Get your credit cards ready because the ‘Best Buy’ online has just exploded on the scene. Sometime early this morning, consumers were shocked to see a Samsung 52″ LCD TV LN52A650 on sale for a ridiculous $9.99. While it is obvious that this is a pricing error on the part of Best Buy, one can only hope and dream that Best Buy lets Christmas come early.
For anyone wondering about Best Buy’s Pricing Error policy it is here as follows: Continue Reading…
In a time where getting the most out of your buck is key, shopping for consumer goods is an area that has most consumers re-thinking where they decide to shop. While malls continue to be packed, it doesn’t necessarily mean that people are spending money. On the contrary, with once dominant department stores like Macy’s and social hangout spots like Starbucks closing stores to save money, consumer spending has changed radically.
With consumers looking at how to save money, they have begun to turn toward outlet malls. For the consumer that has never shopped at an outlet mall, let me introduce you to the world of affordable prices for designer and name brand goods. While affordable is only applicable to certain situations, examples are the best way to show the huge bargain opportunity that is to be had at outlet malls.
Coach for example is well known for being a hot spot at outlets for shopaholics. Not only are their prices well below the MSRP’s but their selection is quite vast. It is true that among the plethora of bags their is a fair share of ugly bags, but the prices are the ones that dictate what is ugly and what is not.
Outlets get most of their merchandise from their affiliate stores after they either go out of season or are overstocked. Many consumers are aware of this and don’t mind wearing last seasons styles. The truth is that to look rich, you don’t have to be rich. Brands like Calvin Klein, Gap, Hugo Boss, Bebe, and even Juicy Couture have all realized this and have begun to tap the huge consumer base that shops at outlets. With small outlet stores beginning to be replaced by designer outlet stores, what was a once in a while stop for families and consumers has now become regular trips when they need to buy something.
In a way, outlet malls can be seen as the place where last season’s style goes to be reborn into an ‘affordable’ style. From electronics to clothing, it seems that you can find anything at an outlet mall. While most outlet malls may not have the ambiance or decor of most shopping malls today, they make up for it by allowing consumers to feel like they really got the most out of their dollar.
After a long day of cooking, feasting, and saying thanks, one would expect the next day to be one of rest and relaxation. Unfortunately, this is not true for most Americans. For many of us, the day after Thanksgiving is the day to go out and get that big screen TV we have been waiting for or to get those pairs of shoes that we have had our eye on. So ‘important’ has the day after Thanksgiving been, we as consumers have given it the name “Black Friday.”
“Black Friday” starts with tents, long lines, and consumers with there “Black Friday” ads in hand. Whether it be the special deal “doorbuster” or the extra 40% off that retail stores offer, consumers are willing to put up with the lack of sleep as well as the lack of respect they receive from there fellow consumers.
As I started my “Black Friday” run today, I had many places that I wanted to check out. Among them were Best Buy, Circuit City, and of course the local mall. As I went from store to store I noticed a trend. In each of the stores I went too, while there was still a large number of consumers, the number of them holding items was amazingly small. I didn’t see consumers with baskets full of DVD’s or with armfuls of clothes. If I could describe the average consumer on “Black Friday” I would use the word cautious. Consumers went for items they ‘needed’ or had been strongly considering for a while.
This change in consumer spending can be attributed to a number of things. One reasoning is that no longer is “Black Friday” only on Friday. Most stores now start there sales a couple of days before or even the week before running all the way into the weekend. Consumers no longer have to fight Friday morning but can now shop around for a couple days, finding the best deal. Another reason is that most stores such as Best Buy, Circuit City, Amazon, & Walmart offer online sales that offer the same items that are considered “doorbuster’s” and also in some cases, deals that are better than in the stores.
While the forementioned changes to “Black Friday” all have an affect on the way consumers approach “Black Friday”, consumer spending and confidence in businesses have been one of the key factors. Consumers unwilling to spend money on un-neccesary products has led to a record slump in consumer spending which have led to chains such as Circuit City into bankruptcy.
With “Black Friday” turning into a week long affair in some cases, why do we continue to call it “Black Friday?”
While “Black Friday” has traditionally meant the start of the holiday shopping season, consumer trends in spending during this “Black Friday” may be the signal for retailers to start worrying that perhaps “Black Friday” may just be “Regular Friday”