Black Friday began in the 1950’s in Philadelphia. There is a debate over whether the term “black” was used to describe how disruptive the deal-hungry shoppers were or that Philadelphia retailers offered sales and deals to push their annual numbers into the black (i.e., profitable). My vote is for the second explanation.
Cyber Monday, on the other hand, was created in 2005 by the National Retail Federation to generate interest in online shopping. Until recently, Black Friday was for in-store sales and Cyber Monday was for online sales, but with the rapid adoption and growth in popularity of online shopping, there has been a blurring of the two. Now, online and in-store retailers offer a variety of deals from Black Friday through Cyber Monday, with some sales starting on Thanksgiving or even earlier that week.
So, is there a difference between Black Friday and Cyber Monday anymore? What I’ve found is that Black Friday deals are more targeted, with discounts on select items. There are also item-specific “doorbuster deals” with discounts so deep that the items might sell out. The sales on Cyber Monday tend to be broader, like category-wide (i.e., 40% off cardigans), or even sitewide. Cyber Monday could also have deeper discounts, as nimble retailers may offer more savings to make up for a lackluster Black Friday.
Here are some tips to help you focus and save money on Black Friday and Cyber Monday:
How to avoid overspending
– Create a budget.
Set a budget by looking at what you spent last year and its impact on your financial situation. For example, if you found that you were paying off your gifts past your January credit card statement, you spent too much. Come up with a total dollar amount that you can comfortably afford and do your best to stick to it as you shop.
– Create a list of recipients (I like to do this in the Notes app on my phone).
Think about who you purchased gifts for last year. Will you buy for those same people this year? Are there additions or subtractions? If you stayed on budget last year, plan to spend about the same per person, but if you went overboard, cut back a bit per person until you reach a number that you can afford.
If you tend to fall into a “one for them, one for me” pattern, adding yourself to the gift list with a spending limit can help you stay on track.
– Create a list of gifts.
Start adding gift ideas for each person in your gift list. As ideas come to you, add more.
Categories to focus on
From Black Friday through Cyber Monday, you’ll be able to find deals at most retailers across most categories. However, Black Friday and Cyber Monday are known for the deepest discounts in these categories:
– Tech
Tech is the star of the show on Black Friday. You’ll find deep discounts – often as much as 40 – 50% – on laptops, TVs, tablets, smartphones, and smartphone accessories.
– Small home appliances
There will be strong deals in this category – up to 60% off – on everything from robotic vacuums, countertop gadgets, home security systems & video doorbells.
– Beauty products
This is a good time to buy beauty gift sets for others and to stock up on essentials from your favorite brands. I’ve seen discounts in the 25-30% range from both brands both big and small.
– Fall apparel & footwear
Some brands and retailers will offer discounts in the 40-50% off range on clothing and accessories, sometimes deeper for fall clearance. Others will offer more modest discounts, like 20 or 25% off.
Savvy saving tactics
– Don’t succumb to the frenzy
As you’re shopping, try to stay calm and on task, especially if you are shopping in-store on Black Friday. Retailers often create sales that are only available for a limited time, like the “doorbusters” I mentioned above, or they may indicate that quantities are limited. Online, you can sometimes see that other people are viewing or purchasing the same item. These are sales tactics that can create a sense of urgency.
Also, carefully consider offers like Buy One Get One free, or offers where you must meet a certain threshold to get something like a discount, free shipping, or a free gift card. Sometimes, taking advantage of these offers can be a benefit, but it’s important to evaluate each one on its merit.
– Use good timing
If your schedule allows, shop in the early morning or late at night. Many retailers will have extended hours and it might be less crowded. If you are shopping online, you’ll find that some e-tailers release their sales at midnight (the time zone varies), so if you are concerned that something might sell out, shopping then can be a good tactic.
– Divide and conquer
If you are shopping in-store on Black Friday, team up with a friend. That way, you can split up and dash for doorbusters. This is also a good day to leave the kids at home if you can.
How to save even more
– Subscribe and follow
Sign up for newsletters or follow your favorite retailers on social media to stay updated on their Black Friday and Cyber Monday deals. Or, sign up for text alerts from your favorite retailers. Retailers want shoppers to sign up for text alerts, so the offers for doing so can be generous. The caveat is that you receive a lot of texts, but you can always unsubscribe after Cyber Monday!
– Know that not every sale is a good sale
If you’re shopping online install the PayPal Honey browser plugin. As you browse, it will pop up and let you know if the price you are seeing is historically low (or not). At checkout, this plugin will also seek out and test the best coupons for you.
– Compare prices
Just because you’ve found a sale, doesn’t mean it’s the best sale. Use price comparison tools like Google Shopping or Yahoo Shopping to view prices from other retailers.
– Price match
If you’re in-store, use your phone to compare online prices and prices at other retailers. If you find a lower price, many retailers will match it, whether it’s their online price or a competitor’s. Keep in mind that sometimes retailers suspend their price-matching policies this time of year.
– Stack coupons, promo codes, and cashback offers
Look for additional offers that can be used on top of Black Friday and Cyber Monday discounts. An easy way to do this is with platforms, like CouponCabin, which has an app for in-store coupons as well as a website & browser plugin for saving online.
– Utilize credit card rewards and dealsIf you have a credit card that offers rewards or cashback, see if they offer any extra benefits or higher rewards during the holiday season. Your credit card carrier might also have exclusive retailer partnerships where you can save more just by using that credit card.
Look ahead
Don’t feel like you have to buy everything on Black Friday or Cyber Monday. There will be more sales! Focus on the categories above and then tackle the rest of your list after Cyber Monday.
Historically, winter apparel, toys, holiday-themed merchandise, and gift sets are better priced in December and will be especially so on the days listed below.
Here are a few days to look out for:
– Giving Tuesday (Dec. 3): A great day to support brands that give back to the causes that are important to you.
– Free Shipping Day (Dec. 14): This is the last day some retailers will guarantee on-time delivery by Ground. Select retailers will promote this day and host sales.
– Super Saturday (Dec. 21): This is the last Saturday before Christmas and retailers often offer deals on this day. Because it’s so close to Christmas this year, I would expect the sales to be in-store rather than online.
