Black Friday: Economist says take advantage of sales, but keep to a budget
Sasfin Securities economist, David Shapiro has told consumers to spend now if you can. He's been speaking to Newswatch ahead of tomorrow's Black Friday specials.
Shapiro says if consumers had intended to buy products, they could land up saving themselves a lot of money by taking advantage of the sales on offer.
Black Friday in the US takes place the day after Thanksgiving and traditionally marks the beginning of the Christmas shopping season. Shapiro says the name is derived from retailers moving themselves from the red into the black.
"There was always a shopping day that marked the start of the holiday season - the Christmas shopping era. This was the time that they said retailers go into the black - from the red. This is where they make their profits. I think the world has embraced it and now starting to give shoppers some bargains before the holiday season," he said.
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However, Shapiro is warning people not to get caught up in the frenzy and spend money they don't have.
"This is probably a time where you get bargains - and its reverse savings. Normally, you save first and then buy. But here, it's buy first then save. It's unconventional. If you find a bargain - take of advantage of it but don't put yourself in trouble that you're never going to be able to pay it off."
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