The biggest shopping holiday is now behind us & we hope that you got some good deals! And by good deals we mean well researched purchases that you actually needed instead of impulse buys.
Personally, I stocked up on some Le Creuset (my biggest Black Friday indulgence & I only buy things from them on Black Friday!), finally gave into all of the ads I've been seeing and ordered some Sheertex tights for the winter season (their discounts were insane!) and bought some cute glasses for my apartment from Hay (have to admit this was a bit of an impulse buy).
But let's get back to money talk - according to CNBC (read the article here), Americans spent around $300 during the weekend but at the same time credit card debt is at an all time high too. So let's dig a bit deeper to see how your peers afforded all those purchases that you see on social media.🤔
Ever wondered how that one friend of yours seemingly can afford every high-end trend that takes over social media? Well they might not actually be affording it. Here's what your peers say about buying dupes -- more than half of you buy dupes from time to time, a third would just buy a non-branded product instead and 18% of you believe in logos; they'd save up for the real thing instead of buying a dupe.
Proceed with caution. At Frich we're suuuuper against BNPL but the truth is - more and more people are using these services to buy items they wouldn't normally be able to afford. Here's the trick though - you still can't afford it! You're just borrowing money from future you.
Our tip? Reverse the logic. Instead of using BNPL to immediately buy something, save up money instead. While saving up, you'll give yourself time to truly decide if you need that $3000 bag👀
When it comes to your peers though, around a quarter said they use BNPL regularly😔
Yikes. This question was asked on November 25th, the day after Black Friday. And you know what? Already 17% of you regretted something you bought. Hope you kept the receipt...