I used to be the kind of person who would just go to retail stores and buy anything without comparison shopping. Comparison shopping and hunting for bargains among enthusiastic throngs of spree shoppers wasn’t my thing. But in the digital age and the advent of online shopping, you have so many options to save money relative to the 20th century. It’s why you should know the differences between Black Friday and Cyber Monday.
And, why you should try to buy goods during both shopping events if possible. You can take advantage of some deep savings if you strategically prioritize what you need to buy on each day.
There are just too opportunities for you to lose out on big savings if you shop on every other day of the year except Black Friday or Cyber Monday.
Did you know that over 52% of Americans, especially spree shoppers, regret something they bought afterwards? The average spree shopper spends over $1,000 on goods.
From Thanksgiving through Black Friday and Cyber Monday, the average American will spend about $400. Americans will collectively spend over $87 billion online and in retail stores on consumer goods.
This is a 12% increase from the prior year.
What is it about this time of year that makes people go consumer mad? Well, to answer that I need to explain Black Friday and Cyber Monday, their differences, and why you’ll probably save more money on Cyber Monday.
The Differences Between Black Friday and Cyber Monday (And Which is the Biggest Shopping Day?)
The idea for Black Friday was created in the 1950s as Americans would collectively take a sick day after Thanksgiving to get in some shopping time. “Black Friday,” wouldn’t be used until 1966 when it first appeared in a newspaper ad.
Who exactly coined the term and in what context is up for debate.
The term, “Cyber Monday,” was first used by Shop.org back in 2005 as an advertising term. As Black Friday occurs the day after Thanksgiving, Cyber Monday occurs on the first Monday after Thanksgiving.
Even though Black Friday sales occur online, most people enjoy going to retail stores and joining spree shopper masses looking for deals.
In fact, may people begin shopping for deals at Thanksgiving at midnight, when many retail stores are open.
This shopping activity then carries over to Black Friday, which is the very next day.
Cyber Monday is all about finding the best deals online. Most people are searching for the most popular and expensive items that have been severely discounted.
Cyber Monday shoppers look for affordable, previous-generation electronics at steep discounts online.
The Savings Matter
Black Friday was christened, “the biggest shopping day of the year,” for almost a decade now.
However, more Americans collectively shopped on Cyber Monday in 2017 and 2018 than they did on Black Friday.
The average consumer saved over 21% per purchase on Cyber Monday than they did shopping on Black Friday. Most consumers save about 18.5% per purchase on Black Friday.
Depending on where you shop, those saving can go much deeper.
Finding Deals Online
You can look for Black Friday deals here and for Cyber Monday deals here.
Additionally, you can have online coupon aggregation sites email you Cyber Monday deals here.
Visit the websites of your favorite retailers to learn more. Comparison shopping is the best way to find big savings.
It’s never too late for savings. Most of the deepest saving cuts can be found near the end of sales holidays as retailers cut prices more to move inventory.
Read More
How to Get the Best Cyber Monday Deals
Affordable Ways to Enjoy the Holiday Season
How to Shop Smart During the Holiday Shopping Season
Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.
