As the holiday shopping season approaches, consumers are getting ready for one of the busiest retail periods of the year, which spans from Thanksgiving Day through Cyber Monday.
Shoppers should be aware that not all Black Friday discounts may be as substantial as they appear. A recent report from WalletHub suggests that around 35% of items at major retailers may not offer any savings compared to their pre-Black Friday prices. This is because some retailers inflate original prices to create the illusion of significant discounts. Consumer savings expert Andrea Woroch advises shoppers to conduct thorough price comparisons before making purchases to avoid being misled by deceptive deals.
The ongoing supply chain challenges, including labor shortages and increased demand, further complicate this year's shopping season. Experts warn that consumers may experience delays in receiving their online orders, especially during peak shopping days like Black Friday and Cyber Monday. The high volume of packages could lead to longer shipping times and increase the risk of items being damaged, lost, or stolen during transit. Consumers who are accustomed to rapid delivery times need to be patient and vigilant. Retailers are likely to adopt more promotional strategies, such as offering discounts and incentives, to encourage early shopping.
While Black Friday is traditionally associated with deep discounts, the actual discounts may vary significantly by product category. Retail experts suggest that consumers can expect markdowns of 20% to 30% on many items, with some retailers offering discounts as high as 50%. However, premium brands, particularly in the activewear sector, are unlikely to exceed discounts of 20% to 30% to maintain brand integrity while appealing to price-sensitive consumers. To maximize savings, it is advisable to focus on specific categories during Black Friday. Fall clothing, consumer electronics like televisions, and certain other items are typically available at competitive prices. Beauty products, footwear, and travel deals are better sought on Cyber Monday and "Travel Tuesday," respectively. Waiting until late December for toys and holiday decorations can also result in significant price drops.
In today's technology-driven era, shoppers are encouraged to utilize various tools to track prices and find the best deals. Price-tracking browser extensions can alert consumers to price changes, enabling them to make informed purchasing decisions. Mobile apps designed for price comparisons can help shoppers identify lower prices at competing retailers, potentially leading to price matching opportunities. Combining discounts and rewards can further enhance savings during the holiday shopping season. By stacking credit card rewards with promotional offers, consumers can maximize their returns on purchases. Retailers with price adjustment policies may also allow shoppers to request refunds if an item they purchased goes on sale shortly after their purchase, providing an additional layer of financial protection.
As the holiday shopping season unfolds, consumers are advised to remain vigilant and strategic in their purchasing decisions. With the potential for misleading discounts and supply chain challenges, taking a proactive approach to shopping can help ensure that consumers get the most value for their money during this critical retail period.