The cunning consumer can make huge savings when they buy products at the right time, but when is the right time?
In short, finding the time of year when a particular product’s supply and demand is working in your favour. Don’t worry, this is not an economics article and you don’t need to be an economist to save loads of money on your purchases. A good dose of common sense is all you really need, so let’s dive straight into an example to illustrate some concepts.
Calendars are a very popular Christmas gift and for good reason, given that a new year is just around the corner and calendars are an easy gift they are most popular (and most expensive) just before Christmas. If you wait until January of February however, you can get a huge discount. Applying this logic to other common Christmas gifts that don’t have the inherent expiry date of a calendar can be a good way to save some money. If you wait until Santa is back in the North Pole, you will see massive reductions on Christmas cards and wrapping paper so why not stock up for next year?
This principle of seasonality can be used around other annual festivities (e.g. Valentine’s Day) but the same idea applies to more seasonal products and services as well. Getting married off-season (in the Winter), starting new gym memberships in the summer when people exercise outdoors or have given up on their New Year resolutions, buying winter sports gear in March and April and swim wear when it starts getting chilling outside are all examples of timing that make good financial sense. This strategy works for any non-perishable product that has seasonal demand. Surprisingly even Real Estate has an off-season. People who list their homes in winter are more likely to be desperate to close a deal quickly and less buyers are around to offer competitive bids. Keep that in mind next time you're in the market for a new home.
The opposite of this rule generally applies for food and drink. You want to buy these when they are in season in your location. Avoid buying imported fruits and vegetables and select the ones that have recently harvested in your area. Supply will be at their highest and as they are perishable their sellers can’t afford to wait for the best offer to come along. Take a trip to your local farmer's market or vineyard and you may leave with a bargain. Just remember to consider how much you can consume and how long you can reasonably store the produce.
Another trick is to time purchases around the introduction of new models. This works for mobile phones, cameras and other electronics, its also a sound strategy for fashion, bicycles, skis, cars, refrigerators, and to some extent pretty much anything else that is regularly updated from year to year.
Manufacturers in different industries tend to cluster the release of new models around the same times each year. Samsung typically releases its new mobile phones in March or April and Apply releases its new iPhones like clockwork in September. Product launch cycles can vary by country so do your own research to time your own shopping and remember when the new releases reach the market retailers will be trying to off-load last year’s models and when you can take advantage of the rush to liquidate last season’s stock. That is the right time!
Keep in mind that the larger the item, the more retailers will want to shift them. Larger products consume more of the valuable floor space that they want to dedicate to the next generation of products. Whether that space is in a shop or warehouse it will have higher cost implications for the business holding the inventory.
At Saint Wools our range of chunky knits are most in demand in the winter months and you can find the best prices in from May to August. So if you’re thinking of adding a beautiful Merino statement piece to your home or wardrobe don’t wait for peak season.
Shop now and use discount code SAINTKNITTER for 10% off until September.
To re-cap on what we’ve learned, there are two golden rules for unbelievable bargains:
Ramzi writes about home décor, design and much more. He wants to share interesting things from around the world.
Lana is the creative energy behind Saint Wools. She writes about her love of wool and passion for making the best chunky knit pieces.