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Black Friday shopping - Facts you need to know being a shopper

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By: tiarajoseph11
on 18th Nov,2015

Learn the basics of the black friday shopping and how to manage your debts in this season.

The day after Thanksgiving is popularly known to us as the Black Friday. The day is also unofficially considered as the beginning of the holiday shopping season. Particularly at this moment every year, most of the stores come up with groundbreaking offers on their every product. To attract the customers, they offer heavy discounts for a limited time. For this reason, customers stand in queues for hours even before the stores open. Consumers become crazy to grab the bargains. Consumers who’re looking for great bargains, holidays are the biggest shopping festival for them in the whole year. This is what the Black Friday is all about. Since last several years, precisely from 2013, Black Friday Sales have started much before Friday. Some stores opened their gates way before time, maybe they started from Monday itself; and, most of the stores start their sales from Thanksgiving Day.

It is good to have a proper budget in this holiday season, but it might not be sufficient enough for the customers. Reports reveal that American shoppers, most of the times, misestimate how much they're getting from a deal and how much they're spending on Black Friday. They also underestimate the time they require to pay off those bills.

Some facts about Black Friday shopping:

**From the reports given by “National Retail Federation” - Approximately $770 is the average spending of a common consumer during this holiday or “Black Friday”. So, in 2015, the total increment in holiday spending may exceed (+)4% than 2014.

**According to a new research, middle-class consumers are capable of paying their dues on time rather than the elite class. As per a survey report - by Harris Poll for NerdWallet.com, high-class families with an income between $50,000 to $75,000 are highly vulnerable to Black Friday debts. The consumers normally take longer time to pay off their holiday bills, which is two months on an average.

**Sometimes, the estimation might go bizarre. Related studies reveal that common people are less likely to pay off their holiday bills than what they anticipate. Moreover, many of these consumers are adding those shopping balances onto their existing balance. As per the report, the balance is near $16,000 on household credit cards.

**Report says, Black Friday deals are not so hot if you compare the prices with the old ones. After researching the ads of several big retailers, it’s clear that approximately 90% of the listed sale prices are the same with the previous year’s Black Friday offers.

**As we said earlier, this is the biggest festival of shopping in the nation; not only retail consumers (more or less 66 million on Black Friday), but also online shoppers shop via computers and mobile devices. Yup, it’s very common today, but do you know that big guns of online shopping like eBay, Walmart, and others are having 400-600 million page views throughout the week? More than 53% of those views come from smartphones or tablets. Not only visitors, the total number of sales is also increasing year by year via mobile devices. Experts have predicted that this year it’s gonna cross $600 million business.

Important tips to avoid Black Friday and Holiday Shopping debts

You can easily understand how much it’s gonna be tough to control yourself in the craze of Black Friday sales. Great deals with great products will force you to spend more than you need to. But, if you use some intellect and be patient, there are certain ways to avoid overspending and save money in this holiday season. They are mainly:

1. Control your impulses, control purchases - List the names of those persons for whom you need to buy gifts, and then purchase specific items. Don’t buy things that aren’t required. Also, don’t add unnecessary people to the list.

2. Prepare a budget for buying - Decide how much you intend to spend. Know your limits, and as soon as you reach your limits, then stop buying. Try to use cash instead of using credit cards, it’ll prevent your credit buying habits. It’ll be easier for you to say “No” if you see you’ve no money left! Don’t carry large amount in cash also. If you require a big amount to buy plenty of things, carry your credit card.

3. Homework is required - Pay attention to advertisements and special offers. Go to your favorite store and ask them about coming offers and deals. Go through the websites of those stores, and make notes of the best deals.

Some people criticize the Black Friday as a symbol of consumerism. Best and worst, in both ways Black Friday keeps that tradition. The more we criticize, even more people gather up for it. But, if you want to shop while keeping your wallet intact, it can be done easily. You just need to gear up your mind and think wisely.

Read on: Black Friday battle: Survival guide to tackle the shopping blow

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