With Thanksgiving approaching this week, you might be thinking about a strategy for your Black Friday and Cyber Monday shopping after the big meal. Are the deals really worth it? How can I make sure I’m getting the best prices on my purchases? How are stores able to even offer such fantastic deals?
To help resolve your outstanding Black Friday and Cyber Monday shopping questions, we’ve gathered a few of the top questions and their answers below.
What Are Doorbusters and Loss Leaders?
The items that get people wound up for Black Friday and Cyber Monday are known as doorbusters and loss leaders. These items are offered in limited quantities and you can only get these deals if you shop at certain times. These deals often center around items that are popular and heavily discounted.
The store might even take a loss on the items (hence the term loss leader) hoping that you will buy other items while in the store or online. The result of these loss leaders is that the other purchases you make have wider profit margins that result in a net gain for the store.
Some of the most popular and heavily discounted items for these types of deals include computers, tablets, TVs, and other consumer electronics. They’re typically higher dollar items because it’s far more exciting to save $100 off a $2,000 item, than $1 off a $20 item.
Is It Worth Getting Up Early and Camping Out?
Since many of the special offers have a limited quantity, some people are willing to get up early in the morning (or even camp out overnight) to be first through the door to guarantee they get the deal. Unless you are willing to go to these lengths, there is a good chance that you won’t be in the store early enough to take advantage of the very best deals, like gaming systems or televisions.
Sadly, there is no guarantee that you will get the item and the savings might not be as good as you think since many retailers inflate prices to make it look as though you are getting a discount. Also, you might miss out on time with your friends and family…and you can’t put a price tag on that!
How Do I Get the Best Deal?
If you want the best deals during the holiday season, your best bet is to follow tried and true methods for saving money:
- Shop around: Look for the best deals online and offline. There are plenty of apps that can help you compare Black Friday and Cyber Monday prices and even compare past pricing data to see if you really are buying at the lowest price.
- Price matching: Shop at stores that agree to price match so that if the price drops later, you can take advantage of the savings. Also, see if you can get price matching so that you don’t have to go from store to store, thus saving you some time and headache.
- Prioritize: Decide which deal is most important to you if you decide to stand in line. Pick the most important item, and focus on that. Plan your shopping around priorities and assume that if there are limited quantities, you’ll only be able to get a couple of your high priority items.
It’s also a good idea to set a budget for your holiday spending, so you don’t go overboard with splurging on deals. In the end, it’s not much different than shopping any other day – it’s all about doing your research and planning ahead, minus the freezing temperatures and enormous crowds!