WEBVTT - Are we being duped by Black Friday?

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<v Speaker 1>Already and this is the daily This is the daily

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<v Speaker 1>ohs oh, now it makes sense.

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<v Speaker 2>Good morning and welcome to the Daily OS. It's Thursday,

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<v Speaker 2>the twenty seventh of November. I'm Emma Gillespie, I'm Zara Seidler.

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<v Speaker 2>For most of the world, Australia included, tomorrow will be

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<v Speaker 2>the biggest shopping event of the year, Black Friday. Now,

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<v Speaker 2>if you have been feeling overwhelmed by sales targeted ads

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<v Speaker 2>once in a lifetime deals flooding your email inbox for weeks,

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<v Speaker 2>now you are definitely not alone. Today we are unpacking

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<v Speaker 2>the origins of Black Friday, how it became such a

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<v Speaker 2>massive phenomenon in Australia, and the sales tactics experts say

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<v Speaker 2>consumers need to know about.

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<v Speaker 1>M We share an office with a retailer shout out

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<v Speaker 1>to we love your underwear. And I was in the

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<v Speaker 1>kitchen the other day asking how Black Friday was going.

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<v Speaker 1>I thought it had happened already, and the founder looked

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<v Speaker 1>at me and was like, nah, that's next week. And

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<v Speaker 1>I had no idea because it feels like it's been

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<v Speaker 1>going on for so long.

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<v Speaker 2>I woke up on Saturday morning to more and more

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<v Speaker 2>emails and I thought, this is crazy because it was yesterday,

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<v Speaker 2>alas it was not.

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<v Speaker 1>It was not, But that is the feeling that it

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<v Speaker 1>is omnipresent, It is everywhere all at once. How did

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<v Speaker 1>this happen? Because I don't remember this always being the

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<v Speaker 1>case in Australia.

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<v Speaker 2>It wasn't always the case in Australia. But as with

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<v Speaker 2>so many pop culture phenomenons and everyday fixtures in our lives,

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<v Speaker 2>this is a US tradition. So Black Friday is traditionally

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<v Speaker 2>the day after Thanksgiving, the holiday in the US which

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<v Speaker 2>falls on the fourth Thursday of November so today. The

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<v Speaker 2>term itself, though, is believed to have been coined by

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<v Speaker 2>police in Philadelphia all the way back in the sixties.

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<v Speaker 2>They used Black Friday to describe the chaos of large

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<v Speaker 2>numbers who visited the city to watch this annual football

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<v Speaker 2>game and Army Navy Thanksgiving game. Right and retailers then

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<v Speaker 2>saw this massive influx of shoppers at the time, they

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<v Speaker 2>started offering discounts to capitalize on those crowds, and the

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<v Speaker 2>name and sales went national across the US from the

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<v Speaker 2>eighties onwards. Then, as we know it headed overseas as

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<v Speaker 2>brands started to tap into global markets. It's shifted exponentially

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<v Speaker 2>with the online shopping era. And I've also heard Black

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<v Speaker 2>Friday referred to black Friday because it's the day retailer's

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<v Speaker 2>bottom lines go from red to black.

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<v Speaker 1>And that being because they get rid of so much stock,

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<v Speaker 1>there are so many sales. Yeah, it is insane to

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<v Speaker 1>me that its origins are in Philly at a game.

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<v Speaker 1>I don't even know what it is, and now it's

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<v Speaker 1>everywhere in Australia. How did it go from there to here?

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<v Speaker 1>How did it come to Australia in such force?

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<v Speaker 2>It came to Australia in twenty thirteen when Apple, who

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<v Speaker 2>was a m twenty thirteen. Yeah, Apple was one of

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<v Speaker 2>the first major retailers to offer Black Friday deals here.

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<v Speaker 2>It's obviously only grown since then, and I think it's

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<v Speaker 2>no coincidence that online shopping has boomed since then. Two

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<v Speaker 2>but interestingly in Australia, and this could be why maybe

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<v Speaker 2>we were slower to the uptake. The term was actually

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<v Speaker 2>quite controversial because black Friday had long referred to these

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<v Speaker 2>devastating bushfires in Victoria in nineteen thirty eight and thirty nine,

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<v Speaker 2>which killed at least seventy one people destroyed more than

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<v Speaker 2>one thousand businesses, so people were quite sensitive about using

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<v Speaker 2>that term.

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<v Speaker 1>Yeah, that's so interesting, and while there may have been

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<v Speaker 1>some hesitation, it certainly feels like it's here and it's

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<v Speaker 1>here to stay. Do you have any numbers on how

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<v Speaker 1>big it has actually become here in Australia?

