Savvy Black Friday shoppers should pay attention to products’ final price, not just how much they’re supposedly saving.
That’s the takeaway from a new report released by Vancity Credit Union, which warns some major U.S. retailers inflate prices before Black Friday and Cyber Monday to make discounts seem deeper than they actually are.
Mo Ladak, vice-president of member services for Vancity, said shoppers should always do their homework before getting swept up in what seems like an exciting deal.
“They see these big signs saying 50, 60, 70 per cent off, but we’re just encouraging our consumers and members to look at the final price,” Ladak said.
Despite what the report calls “mounting evidence” of questionable sales tactics, a survey of Lower Mainland and Victoria residents suggests the vast majority of people believe they’re getting a real steal on Black Friday.
Ninety-four per cent of respondents said they believe Black Friday prices are lower than the rest of the year, by an estimated average of 23 per cent.
Seventy-six per cent said retailers are making less profit or losing money on Black Friday sale items.
But apart from a few door-crasher specials and other scattered savings, Vancity claims much of the Black Friday phenomenon is mere hype.
Read more: Report warns many Black Friday deals actually ‘white lies’ | CTV Vancouver News
That’s the takeaway from a new report released by Vancity Credit Union, which warns some major U.S. retailers inflate prices before Black Friday and Cyber Monday to make discounts seem deeper than they actually are.
Mo Ladak, vice-president of member services for Vancity, said shoppers should always do their homework before getting swept up in what seems like an exciting deal.
“They see these big signs saying 50, 60, 70 per cent off, but we’re just encouraging our consumers and members to look at the final price,” Ladak said.
Despite what the report calls “mounting evidence” of questionable sales tactics, a survey of Lower Mainland and Victoria residents suggests the vast majority of people believe they’re getting a real steal on Black Friday.
Ninety-four per cent of respondents said they believe Black Friday prices are lower than the rest of the year, by an estimated average of 23 per cent.
Seventy-six per cent said retailers are making less profit or losing money on Black Friday sale items.
But apart from a few door-crasher specials and other scattered savings, Vancity claims much of the Black Friday phenomenon is mere hype.
Read more: Report warns many Black Friday deals actually ‘white lies’ | CTV Vancouver News
