Black Friday 2023: Smart shopping secrets and risks – What consumers should watch out for

Zero hour for this year Black Friday and consumers have done their own research to find the lowest priced products and put them in their cart. To be precise, the citizens are waiting for it to be “red heavy”. offersto obtain the goods they desire without having to reach deep into their pockets.

At a time when stores are filled with huge posters for Black Friday, which falls tomorrow, November 24, i.e. the last Friday of the month, thePresident of the Institute of Consumers (INKA), Giorgos Lehouritis asks consumers to keep their eyes open.

Focusing on the institution of Black Friday that started in the 60s in the USA, it is essentially the start of the Christmas shopping season and takes place on the last Friday of November, the George Lehouritis speaking to Newsbeast he explains that in Greece it does not have the same meaning as it does in America.

“Abroad, especially in America, there are discounts of up to 80% on that particular day. In Greece, however, the same is not true. The percentage of the discount usually does not reach that high and ranges from 30 to 50%, while the duration of the offers is about one week to 10 days”, he notes.

“Consumers should do market research before going to checkout”

In order for consumers to be sure that their purchase will come out a winner, the president of the Institute of Consumers asks them before reaching the checkout to do research.

As he characteristically explains to us, market research is the most important when we talk about offers and discounts. “Consumers must research the product they want before buying, either online or in stores. That’s the only way they’ll be sure to get it at the lowest possible price.” “Those who are older and don’t know the internet should ask someone of theirs to do the research on their behalf or visit physical stores,” he clarifies.

“It has been observed the phenomenon – as in other discount periods – that the pre-discount prices go up, so that they fall to normal, when the percentage of the reduction is applied” explains Giorgos Lehouritis to Newsbeast.

Because Black Friday often acts as a clearance sale for various stores, the president of the Consumer Institute explains that consumers should check all product information to see if it meets their requirements.

“Also, consumers (as we have said they should also do in supermarkets) in each of their purchases should compare the price on the shelf with the price at the checkout.

There are not a few times that it has been observed that these two differ”, Giorgos Lehouritis points out, concluding.

Tips from INKA for Black Friday

• Buy what you really need. Take into account the difficult economic conditions prevailing and do not make unnecessary purchases. Buy what you really need.
• Conduct market research. Locate the products you may be interested in and note their price, so you can more easily get a real picture of the amount of discounts that will be announced.
• Don’t buy a product just because it’s on sale. Study the features of the product you are interested in to make sure it meets your needs and requirements. Look for product quality reviews. Evaluate the final price, not the discount.
• Take advantage of the internet. Use the internet, not only to make purchases, but also to find alternative products, reviews of the product you are interested in, as well as the selling price of the product from other suppliers.
• Price should not be the only criterion. Especially if you intend to buy a product of value (eg mobile phone, computer), it is important to evaluate the reliability and quality of service of the particular seller. Ask other consumers about their experiences, such as the seller’s response to warranty issues.
• Set your budget in advance. It’s obvious that during Black Friday there will be plenty of deals and it will be easy to get carried away. Determine in advance what you need and the maximum amount you want to allocate, taking into account your financial capabilities.
• Find out about the store’s return policy, before making a purchase. Please remember that according to European law, there is no legal obligation for in-store purchases and it is up to each store’s policy whether to accept returns or exchanges. This obviously does not apply to online purchases, where consumers have a right of withdrawal after receiving the product.

At the same time, INKA, through its relevant announcement, urges Greek consumers to know and assert their rights. In this context and on the occasion of the coming day, the New Institute of Consumers lists some basic rights that every consumer should know:

Guarantees

When you buy new products, either in store or online, you are entitled to a minimum statutory warranty of 2 years at no extra cost.
If the product you have purchased proves to be faulty or does not match its advertised specifications, you are entitled to free repair or replacement of the goods and, if this is not possible, a reduction in the value of the goods or withdrawal from the contract.

Information to be provided to consumers

Before you commit to buying a product or service, the seller/merchant must provide you with some basic information in a simple and understandable way.

Among other things, the seller/merchant must inform you about the main features of the product/service, the total price, the terms of payment and delivery, the delivery deadline, the duration of the contract, the policy it applies to deal with complaints, as well as to remind you of the existence of a legal guarantee.

Online or in-store purchases

• If you buy a product remotely (e.g. online) or outside a store (e.g. door-to-door sales), you have a right of withdrawal within 14 days. You can cancel your order for any reason within this time – even if you’ve changed your mind.
• Conversely, if you buy products from a store, under European law you have no legal right to return the products. However, many stores voluntarily give consumers the right to return or exchange products within a certain period. Ask to be informed about the return policy applied by each store.

Advertisements and Unfair Trade Practices

The law prohibits and protects you from deceptive and aggressive commercial practices. “You have the right to reliable advertisements and accurate information” points out in closing INKA.

Source: newsbeast.gr