15 Black Friday myths busted
Black Friday has the best prices of the year? Nope. Not true.
This guest post comes from Dealnews.
At Dealnews, our job is to help you get the best possible price for what you want to buy and to keep you from getting hoodwinked while you're shopping. It's with that in mind that we go into the holiday shopping season with some trepidation, because along with great Black Friday deals come a lot of hype and misinformation.
We can't tell you how to score a better parking space at your local mall, but we might just be able to brighten your day by dispelling these common Black Friday shopping myths:
- Myth: Black Friday sales begin on, well, Black Friday. Actually, most major retail chains will start debuting Black Friday sales online on Thursday, Thanksgiving Day. (Amazon even announced that its Black Friday offerings this year will begin several days before that.) In years past, we've even seen some deals sell out before Friday, which means you can use this shopping fact as an excuse to step away from any too-intense family time on Turkey Day.
- Myth: Doorbusters are free. Whaaa? Believe it or not, many people believe that Black Friday is the day to score freebies. This myth may be what lures people to sleep outside a store overnight, but most doorbusters are just low-priced items meant to create frenzy. If you find a free HDTV on Black Friday, please send us a photo of it alongside your pet unicorn.
- Myth: Black Friday deals are so good, they're worth sleeping overnight on a curb for. These days, more and more Black Friday deals are available online as well as in-store. In fact, last year, Target offered several of their doorbusters online, where a stacking 10%-off coupon also applied. That means that select items were actually cheaper if you just stayed home and shopped online. It may not be worth camping out for Black Friday sales, where you'll likely just get shoved around as the 500 people behind you rush in at your tail.
- Myth: Nobody will beat Black Friday prices. Nope, not true. In a few weeks, we'll put out our list of stores that offer price matching on Black Friday. (See last year's list.) Major retailers like Amazon, Best Buy, Home Depot and Meijer offered various policies regarding price matching last year, and in some cases, they not only matched, but offered a better price. Post continues after video.
- Myth: Black Friday is the busiest shopping day of the year. According to the International Council of Shopping Centers (.pdf file), the Saturday before Dec. 25 is actually the busiest shopping day of the year, with only an estimated 35% of respondents planning to do any holiday shopping on the day after Thanksgiving.
- Myth: Prices on Black Friday are the lowest of the year. Although many Black Friday deals offer the lowest prices of the year so far, we will eventually see many sales matched or beaten later on. It just depends on whether you're willing to wait. Also keep in mind that retailers will often sprinkle in mediocre discounts with their doorbuster deals, in the hopes that shoppers will bite on high-profit items.
- Myth: Black Friday is the best time to do all of your holiday shopping. While it's true that several types of items will be available at rock-bottom prices, select categories will actually be cheaper if you wait. For example, you should probably hold off on toys, winter apparel, and brand-name TVs. Be sure to consult our upcoming November Buying Guide for more information about the best and worst things to buy in November.
- Myth: If you have buyer's remorse, you can always just return your purchases. Not so fast! Stores tighten their return policies considerably during the holidays, making it harder to return items. Some retailers will only give you store credit even if you have a receipt. A handful of stores are now also keeping track of serial returners and banning them. If you don't remember to ask for a gift receipt for each item you purchase, your recipients might be doubly unhappy: They'll likely be offered store credit for only a limited portion of the return. Bah humbug!
- Myth: Signing up for a store credit card for an extra discount is a no-brainer. If it's really that good for you, do you think stores would try to upsell you so hard? There's a reason why most people decline these offers, not the least of which is the fact that retailers dangle these kinds of offers to get consumers to overspend. Also, as we noted a few weeks ago, opening new lines of credit can affect your credit score, so you have to consider how long you'll keep a store's card, whether you will pay the card off each month, and if it will harm your credit the next time you need a mortgage, car loan, etc.
