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Black Friday in Nigeria: What Are The Economics Behind The Biggest Sale of The Year?

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The busiest shopping event is upon us. The time, when the most profitable period in any merchant’s life begins. Black Friday, the day after American Thanksgiving holiday, has found its place in many countries around the world, including Nigeria. Even if you’re not that keen on shopping on sales, it will affect you financially. Here is why.

The economics of Black Friday

Apart from the key GDP factors contributing to the economy, consumer spending plays a vital role in the country’s gross income. Consumers need to spend a certain amount of money regularly as the income and value added tax are embedded in the price of goods. This money is used to finance the state’s responsibilitiestowards the society’s well-being, such as health care and public services. Black Friday marks the biggest sales period in the entire year for the whole country, therefore, its influence on the economy itself, not just on your own budget, is substantial.

Because of major discounts on Black Friday Nigeria shoppers are keener to purchase items they wouldn’t normally think of because of their financial situation. It is also the perfect opportunity to stock up on gifts for friends and family before various family events and celebrations. Both sides of the argument win.

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On a larger scale, however, any country that relies on business’ growth, wants small and medium sized local entrepreneurs to be able to develop as it means more money for the government, and us in the end. More and more local sellers offer discounts and promotions on their products as part of the Black Friday event, which in turn, encourages people to pay taxes in their own country. It promotes goods produced domestically and better quality as the end result.

Why Is It Called “Black Friday”?

Initially, the name of the holiday had absolutely nothing to do with people actually dying. Merchants in the 1950’s United States would mark their profits on post-Thanksgiving sales in the black instead of in the red (when losses occurred throughout the rest of the year), so obviously the name “Black Friday” would easily catch on. Today, unfortunately, with all that shopping madness, which some people aren’t immune to, deaths occur during the shopping sprees and until we learn how to safely take advantage of sales, they will continue to happen.

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If you’re luckyenough not to die on this day from standing in a queue, there is a chance you might get injured. For the past ten years, the number of deaths and injuries have been noted to see how massive discounts make people react to this event. In some cities in the U.S. a police riot force had to be called in to pacify the most violent shoppers who posed real danger to others. The Black Friday death count shows, it might actually be a good idea to stay at home or at work, and find other opportunities to shop for less.

When is Black Friday in Nigeria in 2017 celebrated?

The popularity of the US shopping event, Black Friday, continues to grow at a rapid pace. To celebrate Black Friday, plenty of Nigeria’s online shops are ready to launch special sales and promotional deals for their customers and bargain hunters. Note that Black Friday is not about in­store sales only ­ it will also be a significant day for online retailers who will do their best to make the online shopping experience as easy and pleasurable as possible. How? Thanks to the massive online deals and free delivery offers, customers will be able to participate in Black Friday’s shopping craze also from the comfort of their homes. However, you should act rapidly.

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To enable people of Nigeria to shop safely on Black Friday, and on any other day throughout the year, discount codes websites, such as Picodi.com/ng, offer access to all shopping outlets in the country. The same products are available if you decide to shop personally and online, so not leaving your house to replenish your own stocks is both convenient and safe. You might want to take a look at the merchant’s websites beforehand just to see what’s available in store and when the 24th of November comes you will know exactly what to buy. Thousands of Nigerian Nairas will most likely find their way back into your bank account.




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