How much do you contribute to the Dominican economy and how to benefit from it

Santo Domingo – Black Friday 2022 will be on Friday, November 25th. Officially it is the fourth Friday of the said month, after Thanksgiving, but increasingly, Traders in the Dominican Republic start bidding earlier in the month.

Black Friday or Black Friday picks up on the use of credit and debit cards in the Caribbean nation. The Central Bank of the Dominican Republic (BCRD) confirmed that between November 25 and 28 of last year, NT$8,404.5 million were consumed through bank cards.

According to BCRD data, between 2017 and 2021, purchases on Black Friday left an economic benefit of S$28,156.7 million, which is about US$515.59 million (at the current rate of 54.61 pesos to the dollar).

preventive

The National Institute for Consumer Rights Protection (Pro Consumer) has announced that it is conducting safeguards to avoid misleading ads and defrauding consumers on Black Friday.

As shown, the organization has more than fifty advertising and good business practice inspectors and analysts who travel across major provinces of the country and visit the establishments with the highest commercial flow to date.

Bloomberg Linea spoke with personal finance expert and Vida Finanzas RD editor, Dileiny Concepción, from How to take advantage of the offers without falling into a scam and without compromising the monthly budget?

The first thing he advises is that you do not lose capital by trying to take advantage of offers and checking ability to pay before incurring an expense. “Expenses made using credit cards must have a monetary economic security that allows you to pay the card in court,” he said.

Other tips the expert gives are:

She has a budget To limit purchases to see how much you can buy.

If it is not an emergency, Do not go into debt to make purchases.

Make sure it’s really an offer. If you are going to buy an item, research prices months in advance and compare them to offer prices.

When shopping at local stores, Investigating the facilities of banks, This allows for greater cash availability, longer payments or higher offers.

You have a list of needs or ordered items and give priority to purchases.

Compare prices between stores both in local stores and online.

Since when is it celebrated?

In the Dominican Republic, there is no exact data about when Black Friday began to be celebrated, but in general, the stories go back to 1961, when the streets were crowded with cars in the city of Philadelphia, the day after Thanksgiving. , covering the traffic routes that give access to various commercial establishments, a situation that prompted the local police to refer to the phenomenon as Black Friday. Since then the expression has become more general and in 1975 it was used throughout the United States.