Per USA Today, “The supreme shopping weekend is almost here.” The National Retail Federation and consumer research firm Prosper Insights & Analytics forecast that an estimated 183.4 million people will shop in U.S. Stores and online between Thanksgiving Day and Cyber Monday.
Here are some things YOU should know about Black Friday – plus misconceptions & what to do if you missed it!
What is Black Friday?
In the U.S., Black Friday is the busiest shopping day of the year, with consumer purchases surpassing other shopping holidays such as Cyber Monday and Small Business Saturday. (Please link to our article on Small Business Saturday) Black Friday occurs annually on the Friday following Thanksgiving. During this day, consumers are focused on purchasing holiday gifts at retail brick and mortar stores and/or online.
Based on previous years, typical top-desired items are:
- Electronics
- Clothing & accessories
- Toys & hobbies
- Health & beauty products
Per Sellercloud based on an NBC News report, last year bestseller items included:
- Apple AirTags
- Anker Nano Power Bank
- Kasa Smart Plug Mini 15 A
- Nintendo Switch Mario Kart 8 Deluxe Bundle
- Apple Watch SE (2023, 2nd Gen.)
Per Sellercloud, most discounted items last year were:
- Toys
- Apparel
- Televisions
- Appliances
- Sporting goods
- Furniture
Prices fluctuate – so patience counts
Costs of items are typically tied to laws of supply and demand, with consumer income and other influences affecting demand curves. So, prices ultimately fluctuate.
Here’s the thing: Though Black Friday deals are typically amazing, if you missed out – don’t worry… there are still other days to shop and get great deals.
Everything is still too expensive!
If you cannot afford to buy an expensive item right now, wait and watch for sales. Postponing the purchase of high-cost items typically allows you to benefit from post-holiday sales.
Here are three common misconceptions about Black Friday:
Misconception one: Great sales are exclusive to this one day. Of most products, this is untrue. While retailers tend to offer significant deals on Black Friday, and the timing of Black Friday sales work for the holiday season, other decent sales can also occur throughout the year. Why? Businesses continually seek to draw customers into stores and promote goods and services. Thus, most offer periodic sales not limited to Black Friday. In fact, many stores extend sales or offer other sales promotions for last-minute shoppers.
Note that other sales days such as Small Business Saturday can boast unique pricing and sales, particularly on local or American-made products. Cyber Monday can also offer great online deals.
Top tips:
- If you’re worried about an item selling out, buy it on Black Friday – then watch for Cyber Monday or other discount-related deal days. Should the price go down, ask the retailer to reimburse you the difference.
- Note that tremendous price drops typically occur in January, a month in which clearance sales are paramount for those who can wait to buy. Long holidays, such as Memorial Day weekend, annually offer special deals and steep discounts that are worth waiting for!
Misconception two: On Black Friday, pricing online and in stores are always the same. Untrue. The simple fact is that in-store sales may not be competitive with online prices. Here’s the deal. Per marketing profs, “Most consumer products (69%) have the same price online and offline, according to a recent report from Anthem Marketing Solutions. However, when there is a price difference between the two, 65% of the time it’s the online channels that are cheaper than offline (instore) channels, the study found.”
Since cost discrepancies can occur, consumers are wise to do advance research on pricing of a particular item. Above all, consumers should not only routinely compare prices for the same item between stores but also check online and in-store prices at the same store – and buy what’s cheapest.
Misconception three: In-store crowds will be insignificant due to online shopping. As a blanket statement, this is false.Per a market research company blog as shared by drive research, “While Amazon was still the top shopping choice for respondents last year, it’s down by 3%. On the flip side, Walmart rose in popularity by 8% from 2023 – taking the #2 place that Target held last year.” Other popular stores that shoppers are expected to flock to include Target, Best Buy, Kohl’s and more.
While online shopping can reduce the number of people physically turning up, stores can still be crowded on Black Friday. Depending upon sales or demands for items, people can expect crowds or lines at some retail locations. Bear in mind that in-store shopping is still desirable on Black Friday and on other days in November and December due to the upcoming gift-giving holidays. Black Friday is also a yearly experience featuring in-store interactions that shoppers enjoy.
The lowdown on Black Friday
In the U.S., Black Friday is a busy shopping day offering widespread delightful sales and discounts in stores and online. However, if you missed that special shopping day, don’t worry. Know that other sales and discounts can occur – so keep watching for sales. Also, feel free to contact the retailer to ask if they can match a recent sales price for you. Often, they will extend this courtesy. Remember to compare prices not only from store to store, but also in store and online at the same retailer. Also, regardless of online sales – expect crowds on Black Friday as it is still the number one day that people will shop in-person. And, if you’re not a fan of crowds, shop online or choose another day to go!
