Consumer Watch: Black Friday myths

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by WHAS11

WHAS11.com

Posted on November 22, 2012 at 5:54 PM

Updated Thursday, Nov 22 at 6:00 PM

LOUISVILLE, Ky. (WHAS11) -- It's hyped as one of the biggest shopping days of the year for consumers and retailers, but those Black Friday deals may not be all they're cracked up to be.

If you really want to save money this holiday season, you've really got to think about timing. Don't believe the hype says Lynnette Khalfani-Cox, a personal finance expert.

"You have to understand that retailers and stores they want you to believe the hype...and the hype is that the earlier you get your holiday shopping done the better it's going to be for you...but frankly that's in their best interest. They know that the earlier you start shopping, the more money you're gonna spend...so that's why they want you to get up very early, the day after Thanksgiving on Black Friday and get to that 5 a.m. door buster sale," said Khalfani-Cox.

It’s that sort of frenzied thinking that is flawed. Thinking this is a once in a lifetime deal, this special promotion, this discount, this sale is never going to be offered again, but nothing could be further from the truth. We know that the later you get into the season, right before Christmas retailers start to get desperate.

When the big box stores start to get more desperate, they start slashing their prices even more.

"Now there's also an exception to the rule of waiting when it comes to getting holiday gifts. While it's true that you don't want to believe the hype and go out there and overspend too early, it's also the case that you'll probably do better off buying earlier two types of gifts, those are the must-have gifts that you know you absolutely want to buy. Maybe it's the doll, that talking doll that your daughter is just pining away for, or those in-demand items that you might run the risk of running out of, the store might not have in time for you to purchase it,” said Khalfani-Cox.

Sometimes companies can run out of gifts early in the season, or they might not restock in time. If you purchase it later you might run the risk of those gifts not being delivered by December 25.
 

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