Photo: RNZ / Marika Khabazi
Beware of the fear of missing out (FOMO) - that's the message from a consumer rights' group as marketing hype peaks around so called Black Friday sales.
The US tradition of Thanksgiving sales is now well embedded in New Zealand retail culture, but Consumer says people should be wary of pressure tactics particularly those used online, such as a countdown clock, subscription traps or claims there's only one left.
Some banks have also sent out alerts to remind customers to be wary of using the CVV number on the back of their credit cards.
Consumer communications and campaigns adviser Abby Damen told Checkpoint some businesses were trying to tempt customers to make decisions that might not be in their best interests.
People needed to be aware of some of the tactics that were being used.
These included a countdown clock for when people were shopping online giving them just a few minutes to conclude the purchase of an item they had placed in their cart.
"So it's really encouraging you to make an impulse purchase ... it's all about FOMO, it's trying to get you to make that purchase."
The Fair Trading Act made it illegal for traders to mislead (eg on the number of items in stock), however, "it's always going to depend on the context and really retailers and online stores are just playing fast and loose with these marketing tactics and it's really important that people are aware".
Damen said there was no fast or easy way to ensure an item being sold at a particular price was a genuine bargain, however, shoppers could check websites such as PriceMe and PriceSpy which compared prices across several retailers and also how an item was priced over a period of time.
PriceMe had also done valuable research on Buy Now Pay Later and the wisdom of using that for Black Friday purchases.
"We need people to be really cautious."
Consumers should also be on the lookout for potential scams, especially when shopping online, Damen said.
