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Never overpay for popular brands, just shop smartly

(Credit: pixabay) Never overpay for popular brands, just shop smartly
October 21
10:49 AM 2020

Any smart shopper probably spends a good amount of time looking for the biggest deals. However, not every "great find" is terrific. Some of them are not even worth considering. Knowing where to look and what to look for pays out dividends in the future. After all, this is all about teaching ourselves how to use our money more wisely.

The National Bureau of Economic Research states that $44 billion per year is spent on brand items than on generic brands' products. Every product within that research exists on the market under a brand name and "no-name" brand.

The biggest contributor to the notion that branded merchandise is better than generic merchandise is misinformation. Branded companies created such large brand equity that customers do purchase their products. And this is often created by years and decades of tailored marketing. Just ask The Pearl Source, which recently studied the pricing markup difference between brand-name and off-brand products.

Don't overpay, shop smartly

Being armed with this information, you can take steps to shop smartly, not overpaying for many items you want or need. All you need to do is follow a few fool-proof strategies:

Determine your budget and follow it

No matter what you are after, this should be your number one step. You cannot be a smart shopper if you don't exercise this rule. No matter if you shop online or offline, knowing your limits will help you not to hurt yourself by going over the preset budget. Plus, it will be easier to say no to that overpriced piece if you know that doesn't fit your budget predictions.

And once you have that settled, create a:

Comparison list

When thinking about purchasing a new item, comparing prices can save you some big money. Not that you will most probably be able to find generic items with the very same features for half the price, but also give you the bargaining power. When you know the market, even if you enter in a popular brand store, you can put some pressure on the seller to drop the price because of the information you have. Many times, sellers can give you a discount or coupon so you can buy the product. After all, they understand that you can walk out of the store without you purchasing the product, so them dropping the price is the default option.

And while searching for competitors' items, you will also find:

The cost the seller has for a particular product

This is very useful information as you will understand the margin the seller puts between their costs and selling price. This will help you to know how low can you push while they still make a profit out of that sale.

Are you a trendsetter? Because if no, we warmly recommend for you to:

Wait before purchasing the newest product version

No matter if we talk about a new clothing line, phone, or even a car, whenever there is a new product, and there is demand, high prices will follow. Give yourself a couple of years before purchasing it, and your wallet will thank you.

And while we are at that, another trick that will help you is if you:

Pay everything with cash

We pay even up to 50% more when shopping with debit or credit cards. As this is your money being spent, once you make a plan what is that you need to buy and what is the budget for it, withdraw the exact cash you need and pay everything like that. When you pay with cash the purchasing experience is stronger while reconnecting you to your reality to only purchase items that you need. This is especially helpful when being in a popular brand store or jewelry store, as when you see the money that you need to give to the seller for just that item, for sure you will think twice if it's worth it or not.

And to be even easier for you:

Purchase classic clothing

Buying items that will always be styling prevents impulse shopping for fashionable items. Clothing like navy blazers and slacks, dark indigo jeans, white cotton shirts, natural fabric sweaters, etc. can be worn in combination with many garments and accessories, creating a timeless look that doesn't need a lot of money to be created.

Final word

Overall, there are many steps, tricks, and strategies you can use to not fall into the traps' popular brands use. Create your wardrobe by exploring your style, pre-planning your shopping tours, and not being afraid to be classy, as being stylish will always be better than wearing the latest fashion.

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