3 Things Nigerians should buy on Black Friday

Huge discounts are coming on Black Friday but some people make the mistake of buying the wrong things and hence saving only a little amount of money from their shopping. What should a Nigerian buy on Black Friday so as to maximize his benefits? Well, he/she should buy things that are of high value, things he can resell, things that he/she is going to need in the short term.

So, there are 3 ways to gain from Shopping on Black Friday and the first is by buying those high value items as they would become assets you can use later on. The second are items that you can resell for profit while the third are items that you are going to need in the short term.
Prices of items in Nigeria generally rise after December or after Black Friday and you can make profit by reselling them or by just buying them for keeps as it becomes an appreciable asset.

1. High value items: These are items that are of high value and the idea is to buy them when their prices drop the lowest such as during black Friday and here are some examples:

Electronics: Personally, I would recommend stuff like a Big screen HD TV set, laptops, Digital cameras, mobile phones, Playstation consoles and so on but it should be stuff that you'd either need for a replacement or as a first time purchase item. Some electronics sell for as high as N1m but prices can do down by 20% and that already saves you about N200k.

Home and office furniture: It's more expensive buying furniture at the middle of the year than at the end year such as during November's black Friday shopping. This is because prices go really low in November and this helps you to save a lot of money on purchasing them. It is more likely to be cheaper in November than waiting till the next year.

2. Resellable items: There are probably a lot of items you don't need and may never need but because you know that someone else like a company, business client or friend may need them, you could just buy them because of their low prices with the goal of reselling them later on for profit. So, you are essentially buying them to make a future trade rather than for keeps. It's not a bad idea since many people normally buy a lot of stuff during this period and it's not because they personally need them. It's a better way to save your money rather than keeping the cash at the bank and it is always profitable in times of inflation.

3. Short term needs: These are basically things you need in the short term or that you regularly buy within a year. It may be things you are most likely going to buy under a month, 3 months, 6 months or 9 months but usually less than a year. It could be baby diapers, toiletries, books, clothes and other regularly needed items. Rather than wait till the following year to buy them, buying them in advance can save you money because of the big discount in prices, wholesale purchase discounts as well as to protect yourself from short term inflation.