At this point, shopping on Black Friday is every bit a Thanksgiving tradition as turkey dinners and pumpkin pie.
But certain discounts you see online may not be as good a deal as advertised. In fact, 36% of items on sale for Black Friday offer no savings compared with how they were priced between Oct. 27 and Nov. 17, according to new data from WalletHub.
“There’s some trickery happening,” says consumer savings expert Andrea Woroch. “Retailers are constantly fluctuating prices. So they may repackage something and say it’s on sale for Black Friday when, in reality, it was the same discount a few weeks ago.”
That’s not to say that there aren’t legitimate savings to be had. For items that are on sale, the average markdown is about 24%, according to WalletHub’s data. You’ll just have to do a little digging to make sure that you’re making the most of the discounts you see.
“The consumer has to be proactive,” says Chip Lupo, a writer and analyst at WalletHub. “Because retailers do more or less rely on people rushing in at the last minute and taking advantage of anything that appears to be a sale.”
Track price histories
Ideally, says Woroch, you’d begin researching items that you’re considering buying long before an anticipated sale while keeping an eye on the price.
But if you come across an enticing discount while shopping Black Friday sales, “it’s definitely not too late” to do some research to make sure you’re getting a good deal, Woroch says.
Using online price tracking tools is a good place to start, Woroch says. She recommends CamelCamelCamel, which compares current prices for items listed on Amazon with their historical high, low and average cost.
“Even if you’re trying to figure out a price at another retailer, that’s a good benchmark,” says Woroch.
Woroch also likes the Droplist browser extension from Honey, which allows you to make a list of items you’re interested in purchasing and will notify you of price drops at more than 800 retailers.
Some products will be more difficult to track because they’re manufactured specifically for Black Friday sales, says Woroch. A bargain price on a TV, for instance, may mean that you’re buying a basic version of a more prominent model without some of the bells and whistles you’re looking for, she says.
“Don’t assume that the model is the same one you saw all year long that you’ve been waiting for it to drop in price,” Woroch says. “Look at the model number, look when it’s been sold, read reviews and make sure it offers everything you need.”
Beware of other Black Friday pitfalls
Although Black Friday is often touted as the time of the year when the deepest discounts are available, don’t fall into the trap of buying something that may go on deeper sale during another time of year, experts say.
Winter apparel, for instance, tends to go on sale after Christmas, says Woroch. And the biggest sales on furniture typically happen on Presidents Day, she says.
“You may be able to find good deals on mattresses,” says Lupo. “But you’re unlikely to see big discounts on traditional furniture like couch sets or coffee tables on Black Friday.”
And no matter what you buy, beware of deals that encourage what Woroch calls “spaving” — spending more money than you otherwise would to unlock discounts. That may mean buying a more expensive “bundle” of items to earn a markdown or meeting a certain spending threshold to get free shipping.
“Maybe it’s buy two sweaters, get one free. If you only need one sweater, don’t buy the second one, just to get one free,” Woroch says. You could come out of Black Friday having spent extra money on things you don’t really need, she says. And if you’re on a tight budget, “you could find yourself in a lot of trouble because of it.”
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