Our BIG DAWG SAVINGS ANGEL, Josh shared this GREAT information with me and WIL Listeners regarding Black Friday. A MUST read!
The day after Thanksgiving is known to both retailers and shoppers as Black Friday. The term “black” may sound a bit sinister. For some who avoid the stores on this day at all costs, the term is perfectly appropriate. The rush for a limited number of great deals can drive some shoppers to lose their manners. Why is it called “black?” It reflects the fact that big sales on this top shopping day can tip retailers into the black for the entire year. A handful of loss leaders to a limited number of shoppers can drum up enough excitement to keep the dollars pouring in all day, into the weekend, and throughout the holiday season.
If your plan is to buy major electronics, gaming systems, a new GPS, DVDs, appliances, or other big ticket items, you may do very well to fight the crowds. If, however, you don’t want to fight the masses, or your Christmas list doesn’t include the typical deals offered on this day, you’ll likely do better shopping from behind your computer screen – or at your leisure at local retailers. With the vast majority of Black Friday store ads already posted online, you can make that determination today. The deals have already been happening!
Between you and me, Cyber Monday (The Monday following Black Friday) is much more my style than Black Friday. However, many retailers have already started offering online deals on consumer electronics. The National Retail Federation reported that 42 percent of holiday shoppers did some online shopping last year. This year, the number is expected to jump significantly. Also, retailers are expecting to see an increase in mobile shopping.
The most exciting news for you and I is that the number of deals we’ve already been seeing marks a significant acceleration of pre-Thanksgiving activity. Retailers are fighting harder than ever to secure an early share of holiday spending. This may translate into better deals than ever before.
This doesn’t mean that shoppers will be spending like they did before the recession. According to The National Retail Federation, people will spend $25 less than last year ($715). This is the third consecutive year of decreased spending (from a high of $909 in 2007). This trend appears to be leveling – which may be an indicator that the recession is bottoming out.
Black Friday Highlights
Toys R Us is among a handful of retailers who will be opening their doors Thursday night, rather than waiting until Friday morning. After the friends and family have left and the kids are put to bed after a long Thanksgiving day, you can choose from 150 door-buster deals at the toy retailer.
Target will be selling a small assortment of kitchen appliances for $3 on Black Friday. While you can get free shipping on nearly any purchase over $50 at Target.com, WalMart.com has upped the ante by offering free shipping on 60,000 items with no minimum purchase. You’ll get your items shipped to your front door in 3-5 days (with the free standard shipping). This includes most electronics, jewelry and toys, will run through Dec. 20.
My biggest Black Friday tips…
The Black Friday frenzy can make it tough to make an informed decision. One trick is to look for the retailer’s return policy. If it has a 30-day free return policy, you can buy today’s deal and see if a better one crops up.
Don’t buy impulsively at the store if you cannot return the item. Make you mind up on your purchases ahead of time and stick to your plan. If you weren’t swayed by the deal when looking at it in the ad, don’t get caught up in the emotion of “missing out” when you see inventory levels dropping. It’s all part of the sales psychology. There will be other deals to be got this year.
Don’t feel like you must shop on Friday. If you don’t want to fight the crowd and wake up at an atrocious hour, wait for Cyber Monday and watch Black Friday websites between now and Christmas.
Make sure you do not shop impulsively at the grocery store! Sadly, I have seen shoppers throw their grocery budget out the window during December “because it’s the holidays.” This can easily mean an extra $200-$400 LOST because of the desire to shrug off financial commitments. Families struggle throughout winter because of the desire for a month of supermarket shopping freedom. Please resist the urge to let your guard down. SavingsAngel.com and your Sunday newspaper coupons are a perfect way to add hundreds of dollars INTO your Christmas budget. We’ll be offering personal assistance throughout the rest of 2010 to anyone who wants to free up extra money for Christmas from their grocery budget. You deserve a blessed Christmas. With the right planning, you can enjoy great gifts, great food throughout the holidays, and plenty of money left over by the end of it all.