'Don’t get too caught up': Expert offers shopping advice ahead of Black Friday
The biggest shopping season is fast approaching, and with Black Friday and Cyber Monday sales being advertised, a marketing professor is warning shoppers, the deals may not be the best bang for your buck.
One person told CTV News on Tuesday they usually stick to online shopping.
Another person said they haven’t done their Christmas shopping yet as Black Friday is the best day to go Christmas shopping.
Brad Davis, an associate marketing professor at Wilfrid Laurier University said “don’t get too caught up in these sales.” He called Black Friday and Cyber Monday “manufactured events” that marketing agencies created to get into people’s heads.
“That’s where you can get into trouble is those impulse purchases,” Davis said. “Where we see 50 per cent off, and we go, ‘I have to have three or four of them.' That’s when we stray into an area where we really don’t have much of an idea of what the regular price is.”
He recommends knowing what the regular prices are before purchasing. He also said shoppers shouldn’t always fall for what’s known as the “law of scarcity.”
“Often the consumer puts the price calculation on hold a little bit in terms of, ‘I am hedging a little bit, I may not get another chance, who knows when this will be back in stock,”’ he said.
Davis said if you’re travelling to the United States for deals, it’s important to factor in the time and the price of gas.
Canada’s Border Services Agency said it’s important to know the personal exemption laws.
For example, if you’re buying a television in the States for $500, border services estimate it will cost an additional $65 to $100 to enter back into Canada.
Davis said not to rush into making any big financial decisions, and if you do plan on heading to the malls on Black Friday, to not go shopping alone.
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