Is Black Friday Worth It or Is It a Marketing Mirage?

In years past, Black Friday deals were only good the day after Thanksgiving. However, that's all changed, with the Black Friday sales period usually extending from Thanksgiving evening through Sunday night, followed by Cyber Monday — which is traditionally when lots of online shopping deals appear.

Years ago, hordes of shoppers lined up outside stores to be the first to dive into the best Black Friday deals they could find. Deep discounts on highly sought-after toys and electronics drew the masses into brick-and-mortar stores. Online shopping has changed this tradition, especially with many retailers offering Black Friday offers early, way before the big sales day actually arrives.

Added to that, there can be suspicion about the extent to which the deals offered around this time represent... a good deal. There's no denying that some of the early excitement has come out of Black Friday. But, coming just after Thanksgiving and in the run-up to the holiday gift-giving season, many people still (and may always) associate Black Friday with sales shopping.

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So, how do you work out when the best deals are on offer? And is it worth shopping on Black Friday anyways? Let's dive in.

Is Black Friday worth it? Pros and cons

The pros of Black Friday are fairly obvious: Prices are lower on certain products and memberships, like Amazon Music Unlimited and Black Friday streaming deals. If you're shopping for holiday gifts, it's a great time to save on costs. If you were planning to buy certain other items, like computer monitors or large appliances, you could also find deals to save there, too, on items you were already planning to spend on.

The cons of Black Friday come with a little more nuance. For one, you may not be aware exactly how much of a discount you actually are getting, which is why it's worth doing some research and making a plan of what you're going to buy. The other negative to Black Friday is the basic concept of spending. You could get so swept up in the deals and the adrenaline of shopping that you spend more than you need to. This is where having a plan and using one of the best budgeting apps comes in handy.

In terms of timing: As far as the quality of Black Friday deals vs sale prices on the days leading up to Black Friday, it's safe to say that usually shopping on Black Friday itself will bring the best prices. On the other hand, you're more likely to have the choice of what you want to buy if you shop early, due to potential shortages of some products advertised on Black Friday. It all comes down to what's most important to you.

One thing to note is that heading to brick-and-mortar stores, on the day, may bring some interesting gift-with-purchase offers that you won't get online or on other days.

If you wait until after Black Friday, you may get different offer options for Cyber Monday and heading into the Christmas holiday season.

Black Friday vs. Cyber Monday

When looking at Black Friday vs. Cyber Monday, some themes emerge immediately.

Generally, Cyber Monday is a continuation of the prices offered on Black Friday rather than a new raft of discounted items. So, you probably won't see better prices if you wait for Cyber Monday, instead of buying on Black Friday weekend. That does, thankfully, give you more time to make decisions.

Shopping strategies for Black Friday

When it comes to maximizing your savings on Black Friday, it helps to have a strategy.

The hottest items like electronics, toys and gadgets will be the first to sell out. Thus, it's best to prioritize those over other items like apparel, which may still have the best prices of the year but also less competition from shoppers early in the day.

Here are some other smart shopping tips for Black Friday:

Use price-tracking tools like CamelCamelCamel, PayPal Honey, Capital One Shopping, Keepa and Slickdeals.
Make a shopping list.
Make a schedule of which stores to hit when prioritizing the items with the most competition for their Black Friday deals.
Avoid impulse buys.
Skip certain big-ticket items like appliances or mattresses if you can wait. Better deals may be coming around Presidents' Day.
For online shoppers, set up deal alerts on Alexa or the Amazon app.
If you're a member of Costco, Sam's Club, BJ's Wholesale, or other members-only warehouse clubs, check your ads for exclusive members-only deals.

Win Black Friday by planning ahead
Stores advertise Black Friday deals for weeks before the actual day, but those deals may not actually offer the best prices.

It can be easy to be overwhelmed by the numerous deals being offered for weeks on end, but with a clear head and a plan in place, you'll be sure to make the most of the holiday shopping season.

Jacob is the founder and CEO of ValueWalk. What started as a hobby 10 years ago turned into a well-known financial media empire focusing in particular on simplifying the opaque world of the hedge fund world. Before doing ValueWalk full time, Jacob worked as an equity analyst specializing in mid and small-cap stocks. Jacob also worked in business development for hedge funds. He lives with his wife and five children in New Jersey. Full Disclosure: Jacob only invests in broad-based ETFs and mutual funds to avoid any conflict of interest.