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"Cold turkey" takes on new meaning for Black Friday
Economists agree, retailers are expecting holiday spending in 2012 will be the strongest in the past four years. But why?
Retailers’ strategy has remained the same for years: Get shoppers out of the house and into the store with doorbuster deals, and then sell them additional products once inside.
“If retailers know you’re going to buy, there’s a bigger share if you get a consumer in your store earlier, and if consumers think they’re getting a great deal, they’d rather leave the turkey cold,” adds McCarthy.
For consumers who can’t take advantage of this year’s Black Friday sales, experts say you’ll find plenty of deals on Cyber Monday, which is now one of the highest revenue shopping days of the year.
“Cyber Monday gives retailers the ability to move products they weren’t able to sell on Black Friday,” says Glenn Platt, C. Michael Armstrong Professor and co-director of Armstrong Interactive Media Studies at Miami.
His tips for Cyber Monday are simple. “First, know what the retailers are selling and make a list of what you need. Second, use a shopping comparison engine to ensure you’re getting the best online deal. And finally, look into signing up for special promotions and clubs.”
McCarthy says consumers are responsible for the shopping frenzy.
“We’re a shopping society, and we like getting good deals- whether it’s Black Thursday, Black Friday or Cyber Monday.”