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<v Speaker 2>Big with a capital b zara. The sales that began

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<v Speaker 2>this week are projected to be worth a record six

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<v Speaker 2>point eight billion dollars for the Australian economy. That's an

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<v Speaker 2>increase of four from last year, and almost half of

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<v Speaker 2>Australian retailers now say that Black Friday has overtaken Boxing

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<v Speaker 2>Day as their biggest sales event of the year. That's

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<v Speaker 2>according to some survey data, by zero. And our expectations

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<v Speaker 2>are higher now too. So until recently, an average discount

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<v Speaker 2>of say twenty percent was enough to kind of draw

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<v Speaker 2>our attention, whereas now that's grown to thirty percent. So

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<v Speaker 2>we need to see a sale discount of about thirty

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<v Speaker 2>percent before we feel compelled to participate.

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<v Speaker 1>I will not even look at it if it's under

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<v Speaker 1>thirty perce well, exactly, no wasting my time.

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<v Speaker 2>It feels too underwhelming, and the demand has gotten so

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<v Speaker 2>big here that Australia Post has actually expanded its delivery

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<v Speaker 2>days to keep up. It's reintroduced seven day parcel deliveries

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<v Speaker 2>in metro cities to keep up with this current rush.

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<v Speaker 1>Yeah, and I want to pick up on something you

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<v Speaker 1>just said before about the nature of the sales, because

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<v Speaker 1>off Mike, you and I were talking about the fact

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<v Speaker 1>that we've seen a lot of tiktoks, a lot of

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<v Speaker 1>chatter online about some companies that suggesting they've got really

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<v Speaker 1>big sales, but when you actually look at it, it's

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<v Speaker 1>perhaps not as big as it seems. What do we

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<v Speaker 1>know about what the nature of these sales actually are, Like,

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<v Speaker 1>are they as good as they see?

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<v Speaker 2>Yeah, well, you are right to be skeptical. Consumer Group

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<v Speaker 2>Choice has actually done some digging into sales tactics this

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<v Speaker 2>Black Friday and then found some pretty concerning patterns. One

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<v Speaker 2>of them that I saw they were pushing was to

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<v Speaker 2>be very aware of when you see a big, flashy

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<v Speaker 2>graphic of say, sixty percent off, you might zoom in

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<v Speaker 2>and see there's very fine print inside that sixty that

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<v Speaker 2>says up to sixty percent off the implication sidewide, But

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<v Speaker 2>it's really not so. Choice also said that one of

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<v Speaker 2>the biggest issues is what it's called was slash now

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<v Speaker 2>pricing to make a discount look more impressive, So was

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<v Speaker 2>one hundred dollars now fifty dollars, for example. But Choice

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<v Speaker 2>is found that in many cases that that was price

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<v Speaker 2>is inflated, or the product was never sold at that

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<v Speaker 2>rice or was very temporarily sold at that price, so

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<v Speaker 2>the discount isn't really as good as it appears.

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<v Speaker 1>I saw a girl on TikTok talking about the fact

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<v Speaker 1>that she had had her eye on this T shirt

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<v Speaker 1>for ages very expensive t shirt, i'll add, but she

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<v Speaker 1>said it was one hundred and twenty dollars and she

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<v Speaker 1>was waiting for it to go on sale, and then

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<v Speaker 1>in these Black Friday sales she says it went up

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<v Speaker 1>to or it was marked at one hundred and eighty

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<v Speaker 1>on discount on sale to one hundred and twenty. She's like,

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<v Speaker 1>I know it was one hundred and twenty. I see

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<v Speaker 1>through this, And there's so many comments of people saying, yeah,

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<v Speaker 1>I've seen this everywhere.

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<v Speaker 2>I think it's a very common experience, which is frankly terrifying.

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<v Speaker 1>Yeah.

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<v Speaker 2>Choice also found examples of products that were cheaper at

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<v Speaker 2>other times of the year than during Black Friday sales,

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<v Speaker 2>which I think is an important note too.

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<v Speaker 1>Yeah, that is really interesting, and so the idea that

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<v Speaker 1>these are the best deals you'll find all year might

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<v Speaker 1>not necessarily be.

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<v Speaker 2>True exactly, And this isn't just happening in Australia. The

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<v Speaker 2>UK Consumer Watchdog tracked thousands of products last year and

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<v Speaker 2>found the majority with the same price or cheaper at

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<v Speaker 2>other times of the year. In fact, only two percent

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<v Speaker 2>of products they tracked were genuinely cheapest on Black Friday itself.

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<v Speaker 1>Gosh, I think tracking behaviors here would be so interesting.

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<v Speaker 1>We've like been primed and conditioned to believe everything we

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<v Speaker 1>are sold.

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<v Speaker 2>Oh, the consumer psychology of it all fascinating is a

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<v Speaker 2>whole other podcast.

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<v Speaker 1>It really is. M That is obviously one side of

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<v Speaker 1>the coin. What else has Choice highlighted could be happening here?

