Globally, the last months of the year are traditionally marked by a boom in consumerism, which arises from holidays such as Thanksgiving, Christmas and New Years. The well-known Black Friday, for example, is characterized by significant sales in retail stores and stores, which motivate citizens to purchase products and/or services en masse, without measuring the possible consequences that this may have.
Against this background, Green Friday appears, an initiative whose main objective of responsible and sustainable consumption is to promote awareness when buying. “This covers some aspects such as acquiring only what is necessary, and preferably, opting for sustainable, environmentally friendly, and locally produced products; that is, bet on recycling, small businesses and second-hand products, instead of impulse purchases that encourage Black Friday discounts”, explains Katarina Zdraljevic, Head of Banco ProCredit's Environmental Management Unit.
Due to the importance of responsible consumption in the current world context, the representative of Banco ProCredit details below some essential aspects to understand and put into practice actions that contribute to strengthening Green Friday.
Effects of Black Friday
- Black Friday emerged in the United States as a representative date for the start of the Christmas season, and in which many companies offer deep discounts, in order to significantly boost their sales.
- This excessive consumption has a direct effect on the environment, which is related to the excessive use of natural resources for production, which generates waste and environmental pollution due to the short use of the products. "These resources are used irresponsibly to be able to offer cheaper prices, and what is equally worrying, there are companies that implement precarious and illegal labor practices for this purpose", points out the specialist.
- Negative consequences can also arise in the social sphere, the most common being over-indebtedness. “Promotions, discounts and long-term financing offers may seem attractive, but if there is no financial planning prior to acquiring products and/or services on this date, people in the future may be prevented from covering the values with which they were indebted , and carry all the problems that arise with it”, warns the Banco ProCredit expert.
Advantages of Green Friday
- Green Friday brings with it multiple benefits. In the first instance, the generation of waste and its disposal in landfills are considerably reduced. "This is important, particularly with clothing and electronic devices, which, in addition to being the most desirable this season, require special recycling", says Zdraljevic.
- Although not many are aware of it, several companies produce low-quality clothing items to increase their profit margin in this day and age. This contributes to “fast fashion”, a business model that involves the production of clothing in large quantities and in a short time, regardless of the damage it may cause to the environment. "Contrary to Black Friday, Green Friday encourages consumers to buy second-hand clothes or clothes made from natural and recycled materials, and by doing so, we not only contribute to caring for the planet, but we also improve the household economy."
- Avoiding excessive and unplanned consumption helps to maintain a healthy financial state. "The idea behind Green Friday is also to encourage responsibility in purchasing decisions, and that, of course, will translate into greater economic peace of mind, by avoiding irresponsible and unnecessary borrowing", remarks the Banco ProCredit executive.
- The strengthening of this sustainable movement demands a commitment from several actors, including the private sector. “From a business perspective, joining the Green Friday initiative shows consumers that the company or brand is committed to the environment, that it is responsible, that it applies good labor practices, and that it seeks to promote the health and well-being of its long-term consumerssays Zdraljevic.
- As for financial institutions, in the same way they can have an impact on the reception that Green Friday may have. “Banks have the ability to promote projects together with sustainable brands, and promote them among their clients”, indicates the specialist. "In addition, just as we do at Banco ProCredit, we can educate our clients on financial issues, with an emphasis on the benefits of saving", Anade.
