Black Friday, the day after Thanksgiving, is so widely known and anticipated each year that it has practically become a holiday itself. But shoppers should watch out for scams during this shopping extravaganza.
The term Black Friday came about because many merchants operate at a loss until the Christmas spending season hits, and that used to mean after Thanksgiving. These days stores start plugging Christmas even before Halloween, but Black Friday has made its mark as an important day for merchants. It’s when stores would move from being “in the red”, meaning not making a profit, to “in the black,” meaning they’ve made more money than they’ve spent.
“I think it’s a great holiday for both consumers and businesses,” said seventh grader Vivian L. “I really like it because, as I said, I can buy a bunch of stuff.”
People Magazine proclaimed that Black Friday is one of the most hyped sale holidays.
“Black Friday is a cool day because you get a lot of discounts and the prices are lower, which is good for people who can’t afford lots of things,” said 7th grader Dinathaly E.
Stores provide limited-time, money-saving sales on a variety of products to bring in shoppers. Indeed, some stores have the best prices on Black Friday that you’ll see all year, but you have to keep your eyes open because that’s not always the case.
7th Grader Neha C. has seen examples of people falling for the hype of Black Friday. “If there’s a Louis Vuitton bag and they are putting it on sale, but it’s not that much on sale, they just make you think it is because it’s Black Friday.”
Expensive brands like Lululemon, Sephora, and Nike do offer large sales to lure in consumers. Items will often be 50 % – 60% off. But if you see a sale at 10% or 20% off, then you can probably do better after Christmas when they no longer have as many shoppers.
However, many families make a ritual out of Black Friday, pouring over the ads and starting their shopping at midnight after Thanksgiving. Being the day after Thanksgiving, people can eat, rest, and then prepare for a long day of buying clothes, toys, makeup, and more!
“Everything is on sale and you can easily find Christmas gifts because everything is put out,” said 7th grader Claire B.
According to studies, “positive feelings make products seem more desirable,” reported Wisebread.com, an online publication for people on a small budget. Attempts to create these positive feelings can add to the mayhem, however.
“It’s really fun, but it gets really crazy, ”said 7th grader Leighton F.
To help those who want to avoid the throngs of shoppers, other businesses have expanded the shopping holiday to find their own niche. After Black Friday we have Small Business Saturday and then Cyber Monday, all claiming a special day to get your focused attention and your money. Amazon.com, the largest online retailer, even created a shopping season called Prime Days where they offer deals sometimes over 70% off. Ultimately, it seems like a win-win situation, since consumers always want to get a good deal.
“You can get things for cheaper and everybody likes things for cheaper,” said 7th grader Emma W.
According to Kiplinger, a personal finance publication, over 72% of people surveyed in early November planned to shop on Black Friday. This is one of the main reasons stores don’t go out of business. Sales attract people to spend, and for stores about to go out of business, this means that the lower their sales, the more likely they are going to get out of the red.
