Black Friday discounts are everywhere. Judging by the retailer’s ads filled with language like “must-have deals” and “mighty finds not to be missed,” you’ll believe every deal is too good to pass up.
But what really makes a Black Friday deal worth pursuing? Falling price, availability, and affordability of an item are key factors.
So when the Black Friday sale hits, here are the things you need to consider before you buy.
BEST SALE Item
Prices fluctuate throughout the year, making it clear whether the deal on offer is really the best of the best. Most people can’t say exactly how much a particular air fryer sold two weeks ago or two months ago, and whether that’s different from today’s prices.
“Things that you buy every week, you see the price go up. If it’s something you buy maybe once a year or infrequently, like a pair of shoes, then you don’t know what the normal or previous price was,” said Martin Block, emeritus professor of communications Medill’s integrated marketing said program at Northwestern University.
What can you do to be a better judge? John Boyd, co-founder of ShopSavvy, a price comparison app, says start tracking prices now. Using an app to explore a product’s price history can help you walk through a retailer’s marketing tactics.
“Sometimes it’s hard to spot a good sale because you’re just being bombarded with ‘Oh we have this great sale and either X% off or Y% off’, and no context. at all,” said Boyd.
Familiarize yourself with prices in the days leading up to Black Friday, November 25 this year. ShopSavvy and other shopping tools, like PayPal Honey, can also alert you to discounts on specific items and compare prices between retailers so you can find the best deals.
GOODS IN STOCK
Sometimes getting the gift on your list is more important than getting the deepest discount. The late 2021 shopping season has proven that deals aren’t guaranteed to last: Widespread supply chain difficulties and soaring demand lead to inventory shortages and delivery delays. Many experts believe supply problems will be uncommon this year. However, popular items can still fly off the shelves.
“Some toys, such as consoles and certain games, will most likely sell out,” said G. Tony Bell, assistant professor in the department of supply chain management at Rutgers Business School. fast. “So I would say, definitely buy soon. The price advantage in buying later than buying earlier will be minimal.”
Shopping early can be a step in the right direction even if the product you want is significantly discounted after you buy it.
“Most stores will allow you to return or credit,” says Debra Radway, a certified financial planner and teaching associate professor at Arizona State University’s WP Carey School of Business. to you if it goes on sale within a certain number of days.
Explore your retailer’s return, exchange, and price adjustment policies before you shop so you know what to expect.
IT FITS YOUR BUDGET
Most importantly, a Black Friday deal should fit your budget. A TV in stock and 99% off is still not worth buying if the remaining 1% is out of your price range.
As Bell put it simply: “Buy what you can afford”.
Bell warns against taking new credit for Black Friday purchases – such as credit cards or so-called buy-now, pay-later installment loans – because of potential interest rates or affect your credit score if you are unable to repay the loan.
And it’s a real possibility: According to the 2022 Holiday Shopping Report from NerdWallet, 31% of holiday shoppers who used a credit card to buy gifts in 2021 are still in debt.
“Making a list of people you want to buy for the holidays and setting a budget before you go shopping will really help keep your spending under control over the holiday season,” says Radway.
However, keep in mind that you can completely skip the Black Friday sale. Your loved ones may appreciate something homemade, like a cookie or a heartfelt card, as well as a flashy new gift from the store. And you can save some money. That’s a pretty sweet deal.
