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ECONOMY | 11.22.2023

The definitive guide to saving this Black Friday

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Black Friday, with its irresistible discounts and tempting offers, marks the official start of the Christmas shopping season. However, amid the excitement of finding great deals, it is essential to adopt a responsible approach to prevent rampant consumerism and its negative consequences.

According to OCU data, eight out of every 10 Spaniards expect that they will buy something during Black Friday, with the expected average spending of €284 per person, 33% higher than in 2022. In keeping with American tradition, this day of offers always coincides with the last Friday in November, after the Thanksgiving holiday.

Reflect on your real needs and research

A few days before Black Friday, take a moment to reflect on your real needs. Make a list of what you really need or want to buy and set a budget. This will help you resist the temptation to buy impulsively and allow you to focus on acquiring items that really add value. 

Before you decide to buy, research the products that interest you. Compare prices in different stores, check other consumers' reviews and make sure you are getting a good deal. Sometimes, the alleged Black Friday offers may not be as beneficial as they seem at first glance.

Purchase sustainably

Gives preference to companies that adopt sustainable and ethical practices. Find information about their social responsibility policies, their commitment to the environment and people. Purchasing from responsible companies contributes to promoting ethical sales practices and reducing the negative impact on the environment. 

Sometimes the excitement of obtaining a great offer can make us choose lower-quality products. Instead of focusing solely on price, consider the durability and quality of the product. Opting for quality products guarantees a longer useful life and reduces the need for frequent replacements, which is beneficial both for your pocket and for the environment.

By opting for local and sustainable companies during Black Friday, not only are you investing in quality products, but you are also supporting the local economy. Local companies often reinvest their profits in the community, generating employment and contributing to local economic development. In addition, by choosing companies with sustainable practices, an economic model that's more responsible in the long-term is encouraged. 

Remember that every purchase has an environmental impact. From production to transportation and eventual removal, each product contributes to the ecological footprint. Opting for products manufactured sustainably, that are recyclable or with minimum packaging can make a difference. Keep in mind the environmental impact of your choices and make a conscious choice.

Say no to impulsive buying

Black Friday can create a frantic environment that promotes unnecessary purchases. Ask yourself whether you really need the product and whether its purchase is in line with your values and objectives. Avoiding impulsive buying is essential to maintaining a responsible approach during this discount period. 

Rampant consumerism often leads to overproduction and waste of resources. By adopting a more conscious approach to shopping, we contribute to reducing the unsustainable demand for products. This not only has environmental benefits, but can also lead to a more efficient use of resources and a more equitable and sustainable economy in the long term. 

According to the OCU, the best-selling product this day is clothing, specifically the well-known “fast fashion.” To give an example, 7,500 liters of water are necessary just to manufacture some jeans,the equivalent of water that a person drinks for seven years. Fashion consumes nearly 8 million cubic meters of water per year, and is responsible for 20% of industrial water pollution. 

This day can test personal financial stability, as offers and discounts can tempt consumers to spend beyond their means. Maintaining a budget and avoiding impulsive buying not only protects personal finance, but also contributes to general economic stability. A financially stable consumer is a stronger contributor to the economy as a whole.

Search for alternatives

Instead of focusing solely on buying more, consider alternatives to traditional consumption. You can opt for experience gifts such as classes, events or activities that are not only memorable but also more sustainable.

You can also join Giving Tuesday, the initiative that aims to expand good actions and donate to charities instead of accumulating more things, and thus have a positive impact on society. 

Black Friday is all about discounts and offers, but it is crucial to address it with responsibility and awareness. By reflecting on your real needs, researching before buying, supporting sustainable companies, choosing quality products, avoiding impulsive buying, considering alternatives to consumerism and raising awareness about the environmental impact, you can turn your purchases into a more significant and sustainable experience. By doing so, you contribute not only to your personal well-being, but also to the well-being of the planet and society as a whole.

Black Friday can be an opportunity not only to save money, but also to invest significantly in long-term economic health.

 

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