The barrage of Black Friday advertisements might have many tempted to whip out their wallets, but experts caution against unnecessary discretionary purchases this year amid inflation and the skyrocketing cost of living.

But reigning in spending is much easier said than done. Bruce Winder, a retail analyst with over two decades of experience, recommends consumers approach this yearB次元官网网址檚 season of super sales with two strategies in mind: preparation and research.

B次元官网网址淢ost people see Black Friday as the kick off to the holiday spending season, and itB次元官网网址檚 true that it can be a great way to save money with some of those intense bargains,B次元官网网址� he said.

B次元官网网址淏ut itB次元官网网址檚 also important to know that not every deal is a good one.B次元官网网址�

Many retailers prepare for the sale months in advance by bulking up manufacturing of selected sale items so they can be sold at heavily discounted prices, or marking down excess inventory. However, retailersB次元官网网址� main source of Black Friday revenue rarely comes from their most dramatically discounted items, Winder said.

B次元官网网址淲here they tend to make a lot of their money is on those middle-of-the-road items you pass by when youB次元官网网址檙e drawn to a store or website by those other, more intense deals,B次元官网网址� he said.

B次元官网网址淪o, you might find yourself buying items that are 20 to 30 per cent off B次元官网网址� since youB次元官网网址檙e in the store or online anyways B次元官网网址� giving you the feel of Black Friday without the aggressive savings.B次元官网网址�

This is where consumers may find themselves lured into buying more than they intended or needed to, and where planning your purchases before heading out on Black Friday is especially important, said Kelly Ho, a Vancouver-based certified financial planner.

B次元官网网址淏lack Friday can be a really great opportunity to save on things that we need, but when it comes to cash flow, thatB次元官网网址檚 really how it needs to be framed B次元官网网址� as a need, or even as a discretionary expense you can actually afford,B次元官网网址� said Ho.

When it comes to making room for discretionary spending, Ho recommended Canadians start by setting concrete financial goals based on how they want the next few years of their life to look.

B次元官网网址淎s a professional, IB次元官网网址檓 not here to tell you to not buy this or not buy that B次元官网网址� what I care about is the bottom line,B次元官网网址� she said. B次元官网网址淪o at the end of the day, itB次元官网网址檚 really about asking yourself, B次元官网网址楧o you want this more, or do you want this more?B次元官网网址橞次元官网网址�

Winder also noted that researching potential purchases is crucial before going into the Black Friday sales season.

He warns some retailers might increase the price of an item a month or so before reducing it on Black Friday, making it appear as though theyB次元官网网址檝e significantly slashed the price, when the difference may be marginal in reality. They may also advertise sale items B次元官网网址� in particular, popular electronics like laptops and cellphones B次元官网网址� with prices comparable to better-quality products that have higher specs or more perks.

However, what Winder predicts millennials and gen Z will need to look out for the most this year are B次元官网网址渂uy now, pay laterB次元官网网址� promotions, where customers can make large purchases and pay them off in instalments over time.

B次元官网网址淚tB次元官网网址檚 not a deceptive practice, but itB次元官网网址檚 one of those things that as a shopper, you need to be careful of,B次元官网网址� he said, B次元官网网址渂ecause you might forget that youB次元官网网址檝e bought a lot of stuff, and suddenly, you get these surprise bills.B次元官网网址�

For young Canadians in particular B次元官网网址� whose cash flow may be limited due to student loan repayments, high rental costs, and other expenses B次元官网网址� these additional payments can pose a serious threat to their financial goals, though they may seem like attractive offers initially.

Ho added that being aware of these kinds of marketing tactics, as well as others like free shipping tied to a minimum spending amount, is essential to reduce the likelihood of getting caught up in the Black Friday hype.

B次元官网网址淭hese may be things that people are aware of as problematic generally, but when youB次元官网网址檙e in the mindset of spending, it can be easier to be susceptible to them,B次元官网网址� she added.

B次元官网网址淪o doing your research and having a list of what you really want and need before shopping will help to keep things in check.B次元官网网址�

And if shoppers are looking at Black Friday as a way of finding the perfect gifts for friends and family on a newly shoestring budget, said Winder, one of the most important things may be learning to re-adjust what we expect of ourselves and others this year.

B次元官网网址淵ou know, people are shy about talking about what they can and canB次元官网网址檛 afford,B次元官网网址� he said.

B次元官网网址淏ut itB次元官网网址檚 a tough time, and itB次元官网网址檚 OK to tell friends and family that you need to cut back a bit B次元官网网址� you just need to give yourself permission to do so.B次元官网网址�

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