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Black Friday, or the day after Thanksgiving, is the biggest shopping day of the year. Last year, consumers spend over $11.4 billion dollars on this day alone.
It is estimated that 152 million shoppers went to retail stores on Black Friday (remember, there are only 311 million people in the United States, so that is almost 50% of all people living in the US). So, what is it about this day that draws so many people out to shop? Is it the deals?
Is it the allure of being out there (some people have made this a tradition)? Let’s look at whether shopping on Black Friday is a deal, or bust.
The Black Friday Deal
Everyone knows about the deals that retailers offer on Black Friday. They offer TVs at 50% off (or more), or cameras and rock bottom prices. There are also all types of toys and housewares products at incredible discounts. If you want a great deal, shopping on Black Friday may get you some great prices.
Many retailers also offer Black Friday online deals, so you can skip the crowd and elbowing. However, they tend to go just as fast as the store items, so make sure you are staying on top of it.
You can get online deals and online coupons any time you want, but, somehow the deepest discounts are offered on Black Friday. We bought our LCD TV from Wal-Mart on Black Friday. The TV still runs fine and it was bought almost at 50% discount to the market price. We definitely scored on that day.
So does thousand of others on this day, otherwise getting 50% of citizens out of their bed one morning is not an easy job.
The Hidden Truth About Black Friday
However, there is another side to Black Friday that many people forget about because they get caught up in the deals. Here are some things to consider beyond the amazing prices. Some of it I expressed in this previous Black Friday post, where, in an imaginary story, I tried explaining how for most the Black Friday sell is not worth it.
Let’s see few of the hard-facts which makes Black Friday deals not so extra ordinary.
The Brands/Prices: First, you are usually getting an amazing price on a so-so brand. Yes the brand of my TV is Polaroid, they stopped making TV afterwards.
Most of the best prices are reserved for cheap, in-house brands and may not be so great. The TVs in every retailers’ ad are usually specially made for Black Friday for that retailer. You can tell because they have an odd model numbers from the regular series.
The Quantities: The next thing to remember is that quantities are limited. That hot TV or camera will probably only have 50 to 100 units at each store. If you’re not one of the first in line, you’re probably not going to be able to get the best price. And retailers won’t substitute, since, like we mentioned above, they are unique items just for Black Friday.
The Lines: Along with the quantities, you have to deal with the lines. People know there are only a few of each item, and so they start lining up on Thanksgiving Day. Many people wait 12+ hours to be the first in line at each store. Then, even once you get your items, you usually have to wait in huge checkout lines to buy your items.
Not many are prepared to spend 2 -5 hours to score a $100 deal. Any time you visit a mall you can expect to see at least 20% sell being offered at brand name stores. Off-course there are exceptions but, not many to count on.
The Future: Finally, Black Friday many not even have the best deals of the season. For many products, the week leading up to Christmas usually has prices just as competitive as Black Friday, especially on other non-electronics items.
Also, retailers have been trying to spread the Black Friday “magic” over several weeks, and so many offer great deals leading into Black Friday or the week after Black Friday. Look for ads such as “Lowest Price of the Season” or “Lowest Price Ever”, and you know that it is the best price the retailer will offer.
The bottom line is, that unless you’re willing to wait overnight outside of a store, Black Friday is probably going to be more bust than bang. Even though you sacrifice sound sleep to grab a door buster, it probably not worth your time.
Readers, I stated my opinion here. Please tell us about your views on Black Friday deals. Do you think its worth the effort and time? Or, do you think it’s a bust? Eager to know about it.
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My wife and her mom love going out shopping on black Friday. You couldn’t pay me to get close to a shopping area on that weekend. I think they like it more for the excitement and the time spent together than anything else.
yeah I think many go out to have plain fun on the day. Not to score bargains always. We go out as well, but a little late around 9 AM’ish
I normally don’t go but if there is something particular I have been waiting to buy it might be worth it.
What kind would that might be? So you normally go out every year?
I did not know they make special products just for black fridays… I guess I’ll have to take your word on that because black friday = I’m sleeping. 🙂
haha nice one. So you never go out?
If there is something particular that you’re wanting and you’ve done your research on prices, it might be worth it. We got two really good deals last year because that’s all we bought!
Michelle, if you calculate the opportunity cost, was the time spent worth the savings you scored?
I used to get suckered into going to these things, especially when I was in college. After going to a few and buying a flat screen TV, mp3 player, laptop, etc. you start to run out of things to buy. Worse, a lot of the “deals” I got were the no-name brands you mentioned. The TV my college roommates and I pitched in to get didn’t even last through senior year before it reached end of life. Same with the mp3 player. I now prefer to sleep in on Black Fridays, and buy quality brands more often than not, even if they aren’t as heavily discounted. When in doubt, you get what you pay for.
Absolutely, your example really adds value to this discussion here. We hardly get deals on brand name merchandise.
A friend of ours used to work at Best Buy, and said they marked up prices in the fall so that when they discounted them for Black Friday that the deals would look REALLY good.
I’ve never been a Black Friday shopper – although I’ve bought a few things on Cyber Monday in the past few years!
If this can be proven, this might be an interesting case against the deceptive business practices of Best Buy.
I always avoid Black Friday since the days I worked in retail. I realized the time spent waiting on line and the inferior products offered for those low prices were simply not worth it. Now I prefer to shop on Cyber Monday because there are less hassles and better deals.
I’ve never gone shopping just “because” it’s Black Friday. I think if I needed to replace a big item, like a TV or an appliance, I might try to wait until Black Friday to get a good sale.
So you are not into brand names much, as big brands usually do not offer black Friday deals. I had the same mindset and brought my TV set, fortunately the TV still works.
Ugh! I HATE Black Friday! There is simply nothing that I want/need badly enough that would induce me to enter that maelstrom of shopping madness.
That’s quiet a strong opinion