- Myth: All of the good deals are printed in Black Friday ads. On Thanksgiving Day, retailers like Wal-Mart and Best Buy have historically advertised additional Black Friday deals that weren't in their circulars. These "secret" deals are only found online, so the trick is to uncover them on the Web on Thursday so you'll know about them when you arrive at the store on Friday. Keep an eye on our Black Friday ads section for new listings.
- Myth: Leaked Black Friday ads are accurate. In fact, they are often inaccurate or misleading. Last year, we jeered several retailers for advertising discounts that we just couldn't find.
- Myth: You have to go to an Apple Store in person for its Black Friday sale. In reality, all of Apple's Black Friday sale prices will be available online with free shipping sitewide. However, in our Black Friday predictions piece, we actually advised against shopping the Apple sale, as most resellers -- like Amazon, MacConnection, and MacMail -- will offer discounts that will be twice as good. Plus, in some cases, they may also offer a sales tax advantage.
- Myth: Black Friday is the best day to buy a new TV. Yes and no. While we'll see the lowest prices of the year for several HDTV sizes, they will largely be attached to off-brand models. If you're looking for the best deal on major brands like Samsung, you'll likely see those discounts in December or later when these manufacturers release their new models for 2012.
- Myth: Big-ticket electronics need extended warranties. Not necessarily. This time of year retailers lower their prices, and then need consumers to purchase add-ons to maintain a profit margin. Don't be talked into buying a long, pricey warranty if you know a one- or two-year plan will do the trick. It's cheaper to buy a techie friend dinner in exchange for help than paying for in-home setup.
- Myth: Cyber Monday offers the same caliber deals online as Black Friday in-store sales. For those of you who'd rather fully digest your Thanksgiving meal and not stand in line starting at 3 a.m. on Black Friday, we understand. Shopping for the best deals can be exhausting, but if you wait until Cyber Monday you will be missing out on some of the highest markdowns of the holiday season. Coming out of your tryptophan daze on Monday, you'll definitely see retailers' sales, but these bargains are essentially the leftovers from the Black Friday feast. Plus, as we mentioned earlier, many Friday offerings will be available online, so you really have no excuse for a late start.
More on Dealnews and MSN Money:
Why don't we just buy a nice card and shove some money in it. The recipient can get what ever he/she needs/wants and you don't have to go trough the headache of trying to figure out who need what, just so they can return it/ leave it in the closet/ re-gift it.
After working at Bestbuy for 4 black fridays, I have to agree with the article. The only good "deals" were just crappy branded items or closeout items that weren't really saving you anything. Best Buy usually brings in low budget items only for the purpose of selling cheap stuff on black friday. Then you don't see those items for the rest of the year because.. well.. they are crap. So you do get a cheap tv.. but certainly not a good one.. even if it is a Samsung or Sony. Keep in mind that no store in their right mind is going to sell something under cost and lose money on an item, and most tv's aren't marked up high unless you go into really high end stuff.
Also, stores leak fake ads on purpose because they don't want other retailers finding out what deals they will have. BB leaked fake ads on purpose(not to consumers). So definitely don't but too much into those leaked ads.
Expect to get little to no help, not have a parking spot, super long lines and to walk out spending more than you should have or would have if you had just gone on a different day. Worst day of the year by far for shopping and for retail employees.
I went to Black Friday at walmart 3 years ago. That was a mistake, because when I went back to Walmart
2 weeks later the same items that I had went to get on Black Friday was at the same price.
@ hold on playa
"Black Friday" indicates the period during which retailers are turning a profit, or "in the black."
that's why they use Black Friday. Some stores even use "Red Saturday" or when stores lose money the day after black friday from everyone returning all the stuff. just an FYI
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Nearly half of family caregivers spend more than $5,000 a year, plus caregiving affects their jobs and retirement plans.
- America's most counterfeited products
- Driver survey: Men irked by phone talkers, women by lane cutters
- 5 reasons to take the company buyout (and 5 not to)
- Tired of Fed-watching, saver? Check out these banks instead
- New software targets credit card thieves at gas pumps
- Thinking of holiday shopping? Do a reality check first
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'