Black Friday is set to have consumers in a shopping frenzy as large retailers and online stores drop their prices at alarming rates.
The National Credit Regulator (NCR) has advised consumers to avoid getting caught by sales gimmicks and approach Black Friday offers with a level head.
The common American tradition of extremely low prices in stores has become popular in South Africa as customers prepare for the festive season.
The Credit Regulator says consumers should not give in to “impulse buying and avoid being tempted by the flood of advertisements in the media.”
Manager of Education and Communication at the NCR Mpho Ramapala says, “We want consumers to be weary, avoid impulse buying and a sale does not mean that you have to buy. Only buy if you have budgeted for it and avoid also using your credit card and your store card. It’s easy to say, but hard to implement. But we are advising consumers to be weary.”
Ramapala has advised consumers to be always careful about their spending.
“Most people in December will (get) their bonuses. It’s the festive season. There’s a lot of impulsive buying and people forget to save for January. Then there are calls to family members and credit providers borrowing money, so don’t. Spend wisely and remember January expenses. They must be sure that they have money for those things their kids will be need.”
