How your employees can avoid fake Black Friday deals
Help your staff stay out of unnecessary debt this Black Friday
It’s almost that time of the year again – Black Friday. Over the recent years Black Friday has become an online phenomeum that many retailers eagerly await for to help drive an influx of revenue. In the COVID-19 shopping world, retailers will definitely be making a push to drive shoppers online and this is sometimes where they’re able to manipulate consumers psychologically into thinking they’re getting a much better deal then they are.
You can be sure that many people will be looking to grab a technology bargain with the year we’ve all had to endure and with Christmas around the corner too, it seems like a perfect time to get discounted technology for partners, children or the in-laws. But as the economy remains in a slightly unstable position it’s important, now more than ever, that your employees spend wisely over the holiday season and avoid getting into debt from fake Black Friday deals.
Black Friday UK statistics
The Black Friday weekend is now the major shopping event for electrical and technology retailers. It is the biggest category of interest for UK shoppers, with 53% of respondents showing an interest in buying electrical products (PWC)
- The most searched for item is “laptop”
- The total number of visits to Amazon UK on Black Friday in 2018 was 49.98m.
Credit card debt with high interest rates
Black Friday can be a financial burden for consumers. The temptation to grab a deal, or purchase something you’ve needed or wanted for the last 10 months can be overwhelming and many are blinded by the dazzling red sales banners and pressure to buy before time runs out. Often it’s either a thought out decision which someone has been waiting patiently to come around, or it’s an impulsive purchase which isn’t as cheap as you might think.
While some Black Friday deals make it seem like you’re saving money, big sales tend to incentivise people to spend more and take advantage whilst the offers last. Often this leads to consumers racking up debt from expensive purchases or even taking out further credit cards with high-interest rates to help pay for these “deals” – damaging to their present financial burdens and their longer-term credit scores. Although making large purchases on credit cards is advised because consumers are covered by Section 75 of the Consumer Credit Act, many people are still falling into the trap of making large value purchases that they can’t afford to pay off within the dedicated time, therefore attracting interest.
Debt causes stress and anxiety
It’s well known that financial burden increases anxiety and stress. This kind of stress and worry is hard not to follow a person around and may even affect the way they work and perform. To keep all your employees engaged and effective in their roles it’s important that they are not worrying about debt or how they’re going to make the next payment.
Stress is also known to increase illnesses such as memory impairment, depression, autoimmune disease and heart disease. Consumers who get into debt during the seasonal holidays can sometimes find themselves in a never ending cycle of stress and illness which is damaging to their health, decreases their productivity when they are at work, or even results in an increased number of sick days.
So what should you do to try and avoid getting persuaded into a fake Black Friday deal?
1. Have a browse online before Black Friday (approx a month beforehand)
Have something in mind? Want to get a new laptop for Christmas or a Nintendo Switch for the kids? Have a look online at the prices before Black Friday sales start to kick in. This way you’ll roughly know the RRP of the products and this will help you spot any retailers who mark the price up and then show the discounted price as close to the original price as they can get away with.
2. Comparison shop
It can be easy, and all too tempting, to take the first deal of the product you want. People are excited, they’re psychologically in shopping mode, and they’re ready to buy so when they see something they’ve wanted for a while on offer they’ll buy it. The fear that it might go out of stock quickly starts to take over and that’s when impulsive purchases are made.
It’s important to not get lead astray with the excitement of the sales and always compare prices across a range of retailers. You might think you’re getting a good deal, but another retailer might be selling it even cheaper, so always look around for the best price to ensure you don’t spend more than you can afford. Which? recommends using these websites to check the price history of products to make sure you’re not falling into a fake Black Friday deal; PriceRunner, PriceSpy and CamelCamelCamel (Amazon only).
A Technology Benefit can help your employees get the latest tech without getting into financial trouble
Using a Technology Benefit like Let’s Connect’s can help your employees spread the cost of the latest technology through salary sacrifice.
Instead of worrying about paying the cost upfront either from savings that they really don’t want to have to dabble into, or taking out another credit card with high interest rates, they are able to pay for the latest technology monthly from their salary.
View our product range from the latest iPhones and smart watches, to TVs and games consoles to see how we can help satisfy your employees diverse range of technology needs.
