Americans are likely to trim their budgets this holiday season. According to Gallup, consumers estimate they will spend just $704 on gifts this year, on average. This is down from 2012, when the average consumer said they would spend $770.
With consumers expecting to spend less, and Thanksgiving falling especially late in the year, competition between retailers will be especially intense this holiday season. But even with the sheer number of deals being offered for Black Friday, consumers can still make bad shopping decisions. Consulting with several groups that compile Black Friday deals, 24/7 Wall St. reviewed some of the worst purchases to make on Black Friday.
Many of the worst deals being offered on Black Friday feature out-of-season products. Prices for home improvement tools and supplies tend to be best around Father’s Day, closer to when many consumers are looking for spring cleaning sales. Both Lowe’s and The Home Depot offer “Spring Black Friday” sales. According to FatWallet’s Brent Shelton, gas grills are a better deal in the fall, when retailers are looking to clear out unsold inventory from the summer months.
Black Friday also coincides with the peak demand for some popular gifts. Among these are toys, winter clothing, and holiday decorations. Shoppers buying toys for their kids may want to wait until December, since prices for toys tend to drop as Christmas approaches. Winter clothing and holiday decorations also tend to be especially expensive around Black Friday.
Customers should also be on the lookout for products that tend to be marked up on Black Friday. Electronics often are loss leaders, meaning companies sell them at a loss to get customers into their stores. However, the accessories that come with many electronics are frequently marked up.
These are nine products you shouldn’t buy on Black Friday.