NEW YORK (MainStreet) — Black Friday is around the corner, marking the official kickoff to the holiday shopping season.
“This last-minute advertising strategy helps make the Friday after Thanksgiving a big event,” said Carla Freberg, sales manager with Balboa Capital. “There’s the element of surprise for shoppers since they don’t know what’s going to be on sale until Friday morning.”
But the Friday after Thanksgiving isn’t always when the best deals are. Twitter Wednesday, the new made-up holiday that promotes shopping in advance of Thanksgiving, may allow you to find more steals and deals.
The Empty Promises of Black Friday
“Black Friday is best for saving money on specific items,” said Steve Siebold, author of How Rich People Think. “Retailers typically choose one or two items and offer a deep discount on them to lure shoppers into the store and those one or two items are usually in very limited supplies. Once they’re gone they are gone.“
In 2013, Americans spent some $57 billion the weekend after Thanksgiving, and for many of them, those purchases led to more debt, higher monthly credit card payments and even financial ruin.
Even when retailers advertise a product for 40% off, they’re typically still making a profit, because the discount was already priced into the product.
“Don’t forget that suppliers sell to retailers at a very low cost and retailers mark up the prices significantly,” Siebold said.