Black Friday has always been about finding the finest deals. But, this year, shoppers are more engrossed in getting value for their money. Merchants are also counting on that. Inflation has steadied after high price increases during the Covid pandemic. But people are still feeling the pinch. So, bargain-hunting methods, like using early discounts and waiting for last-minute deals, are coming to light. Continue reading to know everything about the truth on Black Friday Sale.
Rise in consumer prices and its effect on Black Friday Sale
It has been observed this year that buyers are more interested in getting discounts and value prices for Black Friday sales. Post Thanksgiving, this day marks a crucial time for people to engage in mindful expenses for themselves and their families. However, there is a catch to that.
With inflation on the rise, retailers like Target have pushed “Black Friday” sales into October, or even earlier. It is observed that consumer prices were 22% higher in August 2024 than in January 2020. Popular fury over inflation helped elect Donald Trump in November. Inflation still affects store discounting as they attempt to meet demand. Target customers have understood about turning out in force for the chain’s “Circle Week” discount events, which occur around once a quarter.
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This could imply less shopping the week before and after Thanksgiving. Customers are pointing out their budget being short for the week’s sales after inflation. The National Retail Federation predicts that holiday spending will increase by 2.5 to 3.5 percent in 2024 compared to the previous year, reaching up to $989 billion over two months. On the other hand, economists have cited lower gasoline prices as a positive effect, as well as lower food expenses.
While inflation has hit lower-income households to the lowest point, banks cite growing interest rates as proof of larger stress. However, other businesses have seen improvements in this demographic. Some of the chain’s highest sales have come from outlets in low-income zip codes.
Thanksgiving, which is usually held on the fourth Thursday in November, will occur on the latest possible day in 2024. As a result, businesses are gearing up for a season with five fewer days than last year. Best Buy debuted its Black Friday deal a week before Thanksgiving this year. The electronics retailer has reinstated “Doorbuster” bargains every Friday this year, in stores and online. Many chains have discontinued them in recent years due to the harm caused by swarms of angry customers.
Also read: Black Friday Deals Walmart: Huge Savings on TVs, Electronics, Home Essentials & More
How to Avoid the Scams on Black Friday Sale
It is also observed that if customers are shopping for Christmas gifts on Black Friday, they can consider buying second-hand goods. A Survey by Retail Economics for Vinted discovered that 63% of respondents would accept second-hand Christmas gifts. Another 26% were neutral in their responses. On Black Friday, many customers will use a credit card or tap into their overdraft to buy what they think to be inexpensive things. However, in case someone uses interest to buy any goods, they may end up spending more than they expect. It is understood that using a standard credit card to buy a £300 item and repaying at £20 a month would take over a year and cost £55 in interest. Therefore, using an overdraft frequently results in a higher interest bill.
It is known that a credit card offers extra protection for purchases over £100. It stimulates the chances of a refund if something goes wrong in the customer’s buying experience. However, customers ought to be careful about scamming websites this holiday season. They should first check the web address of the shopping site. It should be for the authentic brand. Only then, they ought to enter any financial or personal info. Secondly, they ought to be wary of posts from newly created social media accounts or links to recently created websites. These are coming up to a large extent on social media platforms recently. Users may confirm when a website was created by using verified domain checkers. It is cautioned against purchasing at “too good to be true” pricing because if anything appears too good to be true, it probably is.
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All in all, customers ought to be extremely cautious this holiday season while going for Black Friday Sales online as well as offline modes. Even though a lot of platforms assure exceedingly low prices and discounts, there are plenty of scams surfacing up as well. It is, therefore, the buyer’s responsibility to go forth into the domain of shopping for Black Friday Sales.
