With the Great Singapore Sale (GSS) starting today, are you ready for the ultimate shopping spree, or will you be holding back to tighten your belt?
Amid a challenging retail environment, the Singapore Retailers Association, told Channel News Asia that, it does not expect to see greater sales numbers as compared to last year.
The sluggish retail environment has caused a decline in sales in the republic, which leads to the fall in sales of all product categories. The retailers said property cooling and loan-tightening measures in Singapore as well as labour restrictions have dampened consumer demand, and the outlook remains gloomy.
However, all is not lost. You can still get the most out of GSS, with these 5 shopping tips, that will keep your greens in your pocket!
1. Get discount on top of discount
Isn’t that a shopaholic’s only real goal in life? Most items on sale during the GSS period are usually a good deal, but what if I told you that you can get additional discount on top of that?
This offer is not easy to come by, but ANZ Optimum World MasterCard, is just the card to accompany you to all your shopping escapades, not just during GSS, but beyond.
Enjoy an additional 10% cash back on dining and shopping during GSS, and you’ll see your savings piling up as you spend.
As if that’s not incentive enough to shop till you drop, the ANZ card also offers up to 50% discount with selected partner merchants.
This card also offers 5% cash back on the chosen category (dining, travel, shopping and leisure), and 1% on any other categories.
As a reward for making the choice to go with ANZ, you’ll also get an S$88 cash rebate upon sign up.
2. Sniff the best deal out
Don’t be peer pressured, or influenced by big signs shouting 50% or 70%. Do your homework before buying.
For example, if you need to replace your TV, you will most probably get a better deal during GSS, but it doesn’t mean the first shop you walk into offers the best deal. Most people get distracted by promotions and marketing campaign.
If the original retail price is higher than others, even with 50% off, it may not still be the best deal out there. Some retailers may have been raising prices over the last few weeks in order to make the “markdown” during GSS look like a great deal.
Discount and savings shouldn’t only come in monetary form, though it is the easiest to gauge. Your time spent and the hassle gone through should also be taken into consideration. Do your research and see if the savings will really be worth the long lines and possible trampling.
3. Bulk up your points from your spending
Don’t let your spending go to waste by not making sure you are milking everything you can from the purchase. By using the right credit card, you can ensure that you will be “rewarded” from your retail therapy.
Two credit cards in the market that can help you maximise your purchases during GSS are the Citibank Rewards Card and the AMEX Platinum card.
The Citibank Rewards Card rewards you with 10x reward points on online shopping and department stores, both local and overseas. If that’s not attractive enough, Citibank knows the way to any shopaholic’s heart is – shopping vouchers! You’ll get free online shopping vouchers just by signing up.
On the other hand, the American Express Platinum Credit Card, also gives 10x membership reward points, but on selected partners only. The best part is you will get a point with just S$1.60 spent, and the points will have no expiry date!
Plus, you can save some money with these welcome gifts such as Samsung Tab, Samsonite, and TUMI luggage, worth up to S$1,376.
4. Cheaper does not always mean better
Sometimes, in the midst of snagging great deals during the sale, we’ve forgotten our investigative shopper skills. Know what you are shopping for before actually hitting the mall will greatly help you stay focus.
If you are looking for a laptop, identify why you need the laptop for. If you are just using it to check emails and surfing the Internet, you probably won’t need such a high-spec machine. However, if you need a laptop for heavy gaming or designing, you may need to spend a little more to ensure the machine you buy is adequate for your tasks.
A S$1,000 laptop may be good for basic tasks including checking email and surfing the web but will perform poorly in the long run. Similarly, a cheaper TV that is not a known brand may run into problems within the first few months of use.
Know what you are shopping for, and why. That will save you a lot of trouble later on.
5. Know your limits
A great deal does not mean you must get it, even if you can’t afford it. That is a fallacy that most people fall into, and end up drowning in debts that are completely unnecessary.
A TV worth S$3,000 and is now being sold at S$1,000 is an extremely good deal. But if you don’t have the thousand bucks, and have no idea when you will be able to save up that amount, it is best for you to walk away.
Sale like GSS is meant to help you save money, not spend more than you should. If you can’t afford to pay it now, or when your credit card statement arrives, just walk away!
With GSS to boost consumer spending, most people forget their logic amidst some pretty crazy deals offered. Be a smart consumer and don’t lose your ahead with the discounts. There are so many ways to maximise your funds during GSS. It takes a little work on the front end, but the extra cash in your pocket is well worth it.
Now, run along and find the best deal you can!
For more financial tips and tricks to optimise your financial lifestyle, visit imoney.sg and learn all the best moves to make with your money.
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