We all want to save and get the best value for our money. Especially in this economy, making ends meet can be challenging.

This is why I’m always on the lookout for sales discounts and bargains. Knowing how to make the best of a sales promotion can help you stretch your dollars further. As newcomers to Manitoba, understanding the local sale culture can make a big difference in budgeting. Whether you’re looking for clothing, home goods, or electronics, here are five tips to help you save during discount season.

Understanding sales strategies

Here are a few common types of sales strategies you’ll encounter:

1. Percentage off discounts

   This is the most common type of promotion, with discounts usually ranging from 5% to 80% (or more) off the original price. Aside from drumming up sales, businesses may give discounts to urge consumers to try their product, especially if it’s new. It’s a great way to attract new customers and a good incentive for loyal customers at the same time. It’s a way of building brand loyalty.
   What you should watch out for: Check for any damage or defects, as heavily discounted items can sometimes be less desirable stock. More importantly, consider whether you really need the merchandize. It’s not really a good buy (and you don’t really save) if you will just stow it away and don’t use it.

2. Specials or Buy 2 get 1 discount

   Stores can also bundle items in sets of 3, 5, 10 or even more. You might find these kinds of offers for food items, small items, or household goods. This works great for items or food that you use often or in great quantity, like cereals and grains. It’s also ideal if items are non-perishable.
   What you should watch out for: Always check the expiration dates on food products. Most of the time, these promotions apply to items that are nearing their “best before” dates. For clothing or other items, ensure that they are styles or sizes you genuinely want. Also make sure you’re buying the same variant to qualify for the discount, unless of course it explicitly says that the discount applies on all variants. For example, if the discount is for diet soda, and you get a mixture of diet and regular sodas, you may not get the discount. This promotion can be a great way to stock up on essentials, but only if it aligns with your needs.

3. Clearance sales

   Clearance sales are a great way to find significant discounts. This is a way for retailers to make room for new inventory. Stores will often feature old styles or models of merchandize, or unpopular/leftover colours and sizes.
   What you should watch out for: Inspect clearance items carefully for any damage or defects, and be familiar with the store’s return policy. Again, don’t be pressured to buy just because of the big discounts. Buying on impulse is not a good practice and can become a habit that can derail your financial goals.

There are other types of promotions, like cash back, loyalty program promotions, discount coupons, or even no tax day sales. Sometimes, consumers can even use multiple offers to increase the discount, which encourages them to buy more.

Tips on how to get the most out of sales and discounts:

1. Buy at the right time

   When is the best time to buy certain items? In Canada, it’s either post-season or when it’s peak demand.

   Post-season sales are another way for retailers to get rid of stocks to make room for new items. An example of this is Boxing Day, or right after Halloween or Christmas, when stores sell candy and Christmas decorations at 50% discount or more. On the other hand, giving out big discounts when demand is high is a marketing strategy to get people going to stores in the hopes that they will buy other things as well.

   However, these timings are more of a general rule. Some types of merchandize, like electronics, can have different discount seasons.

2. Compare prices and delay the action when you can

   This will take more effort, but comparing prices can help you get the best deals. Checking online will make this task easier. Doing prior research can also prevent you from falling for “fictitious pricing.” This is when stores list an original price on a product that does not truthfully reflect prior selling prices. For example, a store declares that the original price of an item is $20 and they’re selling it for $10, which makes it 50% off. However, in reality, the item’s original price was actually $10, which means there really is no discount. This is a deceptive practice under Canada’s Competition Act. Businesses found guilty are ordered to pay a fine.

   Give yourself time to think before you buy. Many of us loosen the reins when spending during sale season because we think that we’re saving, not really spending. This causes us to overspend. You need to pause and not get too caught up in the marketing hype. For example, to curb online impulse buying, add the item in your cart then leave it there overnight. If you still think you need it the next day, then complete the transaction. If not, simply delete the item from your cart.

   When shopping in-store, being mindful comes in handy. To delay the action, take some time and ask yourself six questions:

   1. Why am I here?
   2. How do I feel, or, what’s my mood like?
   3. Do I need this?
   4. What if I wait?
   5. How will I pay for it?
   6. Where will I put it?

   Your answers to these questions will hopefully re-focus your mind and stop you from impulse buying.

3. Set a budget

   Determine how much you can afford to spend during sales and stick to that amount. This approach will help you prioritize your needs and avoid overspending. To make sure that you stick to your budget, consider leaving your credit cards at home and using cash instead. This way, it’s easier to track exactly how much you’re spending.

4. Do an inventory

   Check what you have before going shopping. List the items in your pantry and freezer, and think about possible recipes you can use them for. Shop only for ingredients that you lack, or items you’re running out of. Making an inventory does not only apply to food stuff. A friend of mine has a drawer full of cosmetics but can’t resist buying more make-up when they are on sale. As a result, she has plenty of unopened products that are expired. Come to think of it, I’m the same way with shoes. We all have our weaknesses, but it helps to have a list of items you need. This way, you can focus only on buying what’s on that list.

5. Know the store policy

   Always check the store’s return and exchange policies. Many stores impose “final sale” restrictions especially on items that are on sale. Knowing the policy beforehand can save you from potential hassle and disappointment later on.

By following these tips, you can make the most of sales and discounts while keeping your finances in check. Happy shopping!
 
Sources: False or Misleading Representations and Deceptive Marketing Practices, Canada.ca;The psychology of sale shopping: How to spot and avoid the tricks used to get you spending, Truc Nguyen, CBC; The best times to buy stuff on sale in Canada, Global News; and How to avoid falling for offers during sales, Ritika Dubey, The Globe and Mail. Accessed September 25, 2024.