Black Friday 2024 is here with amazing deals to attract consumers to grab everything at unbelievable prices. From brands like Abercrombie & Fitch to retail giants, including Amazon, Target, and Walmart, every business in the US has come up with amazing offers for this shopping frenzy holiday season. Deals, offers, and discounts tempt people to make bigger purchases.
This holiday weekend sale makes people buy things they may not need with the money they do not have. Amazing credit card offers let consumers go shopping frenzy and get ripped off. According to various holiday shopping surveys, Americans spend massive amounts of money during this holiday season. Shop surveys stated shoppers are left with an alarming amount of debt after their holiday season.
A shopping survey conducted by Intuit Credit Karma found that one-third of the shoppers in the US have at least $5,000 in debt while leading to the holiday season sale. Another survey conducted by personal finance site WalletHub found that 47 percent of consumers are heading to the holiday shopping season with debt from the last season. NerdWallet also found that 28 percent of shoppers have not paid off their debt from the previous holiday season.
"Americans are entering the holiday season in the red," USA Today quoted Emily Childers, consumer financial expert at Credit Karma.
So, here is a simple guide to shop safely and effectively on this Black Friday sale:
- The 24-hour Rule: Childers suggests people wait for 24 hours before making a purchase. The trick will help them slow down their spending this holiday shopping season.
- Make a Bucket List and Stick to it: Consumers often get attracted to the deals, offers, and discounts during this shopping frenzy season. Eventually, they end up buying things that they don't need. So, making a bucket list and sticking to it will help the shoppers to cut down on their expenses. Sarah Johnson, director of merchandise consultancy at Flourish Retail, said it is worth spending on products already on the must-buy shopping list.
- Comparing Products Prices: Comparing the product prices at various retail outlets will help the consumer save a lot of money during Black Friday sales.
- Set a Budget: A person can avoid unwanted spending with a clear understanding of the debt and plan the expense. Several sites offer holiday budget calculators, which could help shoppers plan their shopping effectively.
- Thrifting: Buying used products is becoming popular among consumers in the US. According to a survey by the research consultancy Retail Economics, nearly 63 percent of people are comfortable with second-hand gifts. The survey about second-hand marketplace found that 28 percent of Americans are neutral about receiving thrift products as gifts.
- Exchange Gift Cards: Shopping frenzy people can enjoy this holiday shopping season without much worry by exchanging gift cards among family and friends.
