Black Friday Myths

The following is a guest post from Andrea Woroch.

The hype surrounding Black Friday seems to get bigger every year, especially as advertising for the shopping holiday continues to creep. Shoppers are being inundated with Black Friday deals, and it’s easy to let the dream of amazing savings overshadow rational purchasing behavior. Hence the mile-long queue in front of Best Buy at 3am.

While there are some great discounts to be had the day after Thanksgiving, there are many myths surrounding this sleep-depraving holiday which you should note before setting your alarm.

1. Black Friday features the lowest prices of the year.

Not exactly. While some products will not see lower prices after Black Friday, door-buster items like name-brand TVs are actually cheaper in December, when retailers begin selling New Year’s models. Toys and winter apparel are also priced at their lowest post-holidays, according to FreeShipping.org’s Best Time to Buy Guide.

2. Black Friday deals are best in-store.

Why else would people camp out on a dirty curb at sub-freezing temperatures? Many of the door-buster items advertised are in limited quantity, say only five per store, and are considered "loss leaders" -- the products a store is willing to loose money on in order to lure customers from their cozy beds and get them in to buy more expensive products. The fact is, Black Friday deals are available online and don't require you to step foot outside to take advantage of the offer. Last year, Macy’s offered the popular KitchenAid mixer for $179.99 online, and Best Buy offered its door-busters online Thanksgiving Day. 

3. Black Friday sales are starting earlier than ever and that means more deals to be had!

Major merchants like Walmart recently announced an earlier jump than ever on Black Friday with doors expected to open at midnight following Thanksgiving dinner. Though a shopping spree may wake a shopper from their turkey comma, the advertised early sales are simply a marketing and pr stunt to get attention and create a sense of urgency among consumers.

4. Black Friday is the most lucrative holiday shopping event.

Cyber Monday takes the cake on this one, actually, becoming the first day in history to eclipse the $1 billion level in 2010. In fact, Free Shipping Day surpassed Black Friday’s sales by $300 million in 2010, and is slotted to go head-to-head with Cyber Monday this year. The free shipping holiday happens on Friday, Dec. 16 this year and expects over 2,000 merchants to participate.

5. Black Friday deals are only offered on Black Friday.

Amazon will once again manage Black Friday Week, where deals are available from Monday, Nov. 21 through Friday, Nov. 25. Though the retailer has yet to announce its 2011 Black Friday schedule, Walmart offered online-only deals on Thanksgiving Day last year.

6. Black Friday is the best day of the year to shop.

While this year’s metrics remain to be seen, Black Friday isn’t always the best day of the year to shop. In addition to Cyber Monday and Free Shipping Day, the Saturday before Christmas is often the busiest shopping day of the year as consumers frantically grab last-minute gifts. With retailers offering spruced up price matching programs (for instance, Sears guarantees to meet competitor's lower price along with an additional 10-percent off) along with other value-driven promotions, savvy shoppers who do their homework can score door-busting deals throughout the season.

Comments

[Catherine]

I save 100% on Black Friday by subscribing to the "Where Would Jesus Shop?" philosophy.

[Linda]

Or they are out of date - an example that comes to mind is KB Toys offering an older Nintendo Gameboy that they no longer made games for....

[Kumar]

Couldn't agree more.

There is a work around to make sure you are not stuck with a bad Black Friday deal. On Black Friday my sister and her neighbor pickup most of what seems like a good deal. They keep the items unused for 3 to 4 weeks while they watch out for more deals in the Holiday season. If they get better deals, they exchange the items. And for the items that they dont need, they simply go back and return. They get their Black Friday shopping fix and also get to make sure they got the good deals on items that really need..not bad huh?