Research from price comparison platform, PriceMe, reveals 76% of the 100 most popular products last year were more expensive on Black Friday than at other times of the year.
It says one in four Kiwis are sceptical of the sales, but many shoppers still expect to save 40% on fashion and tech.
Chief executive Gavin Male told The Front Page ahead of this year’s Black Friday sales that more than half of their survey recipients said they’re planning to shop.
“The average spend is going to be around $600 with the guys spending more than the girls. They’re spending up to $770.
“So, it seems like there’s a lot of pent-up demand for people who have been waiting for these sales periods and getting ready to spend it up when they come along,” he said.
Male said consumers should be savvy when it comes to marketing practices − especially around sales time.
“One thing to really look out for is yo-yo pricing − when pricing goes up and down between two points it’s regularly on discount and regularly at full price. Just make sure that Black Friday deal is down low and that it is the best price you can get.
“Another common pricing practice is a thing we called ‘rollercoaster pricing’ − like the start of a rollercoaster when you go slowly up towards that big sale period. Some prices do sneak up in some places and then they will have a sudden drop so they can show and highlight those as a massive discount,” he said.
Buy NZ has urged New Zealand consumers to pause and consider the environmental and social impact of Black Friday.
They said the focus on large, chain retailers can negatively impact local businesses and the overall economic health of communities.
“Black Friday can fuel a culture of overconsumption, leading to unnecessary waste and strain on natural resources. However, there is an alternative to Black Friday mayhem,” executive director Dane Ambler warned.
Male agreed, saying with all of the options around tech, fast fashion and the disposable nature of so many products it’s easy to keep purchasing.
“Because the new ones come out and so much focus is given to these launch events that make these new phones, this new technology seems like it’s the greatest thing on search when what we’re currently using is more than adequate,” he said.
Listen to the full episode to hear more about sales events and what we should look out for to get the best deal.
The Front Page is a daily news podcast from the New Zealand Herald, available to listen to every weekday from 5am. The podcast is presented by Chelsea Daniels, an Auckland-based journalist with a background in world news and crime/justice reporting who joined NZME in 2016.
You can follow the podcast at iHeartRadio, Apple Podcasts, Spotify, or wherever you get your podcasts.
