Many Black Friday savings aren’t as good as we might think: report
Posted November 24, 2014 10:43 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – We might be fooling ourselves about Black Friday savings at major retailers, according to research by Vancity credit union.
It commissioned a poll that finds 94 per cent of local shoppers believe Black Friday prices are lower. But the credit union’s says “major retailers may offer little in terms of real savings.”
Mohamed Ladak, VP of payment solutions, says Vancity examined US Black Friday sales.
“Among the majority of monitored retailers, average prices did not change all that significantly on Black Friday, and in many cases, actually increased compared with the day or even the week prior.”
Although Ladak says there are good deals to be had, the report cautions that tactics such as inflating prices before the sale “create a false sense of urgency to buy.”
Looking at its own customers’ credit-card purchases, Vancity says spending from Black Friday to Cyber Monday last year rose 16 per cent, with further growth expected this year. But Vancity says “the reality is often a very narrow range of discounts and even products billed as ‘door-crashers’ may not be especially good deals.”
Vancity says Boxing Day sales are “more genuine clearance events,” and advises shoppers to be “savvy and cautious when it comes to Black Friday.”
