Is Black Friday A Scam?
First of all, What is Black Friday?
Black Friday is an informal name for the fourth friday in the month of November. It is a name givento the shopping day after thanksgiving in the USA.
The friday after this thanksgiving is the most profitable day of the year. Accountants use black to signify profit when recording in their entries. So black Friday means Profitable Friday to retailing. Although these days, It is no longer just a day, a weekend or even a full week. It is prett much of November and December.
This is the period where you get pretty low prices for goods and services. Though it is known for the lowest prices of the year, It is also one of the worst time to shop.
Black fridays are used to attract customers by offering few products at a discount. Then once these deals run out, the retailers have still got the consumers because you are already in their stores or sites at which point you are likely to buy something else.
Let's take a look at some of these deals; an Android Tv worth #500,000.00 naira that's going for #300,000.00 naira or a smartphone worth #80,000.00 naira going for #40,000.00 naira. How do retailers afford to part with these products at ridiculous prices?
They Can't and They Don't...
What they do is sometimes offer lower quality products at ridiculous prices.
But, some products are real. They are the same items we see all year round in which case it probably pays to jump on what could be their lowest prices of the year, right?
According to the wall street journal, most items are offered below black friday prices at different times throughout the year.
What this means is that you are likely to get a better deal on a TV just a week before a major Football competition, or on a mobile phone after the release of a better version.
But there are always exceptions and if you play your your cards right, you might come away with very handsome deals.
Remember buying a product you don't need at half the price isn't saving money, It is wasting the amount spent on the product.
So is black Friday a scam? Well it depends on you.