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<v Speaker 2>They highlighted this artificial urgency, which we've touched on a

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<v Speaker 2>little bit, but things like a countdown timer when you

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<v Speaker 2>see warnings of limited stock. You know, you put something

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<v Speaker 2>in your cart and it says only two left, hurry

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<v Speaker 2>or sale end soon. Those kinds of messages are really

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<v Speaker 2>designed to pressure you into buying something immediately without properly

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<v Speaker 2>comparing the prices or thinking about whether you actually need

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<v Speaker 2>the item. There's also this issue of what are called

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<v Speaker 2>doorbustered deals. Now, these are heavily advertised products at genuinely

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<v Speaker 2>low prices, but retailers will often have very limited stock,

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<v Speaker 2>so it creates this hype. But the point really isn't

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<v Speaker 2>for retailers to sell those items. They're trying to get

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<v Speaker 2>you in store or onto their websites where you'll hopefully

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<v Speaker 2>buy something else, or more than one thing. Another tactic

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<v Speaker 2>is the bundle deal. You might see, you know, buy

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<v Speaker 2>two get one free or similar offers, so you might

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<v Speaker 2>not actually need three of something. You're not saving any money,

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<v Speaker 2>you're spending more, but you feel like you're getting more.

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<v Speaker 1>Goodness me, I'm just realizing how many of these tactics

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<v Speaker 1>I've fallen victim.

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<v Speaker 2>Too, you and me both.

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<v Speaker 1>Yeah. Anyway, we'll be back with the rest of today's

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<v Speaker 1>deep Dive after a short note from today's sponsor. Okay,

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<v Speaker 1>Sha m I've already highlighted my vulnerabilities here. I am

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<v Speaker 1>not a very savvy shofer, and I imagine that some

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<v Speaker 1>of our listeners might be feeling the same way. Yeah,

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<v Speaker 1>for anyone who is feeling just a bit overwhelmed by

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<v Speaker 1>everything that is going on around Black Friday. Do experts

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<v Speaker 1>have any advance for shoppers about what to do how

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<v Speaker 1>to navigate this period. Yeah.

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<v Speaker 2>I think. First of all, it's not your fault. It's

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<v Speaker 2>not our fault that we are so enticed by these deals.

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<v Speaker 2>They are designed to get us excited and overwhelmed in

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<v Speaker 2>this way to spend money. But there are a few

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<v Speaker 2>practical steps from the experts, such as doing your research. Now.

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<v Speaker 2>That TikTok example you gave Zara is a perfect one,

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<v Speaker 2>because if there's something you're genuinely planning to buy and

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<v Speaker 2>you have tracked it and take a note of prices

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<v Speaker 2>leading up to the sales, you have more of a

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<v Speaker 2>real world sense of the value of the deal you

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<v Speaker 2>might or might not be getting. There are price tracking

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<v Speaker 2>websites or browser extensions that you can install where you

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<v Speaker 2>can see the price history of products, so do a

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<v Speaker 2>little bit of digging there. Second, I know this is hard,

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<v Speaker 2>but set a budget and stick to it. That's the

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<v Speaker 2>advice that comes up time and time again. The whole

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<v Speaker 2>point of these tactics is to get you to spend

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<v Speaker 2>more than you planned, but having a really clear budget

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<v Speaker 2>can help you stay focused and finally read the fine print.

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<v Speaker 2>There are often tricky returns policies around heavily discounted items.

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<v Speaker 2>Some retailers might make it harder to return sale items,

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<v Speaker 2>so you need to know what your rights are in

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<v Speaker 2>that case and ask yourself if you actually need it.

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<v Speaker 2>I know that this doesn't really align with the girl

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<v Speaker 2>math life that we live, but she asked, because something

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<v Speaker 2>is on sale, yeah, doesn't mean you need to buy it.

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<v Speaker 1>Well, I now have a running list on No one

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<v Speaker 1>asks this, but I'm just going to share it. If

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<v Speaker 1>I have a running list on my phone of like

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<v Speaker 1>things I want, and I will just revisit it every month. Yeah,

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<v Speaker 1>the number of things I take off that list because

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<v Speaker 1>I have not thought about it since I first wrote

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<v Speaker 1>it down. Like I'll have a moment where I'm like, oh,

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<v Speaker 1>I need this, then I'll write it on the list,

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<v Speaker 1>and then I only revisit it on a monthly basis,

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<v Speaker 1>and then I realize, no, I in fact didn't need

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<v Speaker 1>that top in four colors. Smith's so funny because in

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<v Speaker 1>the moment, you feel like you need it and then

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<v Speaker 1>when a better time lapses, you realize.

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<v Speaker 2>You actually don't that it is actually incredible advice.

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<v Speaker 1>I'm going to stay it for my discipline and my willpower.

