also bears some risks. K&H Bank has compiled a list of recommendations to avoid the pitfalls.

The Black Friday promotions started in Hungary in 2013 and since then, increasing numbers search out these promotional prices for Christmas gifts shopping. But in the rush for cheap deals, buyers may overlook some details in pricing or shipping which make the purchase a less profitable deal.

A press release sent to Budapest Business Journal lists recommendations compiled by K&H Bank to help identify potential problems:

Be informed about the prices. Some stores raise normal prices a few days before Black Friday and then cut them back as a "promotion", so the customer in fact end up buying the product at the normal price.

Make a list. Buyers tend to be lured by low prices into picking out products they do not really need. Avoid spending over your budgeted amount by sticking to the list of gifts prepared prior to shopping.

Check shipping fees. While many webstores offer free shipping on this day, do not expect that all do so by default. Check the additional costs at checkout to avoid unexpected fees.

Give up the purchase if it is not worth it. Some webstores lure potential customers with huge price cuts for some products but when you get there the product is listed as "sold". In exchange, the customer is offered a less advantageous deal, counting on the customerʼs urge to buy anyway.

Plan the budget together. It is worth involving older children in planning the budget for shopping and sticking to the red line of the maximum money allocated. In this way they will learn that money is limited and that ATMʼs are not an infinite money supply source.

Buy nothing. There are many movements to boycott Black Friday to protest against consumer society and everything it represents.

According to research by Millward Brown, Hungarians plan to spend on average HUF 75,000 per capita during Black Friday, K&H notes.

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