How much do I really save on Black Friday?

Every year Black Friday swings around, and I ask myself, is it really worth the time to sift through thousands of deals in order to find a couple amazing ones?  Let’s analyze!

We all know great deals can save you a bunch of money, and personally, with a deal labeled “50% OFF” I feel pretty confident that I can easily turnaround and resell this item at equal or greater value (if I wanted to).  But on the flip side, do I really need this item? And is it actually useful to me?  Or even worse, are advertisers simply using their power of persuasion to seduce me into handing over my hard earned cash?  

It gets me pondering:  How can I make the system work for me and ensure my money is well spent?

Well, to get started, let’s take a look at some interesting 2014 statistics (source):

  • 133.7 million people shopped during Black Friday Weekend 2014
  • 55% of Americans shopped Black Friday 2014
  • $380 was the average amount spent per person during Black Friday Weekend 2014

What does this mean?  Well for one thing, people spend a whole lot of money on Black Friday – and rightfully so, since Christmas is just around the corner (gotta make sure the kids are happy!). But what about savings?  Am I actually being financially responsible? Let’s get Down 2 the Numbers (source):

Average Savings by Store
JCPenney 68%
Kohl’s 67%
Groupon 64%
Target 37%
Staples 34%
Wal-Mart 30%
Costco 20%

When combining all major retailers, the average savings is a staggering 40%!  So yeah, that’s pretty awesome.  I think we can easily conclude that Black Friday shopping is definitely worthwhile – especially if you can buy products that you need or were planning to buy anyways.  You can tell people that the $1000 worth of discounted goodies purchased on Black Friday saved you an average of $400! 

MPS Verdict:  Black Friday = PASS

 

Posted on Sep 15, 2016 by MyPointSaver Team

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