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<v Speaker 2>Something that happens to me if I impulse by is

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<v Speaker 2>I will get something, and then a few months later

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<v Speaker 2>I'll find almost the same version of it somewhere in

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<v Speaker 2>my wardrobe. Like I'm often repeat purchasing and then realizing,

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<v Speaker 2>oh wait, you have basically this dress already. You just

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<v Speaker 2>forgot your own.

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<v Speaker 1>There you go. We are all just the same at

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<v Speaker 1>the end of the day, aren't we am? I do

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<v Speaker 1>just want to end on I guess a local note.

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<v Speaker 1>We've highlighted the fact that it was a US centric

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<v Speaker 1>thing that has now spread globally, including here to Australia.

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<v Speaker 1>How have OZSI retailers responded to Black Friday this year?

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<v Speaker 2>There is a really interesting divide here between major retailers

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<v Speaker 2>and small businesses. So overall, forty four percent of OUSSIE

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<v Speaker 2>retailers are taking part in Black Friday this year. That's

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<v Speaker 2>I thought, yeah, well, same, but it is up three

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<v Speaker 2>percent from last year according to Deloitte. But we've also

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<v Speaker 2>got this zero survey that found less than forty percent

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<v Speaker 2>of small businesses are participating in Black Friday this year.

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<v Speaker 2>That's down from twenty two percent last year, so a

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<v Speaker 2>massive drop for small businesses. Many say that it's because

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<v Speaker 2>they just can't compete with larger retailers who can offer

0:12:05.120 --> 0:12:08.240
<v Speaker 2>all these deep discounts because of their scale, because of

0:12:08.280 --> 0:12:11.839
<v Speaker 2>their inventory and stock. A lot of slow fashion retailers

0:12:11.840 --> 0:12:13.839
<v Speaker 2>you will hear them talking about that. You know, they

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<v Speaker 2>do their best to price their products fairly year round,

0:12:16.760 --> 0:12:19.600
<v Speaker 2>and they don't have the inventory and the resources to

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<v Speaker 2>match these kind of low low prices. So not every

0:12:22.960 --> 0:12:25.600
<v Speaker 2>business is jumping on the bandwagon. Some are quite vocal

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<v Speaker 2>about the pressure of these sales, and I think it's

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<v Speaker 2>it's up to you as an individual, what businesses do

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<v Speaker 2>you want to support and why. Before we wrap up, though,

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<v Speaker 2>I do have a bonus tip for Black Friday, how

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<v Speaker 2>to make lemonade out of your inbox being completely flooded.

0:12:41.280 --> 0:12:43.800
<v Speaker 2>This is the time of year when you can unsubscribe

0:12:43.840 --> 0:12:46.560
<v Speaker 2>from all the retailers you no longer care about. So

0:12:46.760 --> 0:12:48.440
<v Speaker 2>I've been going through as like a little bit of

0:12:48.440 --> 0:12:50.880
<v Speaker 2>a Black Friday mindfulness exercise.

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<v Speaker 1>I have a culling, yeah, waking up every.

0:12:52.960 --> 0:12:55.480
<v Speaker 2>Morning going unsubscribe, unsubscribed, unsubscribed.

0:12:55.520 --> 0:12:58.040
<v Speaker 1>Yeah, and you've just I mean just a really clear

0:12:58.040 --> 0:13:02.600
<v Speaker 1>note tdaight not reachtailer. You stay subscribed to us. Hang

0:13:02.640 --> 0:13:07.000
<v Speaker 1>out however, everyone else gone, get rid of that. Gone,

0:13:07.200 --> 0:13:09.680
<v Speaker 1>And thank you so much for taking us through that,

0:13:09.760 --> 0:13:12.840
<v Speaker 1>and I guess adding some sense to the madness around us.

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<v Speaker 1>So helpful.

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<v Speaker 2>Thank you, look after yourselves out there everyone the crazy world.

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<v Speaker 1>Thank you for joining us for another episode of The

0:13:19.360 --> 0:13:22.000
<v Speaker 1>Daily oz. We'll be back later today with the headlines

0:13:22.040 --> 0:13:28.560
<v Speaker 1>as usual, but until then, have a great day. My

0:13:28.679 --> 0:13:31.559
<v Speaker 1>name is Lily Maddon and I'm a proud Dunda Bungelung

0:13:31.679 --> 0:13:36.000
<v Speaker 1>Caalcutin woman from Gadigol Country. The Daily oz acknowledges that

0:13:36.080 --> 0:13:38.520
<v Speaker 1>this podcast is recorded on the lands of the Gadighl

0:13:38.520 --> 0:13:41.880
<v Speaker 1>people and pays respect to all Aboriginal and Torres Strait

0:13:41.920 --> 0:13:44.880
<v Speaker 1>Island and nations. We pay our respects to the first

0:13:44.880 --> 0:13:47.400
<v Speaker 1>peoples of these countries, both past and present.