5 things you shouldn't buy on Black Friday
Bargain hunters searching for Black Friday deals might want to cool their heels when it comes to a handful of products.
Retailers will kick off the start of the holiday shopping season on Thanksgiving weekend. One explanation for calling the Friday after the holiday Black Friday is that it's often the day when retailers' bottom lines shift into the black. This year will present a host of technology and electronic deals, from TVs to smartphones, but consumers might be better off waiting when it comes to five types of products, said Phil Dengler of BestBlackFriday.com, which tracks deals.
While brick-and-mortar retailers are heading into this year's Black Friday engaged in fiercer competition than ever with online stores such as Amazon (AMZN), some merchants will hold off on offering their lowest prices until later in December. At that point, they may be more willing to slash prices in order to get rid of inventory.
Stores also use Black Friday promotions to lure consumers through their doors, banking that they'll open up their wallets once they get inside and into the holiday spirit.
Aside from awareness of where to find good deals, consumers shouldn't forget to keep track of spending, said Courtney Jespersen, consumer savings expert at NerdWallet
"According to NerdWallet's 2017 Consumer Holiday Shopping Report, 24 percent of those who purchased gifts last holiday season spent more than their budget," she said. "Perhaps more concerning is the fact that another 27 percent said they didn't have a budget at all last year."
Consumers can use anything from an app to a paper notebook to keep track of spending, she said. Jespersen also recommended setting a ceiling on spending, which should be a realistic amount. For instance, one budget guideline suggests limiting gift spending to less than 30 percent of monthly income.
Here are the five products that consumers should hold off on buying on Black Friday because better deals are likely later in the year, according to BestBlackFriday.com.
Toys
Even though retailers will be offering deals on toys during Black Friday, prices are generally lower in December. BestBlackBuy.com predicts the sweet spot for toy buying in 2017 will be from Dec. 10 to Dec. 17, when retailers will still have inventory available and prices will be low. Waiting too close to Christmas raises the risk that a retailer will sell out of a product, however.
Gift cards
Deals on gift cards tend to pop up in the two weeks before Christmas, BestBlackFriday.com said. Retailers will typically discount their own cards, such as selling a $100 gift card for $80.
Jewelry
Shoppers on the hunt for jewelry will find their best deals between Dec. 8 to Dec. 25, BestBlackFriday.com said. Jewelers typically freeze their prices before the holidays, which means they won't increase until after the holidays.
Thanksgiving decorations
Early December delivers the goods on Thanksgiving decorations because stores want to clear out their inventory and offer big discounts. Of course, you'll have to wait almost a full year to use those turkey and cornucopia decorations.
Cars
Hold off on buying a car until Dec. 31 because car dealerships will be eager to get rid of the previous year's inventory, says BestBlackFriday.com. Salespeople will also want to meet their monthly and annual sales quotas, which will give buyers leverage for finding a great deal.