LOUISVILLE, Ky. (WAVE) – For many years Black Friday marked the start of the Christmas shopping season.
For many families it has been a long-standing tradition to get up and get out early to stand in line ready to shop, but things change.
The internet has changed shopping at every level. Family traditions can shift, and many American shoppers are plain skeptical when it comes to those Black Friday Deals.
Claudia Phillips is a researcher alongside MarketWatch Guides, a website that provides financial information, business news, analysis, and stock market data.
MarketWatch Guides’ new 3,000 person proprietary survey investigates Americans’ holiday spending habits and sentiments.
“About half of Americans find Black Friday sales questionable to say the least,” explains Phillips according to their survey. “Americans believe that retailers are kind of marking up original prices so that those Black Friday deals look more attractive come the day of the shopping.”
Over half of Americans don’t think retail holidays like Black Friday and Cyber Monday offer good discounts, despite 55% still planning to shop the sales the survey goes on to say.
“There’s definitely a thrill in waiting in a long line at midnight or just participating in a huge, massive crowd deal seeking,” Phillips said.
Most Americans, 57%, admitted they usually exceed their holiday budget, and one in eight indicated they’re still paying off 2023 holiday debt MarketWatch Guides’ survey explained. Phillips says you have to be careful of all the ways you lured in to spending more cash. They’re what’s called “door buster.”
“Door busters are sales that kind of create this idea of scarcity,” explained Phillips. “There are a very limited quantity of items and they’re significantly discounted. Basically, the idea is if you’re in the door you’re bound to shop more. You may buy stuff you don’t need or other things in the store.”
There’s the complicated pricing structure deals.
“Thirty percent off $75 or more sale, well you’re buying more to reach that threshold that you may not need,” explained Phillips.
You don’t get the deal until you spend enough. You end up chasing the deal. Then there’s the bundle deals.
“They could also offer bundled product deals were they’re not actually providing real savings,” shared Phillips. “You may end up spending more for an additional item you don’t necessarily need or is not on your shopping list.”
Of the 12% of Americans still in debt from 2023 holiday shopping, 59% expect to take on additional debt this year the studied shared. Phillips said there is an effortless way for all of us.
“Make sure you have a very succinct plan,” stressed Phillips. You’ve got your shopping list. You’ve got your budget down. There’s no confusion when you’re in that checkout line. It’s all about keeping it in your budget.”
Whether you believe in those Black Friday prices or not in those you certainly believe in a deal.
Track prices on products you’d like to purchase so you’re aware of true price drops on Black Friday or Cyber Monday by using price tracking tools. Click on the links below for examples of a few of those tracking tools;
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