The term Black Friday made its first appearance way back in 1869, in reference to the crash of the U.S. gold market. The term has had a few lives over the years, and it wasn’t until the 1980s that retailers developed the image of the shopping holiday we know today.
Over the decades, this shopping event has changed again and again to meet the needs of consumers, retail employees and businesses. You have most likely heard about or remember individuals camping outside stores, pushing their way through crowds, and even causing harm to others to get the best Black Friday deals. These scenes are not as common as they once were, as many stores now offer more options, longer hours, and an overall better shopping experience for everyone.
Holiday shopping can be stressful for many reasons, but with some preparation ahead of Black Friday, you can enjoy savings while having a quality experience. Being an educated shopper is key! Taking the time to prepare will increase savings, reduce impulse shopping and make you a more aware consumer.
Plan for in-store shopping
Planning for your Black Friday in-store shopping is easier today than it’s ever been. Retailers want consumers to have the best experience possible. This has resulted in sale extensions, ordering online for store pickup, hardcopy and digital product advertisements, and maps showing item locations. These options are available throughout the year, but they come in especially handy during sale events.
The first task of your shopping plan is determining what items you would like to purchase. Once you have made your list, you will need to identify where you can find the best price by comparing advertisements. Once you’ve decided which store to buy from, it’s important to check the store hours and the location of the item in the store. Knowing what, when and where will save time and money, and reduce the temptation of impulse buying.
Online Shopping
When we think of Black Friday, we often think of early mornings, driving store to store, and crossing your fingers that the items you want are not sold out. Today, online shopping has become part of our culture and can save time, energy and money. It also provides an option for those who are unable to navigate stores.
With the rise in popularity of online shopping, Cyber Monday was introduced in the early 2000s as an additional day to snag a deal for the holidays and encourage consumers to embrace online shopping. Today, online deals are an essential part of holiday and everyday shopping. Research is key to making positive online purchases. Knowing where to buy, price history, and ease of return are important factors to consider to get maximum savings. When online shopping, item reviews are the key to determining quality, value, sizing and customer satisfaction of the product you’re looking to purchase. Remember, the lowest price may not always be the best price.
Keep an eye on prices
Pay close attention to the prices of items you want to purchase for the holidays prior to Black Friday. Having an idea of the regular, everyday price of an item will help you determine if the sale price is worth the rush to the store to purchase. Many popular sites for online shopping allow you to save items “to watch,” which lets you track the price of items over time. Retailers raising the price of items prior to big sale events will give the illusion of savings without actually saving you any money. This may convince you to purchase an item for the sale, not the need.
Being successful on Black Friday will depend on what you are looking for and the shopping experience you choose. Choices are a key part of modern shopping and Black Friday is no exception. Whether it’s online or in-store, being an educated consumer will help you make purchases that make the most sense.
Elizabeth L. Metheny, WVU Extension Agent-- Hardy County
Financial Literacy Education Team