Consumers are entering this year’s Black Friday shopping season under increasing financial strain, with a recent McKinsey Global Consumer Sentiment Survey showing 87% of respondents admitting they’re feeling stretched. According to National Debt Advisors CEO Charnel Collins, what appears to be bargain-hunting may in fact accelerate long-term financial pressures if not approached with care.
Many South African retailers are extending Black Friday beyond a single day, with sales spanning several weeks. While this gives shoppers more time, it also increases the risk of impulse purchases and falling for misleading promotions.
Collins warns that retailers sometimes inflate original prices ahead of Black Friday, only to apply a “discount” on those inflated prices, creating the appearance of a significant saving when in fact the end price is hardly better than the usual rate. She also highlights how the time-limited, “while-stocks-last” nature of many offers triggers impulse buying, often driving consumers to purchase items they neither planned for nor need.
Another concern, says Collins, is the temptation to rely on credit when buying discounted goods. While a purchase may look affordable at the time, hidden fees, high interest rates, and other costs can turn it into a long-term burden. Late payments and defaults stemming from such purchases can damage credit scores and undermine future financial stability.
Collins emphasises that the key to a safe and successful Black Friday lies not in chasing every flashy deal, but in disciplined shopping.
“Knowing what you genuinely need, setting a realistic budget, checking the fine print for hidden costs and fees, and using secure, trusted websites when shopping online.”
Local shoppers should stick to well-known stores or verified online sites, carefully check the price of advertised products, and use secure payment methods such as credit cards or trusted online platforms.
Shoppers should also plan purchases in advance, review return policies, and avoid public Wi-Fi when entering personal or payment information.
Safety tips include avoiding carrying large amounts of cash, being aware of your surroundings in crowded stores, keeping personal belongings secure, and not sharing banking details or OTPs with anyone.
Experts emphasise that preparation is key. Shoppers should track orders directly through official retailer platforms and be wary of social media posts promising giveaways or special vouchers, which are often scams.
Black Friday can still be an opportunity to save money, but caution and careful planning remain essential.
Black Friday deals or deception?
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