Have you been caught up in the consumer frenzy of this Black Friday period which continues into Monday at many retailers?
On 702's Weekend Breakfast show, certified financial planner Paul Roelofse questions to what extent most purchases over this period are calculated, especially those related to wants as opposed to needs.
I'm sure that there some astute people that do really benefit from it, but I can't help but think that the slice of consumers that are simply swept away, they look afterwards and see that they've actually left themselves a bit worse off than they planned.— Paul Roelofse, Certified financial planner
When we start buying things we think that we should have like inflatable swimming pools, if you got a 30% discount you still spent 70% on something that you didn't really need, or want.— Paul Roelofse, Certified financial planner
Roelofse also asks whether indulging during the Black Friday period affects the traditional Christmas spend and ultimately, retailers experience a slowdown.
What do shops do after Black Friday when all the money that was allocated for the season is all absorbed into this one frenzy feed? We've still got 20-odd days' shopping left.— Paul Roelofse, Certified financial planner
You can't help but think that the banks benefit - there's a huge spin-off with the usage of all the payment instruments and all the transactions that go through on the day. Credit card companies will be a beneficiary as well... also cellphone companies with all the data usage.— Paul Roelofse, Certified financial planner
For more on the pitfalls of Black Friday and perhaps lessons for 2020, take a listen: