Black Friday myths busted: Beware of Sad Saturday

While the idea of massive discounts will get you through the shop door or filling your virtual shopping cart, the rest of the products on offer might not be such a bargain, cautions Capitec.

"And when you later realise how much you've overspent, you'll have to deal with Sad Saturday and a gloomy Rest-Of-The-Month," it states in an attempt to make consumers aware of certain myths about Black Friday.

Capitec provides some tips to help separate these myths from the facts so that Black Friday doesn't turn into Bleak Friday.

Myth: You can't beat Black Friday prices

This is false, according to Capitec.

"The Festive Season is around the corner and retailers have a month left to lure consumers with attractive deals. On Black Friday, retailers have so-called 'doorbusters'. Those are the big discount deals being advertised to get you into the shop or on their website, but the discounts on the majority of the products are much smaller," says Capitec.  

Myth: It's a once-off opportunity for consumers

"This is false. If you think Black Friday was planned for your benefit, think again. It is intended to get you to spend money. Retailers have not reduced prices to be kind to you, rather it's a chance to drive sales and increase profit before year-end. They want to sell their goods and it won't be at a loss," explains the bank.

Myth: I'm top of the trend

"Not even close. The trend is to declutter and move towards simplicity. Buying things won't make you happy. In fact, every new piece of clutter, technology or clothing you buy can add to your worries because it is something that can be stolen or damaged. The more things you have, the more money you also need to spend on insurance and maintenance," advises Capitec.

"Don’t let it become an excuse to buy things you don't really need and spend money you don't have. Think it through and be smart."

Electronics, clothing and flashy accessories quickly become old, but a new computer for your business or a vehicle to transport your kids to school stand the test of time.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.10
(-0.74)
ZAR/GBP
21.49
(-1.33)
ZAR/EUR
19.32
(-0.59)
ZAR/AUD
11.91
(-0.56)
ZAR/JPY
0.16
(-0.60)
Gold
1793.80
(+0.60)
Silver
18.30
(+0.27)
Platinum
841.00
(+2.62)
Brent Crude
43.07
(+0.70)
Palladium
1927.00
(+0.49)
All Share
55243.80
(+0.72)
Top 40
50922.32
(+0.83)
Financial 15
10086.99
(-0.47)
Industrial 25
76855.87
(+0.55)
Resource 10
52017.34
(+1.71)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1725 votes
I am taking a hit, but should be able to recover in the next year
23% - 2261 votes
My finances have been devastated
34% - 3373 votes
It's still too early to know what the full effect will be
25% - 2448 votes
Vote