Black Friday (this year it’s Friday 28 November) and Cyber Monday (that’s coming up the following Monday!) are now touted as some of the best days to shop of the entire year in NZ. It might seem like the perfect time to shop for Christmas presents, but it pays to keep a few things in mind – and one in particular!
Welcome to The One Thing! Every week we’re bringing you the one nugget of info that you need to know or didn’t know you needed to know! Whether it’s a tip to make your life a little easier, a pearl of wisdom, something to make you think, or maybe something to make you laugh, The One Thing is here to serve you every Friday!
If you’ve got a suggestion or submission for The One Thing – maybe something about the industry you work in that you think others should know! – please send your thoughts to alice@capsulenz.com. We’d love to hear from you!
Black Friday has been one of the biggest shopping days in the States for eons – where it falls the day after Thanksgiving. And now, even though we don’t celebrate Thanksgiving here in NZ, the Black Friday phenomenon is getting bigger here every year.
You’ll see A LOT of retailers joining in and offering amazing bargains and it can be a difficult day to get through. (Please remember, you DO NOT have to buy something, just because it is on sale! This is not a sign from the universe!!).
If you are looking at partaking in the Black Friday sales though – or the Cyber Monday sales the following week – there are a few things to keep in mind.
PriceSpy says there’s one thing in particular to know and be aware of – the growing trend of deceptive discounting. This is where a retailer hikes up their prices in the lead up to Black Friday and then makes a great sale discount – which may just end up being a lot closer to what they originally sold the product for anyway?!
Their 2023 research showed that 15% of all products listed on its site on Black Friday were “fake sales”.
“You might think that you’re getting 50% off, but you’re not, when compared to the price 30 days ago, it’s more like 20%,” says PriceSpy spokesperson Tim Provise.
So, if you’re making a purchase this year, spend a bit of time researching that item and what its price usually is. A lot of retailers will be saying things like ‘limited stock’ or ‘last few left!’ to try to hurry you into making a purchase, but this is often just a marketing strategy to encourage you into making an impulse buy! Take a deep breath, step away and do your research.
If you’re looking at retailers outside of NZ (there are definitely some big, big sales happening in the States!), Wise has four tips that might also come in handy for shopping in international Black Friday or Cyber Monday sales! Here goes:
Number one: Know what you’re getting into: GST, fees, and duty tax
Incoming parcels are screened by Customs to determine whether duty, GST and/or fees are payable. If you’re purchasing clothes, customs will hold your parcel if the value of your item / shipment is over NZD$1,000.
If they are over NZD$1,000, then duty tax and GST will be calculated on the value of your goods in NZD. Second hand goods aren’t exempt from import duties, so shopping on Vestiaire won’t save you!
Then, if duty and/or GST are applied, you’ll also incur additional fees (IETF and BSEL fees).
Trick: Use Custom’s ‘what’s my duty?’ estimator to understand how much you might have to pay, before you hit purchase.
Number two: Pay in the local currency
Some ecommerce sites will give you the option of paying in your home currency (NZD) or the merchant’s local currency (like USD, for example). If you choose to pay in your home currency and let the overseas merchant convert it, you could be paying what’s called a Dynamic Currency Conversion fee which means you’re at the mercy of whatever exchange rate that the merchant uses.
Trick: Pay in the currency of the country you’re buying from.
Number three: Beware the return fee
We’ve become accustomed to free return fees over the past few years, however many fashion e-retailers are reintroducing them to cover the operational costs associated with returns.
Trick: Always check the returns policy if you’re unsure about your size or your purchase.