Retail Therapy
Black Friday "deals" are no steals: The fallacy of the shopping craze
Black Friday often isn't worth the rush.Photo by Nick Moir
Don't expect to get the latest Louis Vuitton or Prada products on discount.Photo by Hélène Tarrade
When it comes to Black Friday, here’s a tip. Don’t buy into the hype.
That’s the advice from DealNews CEO Daniel De Grandpre. The DealNews site lists sales and promotions on electronics, clothing, travel and other items, updating offers as they are verified and culling the Internet for coupons and additional savings. The site also has apps for great year-round sales.
“There has been a lot of over-promotion and so many Black Friday sales sooner,” De Grandpre says. “When you think about it, nobody ever got up early and waited in line for a sweater or a pair of jeans. If you feel like you have to do that, then do it for something expensive."
Retailers started rolling out their Black Friday deals after Halloween in an effort to excite shoppers and add some merry to retailer’s bottom line. Walmart, Best Buy and Target are among those who slashed prices well in advance of Black Friday and National Retail Federation President and CEO Matthew Shay says the playing field has changed dramatically with the advent of social media.
“Instead of waiting until Thanksgiving Day to announce their promotions, many retailers are getting shoppers excited about Black Friday by offering sneak peeks of deals in advance,” Shay says.
If Black Friday’s lure is simply too much to ignore, De Grandpre suggests picking up basics like socks and underwear and wait to shop for electronics and toys later in the month of December. Retailers have high hopes for sure though, and many are opening their doors at the stroke of midnight, like Houston Premium Outets. or even four in the morning,like Kohl's and Target. Other stories are completely ignoring tradition and staying opening on Thanksgiving, like Toys "R" Us, Sears and select GAPs.
But that doesn't change some price truths.
“December 7th through the 14th is a good time to shop for electronics and the 7th through the 17th is the best time for toys," De Grandpre says. "Right before Christmas, prices shoot back up. And for those hoping to bag a Louis (Vuitton) or Prada for under the tree, forget about getting any special deals.
“Luxury retailers were emboldened from their success in 2009 of reducing inventory without cutting prices and they will stick to the same in 2010."
This strong stance is a result of the 2008 holiday season that saw luxury labels forced to deeply discount items just to get them off the shelves. The 2008 holiday shopping season was one of the most dismal since 2002, with growth cut to half of the 10-year average at 4.4 percent, according to the NRF.
Of course, shoppers also have the option to blow off Black Friday completely and opt to shop Cyber Monday specials instead. The Monday after Thanksgiving is likely one of the least favorites for employers, since more than 70 million people will shop for gifts from the office Shop.org reports.
The best way to take advantage of one-day Cyber Monday deals is to opt in for e-mails from favorite stores or check out CyberMonday.com, a collection of more than 700 retailers like Williams-Sonoma, Barney’s, Tory Burch, West Elm and UncommonGoods.com. Look for lots of extras this year too, like free shipping specials, dollars off, percentages off and free gifts with purchase.
