Black Friday: the 4 shopper types and the habits that can help them get ahead

Getting ready for Black Friday? Did you make a list, or do you have a budget? How are you going to stop yourself from blowing the whole December budget? Maybe it will be easier if you knew which kind of shopper you are and the habits that will help you get ahead.

Steven Amey, a personal finance expert and head of intermediated distribution at Ashburton Investments, says there are roughly four spending personalities that can emerge on occasions like Black Friday, with different strengths and weaknesses that require different kinds of financial guidance.

Amey unpacks each profile, along with practical tips to help every personality type enjoy the thrill of shopping while growing their personal wealth over time:

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The impulse spender

Traits: An impulse spender loves the excitement of finding a great deal and does not want to miss out on the latest trends. Fomo (Fear of Missing Out) is your middle name!

“If you are an impulse spender, your energy and enthusiasm can work in your favour, and it is a good idea to channel some of that energy into building a financial future,” Amey says.

Smart money moves for an impulse spender:

• Start saving: The impulse spender would benefit from setting up a small monthly debit order into a flexible savings account or unit trust and using a portion of this fund for an annual Black Friday splurge. The key is to save around 60% of this accumulated wealth every year.
• Turn Fomo into investment curiosity: Instead of spending all your money on the latest gadgets, impulse spenders should consider investing in trending sectors such as green energy, tech, crypto, infrastructure and the like, through exchange-traded funds (ETFs) or unit trusts.
• Start small, stay consistent: Even a few hundred rand a month can grow impressively through compound interest. Everyone wins by enjoying the delight of shopping and the financial security of saving.

Portfolio Tip: The impulse spender could consider investing 40% of their savings into low-risk investments like Income and Money Market Funds, as this portion can be used to fund little luxuries like Black Friday purchases. Another option is to invest 60% into balanced funds, of which approximately 10% can be invested in higher-risk, trend-based investments.

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The cautious thrill-seeker

Traits: This person loves excitement but never jumps in blindly. They do their research first and take calculated risks. “This mix of curiosity and research skills is a powerful combination that can be used to build a portfolio that offers both safety and adventure,” Amey says.

Smart money moves:

• The cautious thrill-seeker is likely to be saving already and understands the benefits of compound interest.
• It is advisable for this kind of spender to keep saving regularly and reinvesting their returns to benefit from compounding.
• Investment options that are ideally suited to this personality type include well-diversified portfolios, combined with more speculative assets such as venture capital, private equity and green technology.
• This kind of spender should keep their long-term goals (5+ years) in mind because there is a thrill in seeing their wealth grow steadily, so they can spend it later on a grand adventure.

Portfolio tip: Cautious thrill-seekers could consider investing 75–90% of their savings in a balanced portfolio, 10% in income funds (perfect for their Black Friday budget) and the rest in more speculative investments for that “adventure” element.

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The aspiring wealth-builder

Traits: This is a disciplined saver and diligent shopper who prioritises wealth creation. They prefer saving to spending and see the bigger financial picture.

Smart Money Moves:

• The aspiring wealth-builder should keep their focus on long-term goals, such as retirement and investing for higher-ticket purchases.
• They can also use tax-free savings accounts to boost returns while lowering their tax bills.
• This personality type is more suited to investments that are less liquid and typically grow over longer periods, such as physical property, private equity, or venture capital. They will also benefit from offshore investing by externalising their assets; they can gain access to investments not available to local investors and simultaneously expose their investments to foreign currencies such as the US dollar, British Pound or Euro.

Portfolio tip: Aspiring wealth-builders could consider investing 70–75% in equities (for growth) and spreading the rest across property, bonds and more speculative investments, while keeping about 5% in cash for unexpected expenses or spontaneous purchases without having to access their long-term savings.

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The highly disciplined investor

Traits: The highly disciplined investor is highly organised, cautious and already in control of their financial journey. “Planning is second nature to them. They have mastered discipline, but it may be time to take calculated risks,” says Amey.

Smart Money Moves:

• The highly disciplined investor is likely to invest towards longer-term investment objectives, have a retirement plan and an “Emergency Fund”.
• However, they may need to be encouraged to explore new, more adventurous opportunities, such as venture capital, private equity, collectables or even gold.
• This financial type would also benefit from taking a leap into offshore and foreign currency exposure to access opportunities not typically available to local investors.
• This kind of person must be nudged to review their portfolios regularly to ensure they are not too conservative.

Portfolio tip: A healthy, growth-focused portfolio often includes 70–75% equities, with the rest spread across other asset classes for balance and diversification.

Final thought: the real Black Friday win

“No matter your personality, the best deal this Black Friday is a stronger financial future,” says Amey. “By balancing your spending habits with smart investing, you can enjoy today and build the wealth you will thank yourself for tomorrow. Just remember to talk to an accredited financial advisor before making an investment decision.”