If you walked into the mall this past Thanksgiving weekend with the desire to spend as much as you can, that might not have been a coincidence. A recent article posted for CBS Money Watch outlined several ways retailers utilize tactics to get customers to believe that they need to spend more. The key is to be prepared beforehand before you enter the store to make sure you stay within budget and don't buy superfluous things that you don't need. How do retailers do this? Here are several strategies used by retailers:
You Get a Free Gift with a Qualifying Purchase: The article goes into depth about the cosmetics industry and how getting a free gift might not be worth it if you're overspending on a good that you can find cheaper somewhere else. However, this strategy applies across the board on all retail purchases. Do you actually want the free gift offered and are willing to spend that much money on the gift without the qualifying purchase? Most likely, you may be able to find a better deal if you just buy what you want rather than what the retailer is offering as a deal here.
You're Tired after Dealing with the Black Friday Crowds: Most retailers will offer a big-ticket item as part of their Black Friday promotion. Unfortunately, there is usually a limited amount of these items and unless you camp out early, you might not be able to purchase the item that you went there for in the first place. After fighting for a parking spot and waiting in line, you may feel obligated to buy something to justify the work you put in getting there in the first place. That could lead to an unnecessary purchase.
Discount Items that Are Marked Reference Retail: An item might by significantly discounted from its retail price, but is that retail price actually the price you can find in another store. In many cases, "reference retail" may refer to what a luxury retailer may charge for the item. Therefore, that heavily discounted item may not be as cheap as the discount may have you believe.
If you have been persuaded by these tactics in the past, you may have found yourself in credit card debt. If you do have significant debt, you may want to look at credit cards for bad credit and educational courses to help you restore your credit. Whatever your credit situation, make sure to keep these tactics in mind as you spend money on gifts for your friends and family this holiday season.
You Get a Free Gift with a Qualifying Purchase: The article goes into depth about the cosmetics industry and how getting a free gift might not be worth it if you're overspending on a good that you can find cheaper somewhere else. However, this strategy applies across the board on all retail purchases. Do you actually want the free gift offered and are willing to spend that much money on the gift without the qualifying purchase? Most likely, you may be able to find a better deal if you just buy what you want rather than what the retailer is offering as a deal here.
You're Tired after Dealing with the Black Friday Crowds: Most retailers will offer a big-ticket item as part of their Black Friday promotion. Unfortunately, there is usually a limited amount of these items and unless you camp out early, you might not be able to purchase the item that you went there for in the first place. After fighting for a parking spot and waiting in line, you may feel obligated to buy something to justify the work you put in getting there in the first place. That could lead to an unnecessary purchase.
Discount Items that Are Marked Reference Retail: An item might by significantly discounted from its retail price, but is that retail price actually the price you can find in another store. In many cases, "reference retail" may refer to what a luxury retailer may charge for the item. Therefore, that heavily discounted item may not be as cheap as the discount may have you believe.
If you have been persuaded by these tactics in the past, you may have found yourself in credit card debt. If you do have significant debt, you may want to look at credit cards for bad credit and educational courses to help you restore your credit. Whatever your credit situation, make sure to keep these tactics in mind as you spend money on gifts for your friends and family this holiday season.