Originally a term used to mark the day after Thanksgiving in the US, Black Friday has since grown and become a global phenomenon.
That phenomenon has now reached as far as New Zealand, Mexico, India, Europe, France, Germany, and Latin America.
In 2022, New Zealand customers spent $67 million on Black Friday deals, cost-comparison website Pricespy said.
But with the cost-of-living crisis being felt across New Zealand, is Black Friday still feasible?
New Zealand inflation rose 6 percent in the June quarter, leaving many consumers feeling the financial pinch.
According to a consumer omnibus survey conducted by Pricespy, 94 per cent of New Zealanders feel impacted by the cost-of-living crisis. A further 48 per cent felt "very impacted".
The survey found consumers had become more sensitive to prices. Ninety-three percent said they noticed price increases in a range of consumer goods such as fuel and foodstuffs.
To help consumers shop smarter this Black Friday, Pricespy has the following tips.
1. Prepare
The best way to get bargains is to prepare. If you know what you want in advance and know the price ahead of time, you will be less likely to get carried away and spend more than intended.
2. Compare the competition's prices
Take the time to check the different prices of the competition. Ask yourself, is the same appliance cheaper at another store? Conduct your own research and see if you are really getting a good deal.
3. Check price history
Looking at the price history of an item can help as well as looking at a competitor's price. Remember if the price is not as good as you would like it to be, walk away.
4. Keep a cool head
Do not get caught up in the market-speak some retailers deploy to get you to make purchases. Remember if it's not the deal you want, walk away. Consumers need to be aware that frauds and unfair price hikes exist. Keep cool and do not panic buy.
