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Hi Taylor
- The day after Thanksgiving I sat on the couch, shoving leftovers
in my face and NOT packing into stores with the rest of the Black
Friday shoppers. Was that a mistake? Are the deals really that good?
Hi Marie - Enjoying Thanksgiving leftovers is never a mistake,
so you can stop right there. As for missing out on the sales, I wouldn't
lose sleep over it. It begs the question: is it worth it to go nuts
with the rest of America on Black Friday? |
1. Deals.
The deals are, for lack of a non-rhyming term, real. Companies
of all shapes and sizes are looking to offload inventory at the
end of the year and drive up that revenue. While it's good to
get top-dollar for every item sold in the first quarter, the number
of sales made in the fourth quarter takes priority. I read an
Adobe Analytics stat that said average discounts will hit around
35% off the listing price on and around Black Friday. The sales
start before and extend past the day after Thanksgiving, but big-ticket
items like TVs and home entertainment systems might sell out during
that one-day, in-person Black Friday surge. In short, buying a
TV on November 24, 2023, would probably have been cheaper than
buying the same set any month prior.
2. Ongoing sales. As mentioned, sales season extends beyond
just one day. There's Cyber Monday and all the other days where
prices are still low. Some businesses have their biggest discounts
the weekend following Thanksgiving break so they don't have to
deal with all the competition. If you're nervous everything went
back to its original price on November 25, don't worry—there
are still bargains to be had.
3. Budget. Here's the real question when it comes to whether
or not you should hit the malls at 4 AM the day after Thanksgiving:
can you afford it? People always conflate discount with need—"I
need this blender because it's half off!" Yes, $100 is much cheaper
than $200, but if you don't have the first hundred to begin with,
there should be no question about whether or not you're going
to buy the item in question. If you really want to capitalize
on Black Friday deals, you should be planning for those expenses
a month or two in advance. Buy things that you need and can afford;
don't buy things that are on sale but still out of your price
range.
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| I've been scouring
the internet for discount Christmas presents all weekend, because
I know this is a good time to shop. Fortunately, I do so with a clear
conscience because my wife and I set aside money for holiday gifts.
Let your budget do the talking and then you can make the most of these
sales. Thanks for the question, Marie! |
| Legal Disclaimer:
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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