Black Friday Shopping Strategies
Black Friday…you either love it or you hate it. From notoriously long lines and fist fights over deals to the potential for saving hundreds or even thousands of dollars on some of the season’s hottest items, there are plenty of reasons to feel both ways about this quasi-holiday that is now less than 24 hours away (once you consider Thanksgiving store openings, that is!)
Choosing to brave the holiday crowds is, of course, entirely personal. Some people have traditions on Black Friday that include War Room-like planning and long, leisurely breakfasts afterwards. Others choose to hole up at home in an effort to avoid anything that even resembles shopping from now until next week.
However, regardless of where you fall on the Black Friday spectrum of savings, knowing how to maximize your holiday budget is an important way to get the most for yourself and your loved ones this season and that starts on Black Friday. Check out these five out-of-the-box savings strategies, which are sure to help you save both your money and your sanity this weekend.
1. Shop Early
Gone are the days of waiting until the turkey was roasted to start saving on holiday shopping. The internet and general consumer demand has transformed the entire concept of holiday shopping in more ways than one. In addition to the popularity of Cyber Monday and Small Business Saturday, the 24/7 nature of the online marketplace has led retailers to completely rethink their best practices when it comes to offering savings and getting people to buy holiday gifts.
This year, Black Friday savings do not start at 6am on the 27th or even at 4pm on the 26th. In fact, most Black Friday deals have already appeared online days or even weeks before the “big day”. Just this morning, in fact, my email folder has received over a dozen prompts to start my holiday shopping with “early access” to the “best prices ever” because “Black Friday Starts Now!!” – you get the picture.
2. Think Beyond the Mall
Traditional Black Friday sales have always revolved around the big retailers like Walmart, Best Buy, Macy’s and other big-box national retailers offering household goods, electronics, and clothing. Because of this, traditionally, Black Friday has meant heading out to malls and shopping centers. However, just as the concept of after-Thanksgiving holiday savings has evolved to include online retail and several days before and after the event, non-traditional Black Friday retailers have also begun to try to catch a piece of the action.
Drugstores, supermarkets, and even some gas stations now offer savvy shoppers the chance to save on everyday and holiday purchases on Black Friday. This is a huge benefit to deal hunters who would rather not go near the mall crowds. Personally, the only Black Friday shopping I ever do is at Shoprite. In addition to their once-a-year gift card promotion, there are some other once-a-year savings opportunities on everything from yogurt to paper towel that I snag every Black Friday without too much effort or too big a crowd.
3. Maximize Your Rebates
Whether engaging in traditional Black Friday shopping, sticking to the online world, or looking to non-traditional stores, rebate apps like Ibotta offer shoppers additional savings on already-discounted items and at certain retail stores. For example, Ibotta is offering cash back rebates on purchases from retailers like American Eagle, The Body Shop, Famous Footwear, and more. In addition, “challenges” within the savings app adds to the rebate amount as shoppers earn bonuses.
4. Price Match
The competition between retailers for Black Friday customers has led to some massive price matching guarantees that allow shoppers to stay loyal to one store, whether online or in person, or avoid longer treks to out-of-the-way retailers. This also includes online prices. For example, Target is offering online price matching for the first time this year, and Walmart has always gone to the bank on its “low price guarantee” both in stores and online.
However, the king of all Price Match this holiday season may very well be Amazon. For the past two years, savvy shoppers have been able to grab in-store savings from home by carefully monitoring Amazon’s prices throughout the day on Black Friday. This is because the Internet’s largest retailer will literally lower its price from 6am to 6pm (and any time in between) if they see competitors like Walmart beating their deals.’
5. Just Wait…
The sad reality for many Black Friday shoppers is that, despite the hype, most of the deals offered are just not that good. Not only are many of the Door Busters of inferior quality, many of the deals are repeated and/or easy to beat as the holiday season progresses. In fact, a survey by WalletHub discovered that 1 in 10 Black Friday deals this year are identical to those offered in 2014.
Furthermore, massive longitudinal studies by many online deal sites have actually identified mid-December as the best time to score deals on items like toys, stocking stuffers, winter apparel, and more. The trick is simply monitoring retailers and stacking your deals (an old hat for couponers, anyway!)
Even those interested in Door Busters don’t have to miss out if they stay home. In fact, many shoppers who score these deals just turn around and sell them on eBay the next day. Though they may be slightly more expensive on the site than in store, they are still not at regular retail prices. This is because so many people try flip their Door Busters. As a result, the laws of supply and demand drive prices down so that you still save some (though not as much), but without having to beat the crowds.
