Now that Thanksgiving has passed, the race to secure the best deals during the holiday shopping season is officially on. Online purchases on Thanksgiving Day alone reached an astounding $5.6 billion, marking a 5.5% increase from the previous year, according to data from Adobe Analytics. The month of November has seen a whopping $76.7 billion spent on online purchases, setting the stage for what is anticipated to be a record-breaking Black Friday with an estimated $9.6 billion in online sales, up 5.7% from the previous year.
In the midst of the excitement surrounding Black Friday, it’s crucial for shoppers to be savvy and strategic, especially considering the upward trend in gift prices. To ensure that every item on your holiday shopping list is checked off without breaking the bank, here are some expert tips to guide you through the Black Friday shopping frenzy.
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1. Stay Wary of Doorbuster Deals:
Black Friday is synonymous with doorbuster deals, those exclusive, deeply discounted offerings that lure shoppers into physical stores. However, personal finance expert Kimberly Palmer warns that not all doorbusters are created equal. Often, these deals are attached to outdated or lower-quality products and may be challenging to snag due to limited stock. To navigate this, Palmer suggests having a clear idea of what you intend to buy and being open to alternatives in make and model. This approach ensures that you don’t fall victim to deals that seem too good to be true.
2. Stack Discounts with Credit Card Offers:
Many credit card issuers sweeten the deal during the holiday season by offering additional discounts for purchases at popular retailers. To take advantage of these offers, check your credit card issuer’s app or website. Kimberly Palmer recommends opting into holiday offers to receive extra discounts, often in the form of statement credits. By strategically combining these credit card discounts with store coupons, you can maximize your savings at the checkout. This layered approach can result in substantial discounts, helping you stretch your holiday budget further.
3. Time Your Purchases for Maximum Savings:
Understanding the ideal timing for specific purchases can significantly impact your holiday budget. For the season’s hottest toys, consider delaying your shopping until right before major gift-giving holidays. On the flip side, if you’re eyeing electronics like televisions, computers, or smartphones, Black Friday is the opportune time to strike, as prices are likely to dip. Personal finance expert Andrea Woroch suggests avoiding Black Friday purchases for beauty products, apparel, and footwear. Instead, look for better deals on Cyber Monday, often accompanied by additional discounts through coupon codes delivered via text alerts and newsletters.
Certain items are best left for later, with toys seeing further markdowns in the last two weeks of December and winter apparel becoming the cheapest in the days leading up to and following Christmas. Bedding and linen purchases are advised to be postponed until the new year, during January’s “white sales.”
4. Leverage Browser Extensions for Bargain Hunting:
E-commerce-focused browser extensions can be powerful allies in your quest for savings during online shopping. Tools like Paypal Honey automatically search for and test coupon codes for over 30,000 online shops, streamlining the process of finding the best deals. Rakuten takes it a step further by offering cash-back deals for shopping at over 3,500 stores, including major retailers like Target, Macy’s, Walmart, Ulta, and Nike. Amazon enthusiasts can benefit from tools such as CamelCamelCamel, which monitors millions of product prices and sends alerts when prices drop, ensuring you never miss out on a great deal.
As you embark on your Black Friday shopping spree, armed with these strategies, you’ll be better equipped to navigate the sales landscape, maximize your savings, and make the most of your holiday budget. Happy shopping!
