Come November, everyone waits for those “colossal’ Black Friday sales to stock up on winter clothes, shoes, handbags, electronics and household appliances, and even food items. Have you ever stopped to wonder though, whether these deals are indeed worth it?
The answer to this is interesting. Research has found that while some people find extraordinary deals on Black Friday, these deals do not extend across the gamut of merchandise in stores. What stores do to draw customers is offer certain items at extremely cheap rates (so cheap they might even make a slight loss on it), so that you too then purchase other items at full price while you’re there.
However, regardless of this, millions of shoppers grab some exceptional deals on Black Friday.
What exactly is Black Friday?
To the masses, this is the day everyone has waited for all year when products are sold at discounted rates the day after Thanksgiving.
However, the Black Friday story was first connected with a financial crisis. In September 1869, two Wall Street financiers, Jay Gould and Jim Fisk, allegedly drove gold prices higher by buying up as much gold as they could so that they could sell it at increased prices. When their scheme was discovered, the stock market went into free fall, sending a cross-section of people into bankruptcy.
Then came the story that Black Friday sales were when retailers who spent the entire year operating at a loss or ‘in the red’, finally got the chance to make a profit or go ‘into the black’, with the massive sales they brought in on the day after Thanksgiving. This story, however, is not the proper version, either.
The real story has to do with the influx of shoppers and tourists in Philadelphia in the 1950s before the army-navy football match held that particular Saturday each year. The name ‘Black Friday’ was given to it by the police in Philadelphia as it led to bedlam that even resulted in shoplifting. However, this Black Friday connection was later forgotten in favour of more positive outcomes on that day.
The best business day of the year?
Statistics say, yes. In 2022, according to zippia.com, over 196 million shoppers took advantage of Black Friday deals in the US. Although it is widely believed that Super Saturday, the Saturday before Christmas brings in more sales than Black Friday, this is not actually the case.
In 2022, Super Saturday sales saw over 158.5 million shoppers visit stores for their Christmas shopping, which is slightly less than the Black Friday number. Retailers say that the Black Friday weekend leading up to Christmas is the best time in terms of sales and cash flow in the US.
Customer savings
While Black Friday deals are advertised and discussed within an inch of our lives, do we really know how much we are saving on such deals? If it is an item that we have been eyeing for some time and is now suddenly on sale, then yes, this could be classified as a not-to-be-missed deal. However, what often happens on Black Friday is that we spend money on something that we did not plan to buy in the first place because it was a few hundred dollars cheaper than usual. Logically thinking, how could this mean that you’re saving money?
Experts say that because people expect sales and deals on Black Friday, it means that stores can sell certain products at slightly discounted rates to entice customers who would not have usually made such a purchase, to do so. It is also a crafty gimmick to get customers to switch brands when they would not have considered it before.
Keep calm and continue shopping (reasonably)
If you haven’t planned out your spending in November, you are probably approaching the Black Friday sales unprepared and are at risk of overspending. Remember that Black Friday sales span the entirety of November. So, if you go crazy at the first sign of a sale at the beginning of November, you are likely to miss out on even better deals that may come up later on in the month. Know what you want, decide how much you are willing to spend on it, and stick to your original list. Allow yourself perhaps two more items that were not on your original list, so that you don’t end up spending double your month’s salary on sale items, just because you think that you snagged a good bargain.
And don’t forget to keep an eye on Cyber Monday, which is the Monday after Thanksgiving. There could be better deals online on Cyber Monday, that the physical stores do not match.
Also, keep in mind that brands are important. Deals on lower-end brands might not be great in the long run if these brands don’t offer you the same specifications as the high-end brands that are more durable and trustworthy.
Besides, know if the items you buy can be exchanged if there is some problem. A fair return policy should be in place to ensure that you are safe and that you are not left with an item that cannot be used or is working inefficiently.
And for best results on time and money, shop online! You won’t have to stand in long queues, and you will be able to compare the prices against other online vendors to make an informed decision. Of course, be ready for website crashes and huge amounts of website traffic that lead to slow response times.
Whatever you decide, you know what works best for you. Engage family members in shopping for specific items, if necessary, so that there is always someone to rein you in.
As Black Friday 2023 approaches, good luck!
(Anouk De Silva)