When the word Black Friday comes to mind, you might think of shoppers swinging at each other and lines stretching out of the store. (https://www.youtube.com/watch?v=pQ8RPijAIeg) The term “Black Friday” became popular in the 1960s to describe the hoard of shoppers in Philadelphia the day after Thanksgiving. Many people believe they are getting the best deals on Black Friday and Cyber Monday, but that is not always true. For example, on Black Friday, stores often create a sense of urgency for consumers to make a purchase. They often use countdowns at the top of website pages or put “lowest deal of the season” next to products on sale.Â
Last week, I was browsing through Macy’s clothing section online and found a cute pair of jeans. On Black Friday, they were listed as $24, advertised as almost 50% of the original price. However, when I checked back yesterday, they were at $16, nearly $10 cheaper than the Black Friday deal. Retailers engage in a process called price anchoring where they inflate the original price of products to make discounts seem higher than they really are.Â
Another criticism of Black Friday deals is the possibility of companies releasing lower quality products. Retailers produce lower versions of fast-selling products to capitalize their financial gains. Specifically around the Christmas season, good items typically fly off the shelves even before Black Friday, leading to less-desired products going on sale.Â
Cybersecurity also remains a concern during Black Friday. Criminals use the increased online traffic to their advantage by creating fake websites, often mimicking major retailers with deals that seem too good to be true. It is also common to see websites advertise black Friday deals only for “special reward members” in which you must pay monthly/yearly fees.Â
It is important to recognize that Black Friday is a decent option for good holiday deals. However, it does not always mean you are getting the best possible deal. Personally, I do not shop during Black Friday or Cyber Monday, as I have seen better deals weeks following these events. Remember that retailers are experts at marketing scams to create an illusion of saving money.