Are Black Friday and Cyber Monday deals really that good?
As shoppers gear up for the holiday season, many are eager to take advantage of the discounts offered during Black Friday and Cyber Monday. But the critical question remains: how beneficial are these deals?
Insights from Google Shopping and price-tracking data reveal that the value of discounts really depends on various factors, such as the item in question and the retailer’s pricing strategy.
For instance, when examining a popular product like a 50-inch television, prices can vary significantly based on the features offered. Researching the average price over three months for many TVs highlights that numerous models displayed little to no discount on Cyber Monday.
In contrast, looking at a more specific item like Nike Air Max 90 sneakers presents a different picture. On Cyber Monday, most non-special edition pairs were priced between $70 and $90, which is a noticeable reduction from the average price of $105 to $130 seen over the prior months.
According to the National Retail Federation, over 72 million people are expected to make purchases during Cyber Monday, indicating that this shopping event continues to drive massive consumer engagement.
Interestingly, this year, many Americans are opting to make their purchases with credit cards. A survey conducted by the National Retail Federation indicated that 39% of shoppers plan to use credit cards for their holiday expenditures. Additionally, more than one in four shoppers expressed intentions to incur some level of debt during the holiday season, whether it’s through carrying credit card balances or utilizing buy now, pay later services.
American credit card debt reached a staggering $1.17 trillion in the third quarter of this year, which raises concerns about financial health during this shopping frenzy.
Experts suggest that creating a budget and sticking to it can be crucial in avoiding overspending and unmanageable debt during the holidays. Without a plan, the allure of hefty discounts and time-limited offers can lead to unnecessary financial strain.
So, how great are the deals being offered on Cyber Monday and Black Friday? Ultimately, the effectiveness of these sales is largely dependent on the specific item you’re looking at and, importantly, how well you prepare before diving into the shopping season.
