Word on the Street: What do you think about Black Friday?

Cornelia Mascio
Novembre 24, 2017

When is Cyber Monday 2017?

"The truth is that most retailers don't like Black Friday, with less than one in five believing that discounting generates increased sales". Many retailers promised between 30 percent to 70 percent discounts on goods in their stores.

Jonathan Elms, the Sir Stephen Tindall chair in retail management at Massey University, said it was becoming more of an event for New Zealand shoppers.

Ahmed said in the U.S., where the concept originated, retailers make a profit from sales in the run-up to Thanksgiving, held every fourth Thursday of November. Call it Black Friday or White Friday, the idea is that you get the best deals and we've picked some of our favourites ones.

However, UK research revealed that the discount deals advertised on Black Friday were not always the bargains they claim to be. Two or three years ago it was only electrical and homewares but now everybody seems to be piggy-backing on it.

Consumer confidence had lifted, he said, with a new government and the recent round of property valuations in many parts of the country.

So much attention has been paid to data breaches over the year, whether it's Target or Equifax.

Are Black Friday deals real?

If shoppers are going to return for more purchases closer to Christmas - and that's a big if given the current caution - a bad experience over Black Friday will drive them elsewhere. The ongoing trend for activity led presents also looks likely to continue, with 46% expecting an increase in "Experience" gifts.

Kiwi consumers could expect an average saving of about 20 per cent per item and for 17 per cent of all products to be discounted.

Ian Gilmartin, head of retail & wholesale at Barclays Corporate Banking, said: "There are some very encouraging findings in this year's Barclays Christmas Confidence Survey". The report tracked prices for 178 items across multiple major retailers for 3 months before Black Friday 2015 and found that the retailers were purporting to offer huge discounts when in fact the items hadn't been the higher "was" price before then - prices had been significantly jacked up for Black Friday.

Anwer Ahmed, who runs Moochie's boutique at St Peter's Square Mall in Observatory, Cape Town, said Black Friday tends to benefit the "big boys" in the retail industry. He added that South Africans will find any reason to spend money and it is for that reason that Black Friday has become so popular.

Black Friday 2017 will be on Friday, 24 November. What is the true history of Black Friday and how did it get its name?

Check if an offer really is as good as it sounds is to suss out the competition. Is the same TV set available at an even better price elsewhere?

"The holiday shopping season can be hectic and overwhelming for a lot of consumers", says Mallory Wojciechowski, president & CEO of the Better Business Bureau serving Eastern North Carolina.

If you don't know exactly what you want, it's common to just buy up the biggest bargains during a sale. However, you may not be getting the best deal. If you're looking for a high-end mobile phone, make sure you grab the Note 8.

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