If you want to better manage your spending and choose your purchases wisely, here are a few Black Friday myths you should be aware of before shopping.
- Avoid the fear of missing out (FOMO)
Retailers prey on consumers’ FOMO to encourage them to spend more. Companies will latch on to the idea of scarcity and urgency by advertising one or two “doorbuster” deals.
And while these deals will often sell out within minutes, that’s usually because they only stocked a handful of discounted products in the first place. And while you may not get that exact model, you can likely get a comparable version for the same price.
Moreover, if there’s an in-demand item, stores go out of their way to keep them in stock. So if they sell out on Black Friday, they will likely restock as soon as possible to take advantage of the rest of the holiday shopping season.
- Be wary of limited editions
It’s amazing how many “limited edition” products get released in time for Black Friday. But if you take a closer look, you may find that limited edition set is not as exclusive as you originally thought.
Many limited edition sets are items that are available all year round, with the addition of a small novelty item.
Overall, be aware that limited editions are often not limited at all. They are usually available before and after Black Friday for purchase anyways. Therefore, it’s often worth skipping the special offer to get the best price after the shopping frenzy.
3. That great price has a disclaimer
It’s easy to get sucked in by glossy ads boasting high definition televisions at a huge discount.
That’s because stores tout their Black Friday deals and prices as the cheapest ever. But while that is technically true, there’s a small disclaimer you should know.
The reason the prices are the “lowest ever” is usually because the stores are trying to get rid of last year’s models to make way for new, more expensive versions. That low price on a television or laptop is because it’s the 2016 model, not the latest one.
While Black Friday’s prices may be the lowest yet, the pricing is likely to stay the same until all of last year’s stock is gone.
Therefore, there’s no need to rush out and snag merchandise off the shelves. Do your research and select your purchases carefully before braving the aisles for Black Friday deals.
Scoring Black Friday deals
If you enjoy Black Friday shopping, it can be a great way to kickstart or finish off your holiday shopping.
However, there are many Black Friday myths and tricks retailers use to manipulate you into buying more. By understanding their tactics, you can shop a lot more effectively.
4. Make a list and check it twice
Many people end up getting sucked into the excitement and crowds and grabbing up Black Friday deals, regardless if they really wanted the items or not.
Plenty of people head home with televisions or electronics they never intended to buy, but the offer seemed too good to pass up. Unfortunately, that’s a surefire way for overspending and ending up with buyer’s remorse.
Instead, check out the ads ahead of time and think about what gifts and items you really want to purchase. Write down what you intend to buy and stick to your list in the store.
5. Don’t forget about price matching
Price matching can save you the time and effort of having to drive to multiple stores.
Check out ads for a range of stores and bring them with you while you shop. While some stores have odd requirements about price-matching guarantees, others are very lenient.
6. Stretch your budget
Black Friday can be a great way to stock up on wardrobe basics and other must-have items. Besides getting great gifts, you can also purchase essentials for yourself and your family.
Spend wisely on Black Friday
It’s easy to get carried away with holiday shopping on Black Friday.
However, make sure you’re getting as great of a deal as you think you are. Do some research ahead of time, narrow down your shopping list, and compare offers to ensure you get the best Black Friday deals possible.