This is a guest post from Erin at VoucherCodes.ca
When you hear the words “Black Friday”, what do you picture? Huge crowds and very hot deals? Does that scare you or do you get excited when you think about it?
Many people know what Black Friday is, but few of us in North America understand what “Cyber Monday” is. Let’s start off with why you should care.
Cyber Monday: Why you should care
Cyber Monday is the Monday immediately following Black Friday (the following Friday after Thanksgiving in the United States). For 2012, it would land on Monday, November 26th. Cyber Monday is an online shopping event that most Canadian (and American, of course) online retailors participate in (with more participating each and every year).
What happens on Cyber Monday is that any unsold and already highly reduced items from Black Friday can be further reduced on the Monday to make way for new stock.
Discounts on some very popular items have been seen up to 70% off their recommended retail price!
Nearly 80% of online stores plan to participate in Cyber Monday in 2012. Some say that this year is all set to be a record breaking year for great deals.
The economics of spending to save
While not everyone celebrates Christmas, those that do spend roughly $750 on Christmas gifts (according to this Forbes article). Imagine if the majority of these purchases would have been done from the Black Friday to the Cyber Monday long weekend. The savings would be incredible!
From my own personal experience, you can expect to save around 25% off nearly all purchases during Cyber Monday and/or Black Friday. Sticking with the $750 figure above, the average cost of Christmas gifts could drop to roughly $562 overall, with that 25% discount.
Keep in mind that these gifts don’t just have to be for Christmas, but you can purchase items in advance for birthdays, anniversaries and more.
Change your mindset and buy early
To save money on future purchases, follow these steps:
- Make a list of all the people you will be buying gifts for in the next year and some corresponding items that you would like to buy for them.
- Make note of the average price for each of these items (check online retailers, such as Amazon.ca or Walmart.ca for prices).
- On Cyber Monday, check your favorite website for coupon codes (such as RetailMeNot.com, VoucherCodes.ca, or MapleMoney.com) to see what’s available.
- Figure out what each gift item on your list would cost with the coupon codes for Cyber Monday, and compare those prices to the ones you researched earlier (without any discount). If the savings are significant, purchase those items and put them away until the holiday approaches.
By following the steps above, not only have you now done the majority of your yearly shopping in advance but you have also scored some of the best deals available online.
This is why Cyber Monday should not be ignored and why you should consider purchasing items that you need on this day.
Have you shopped on Cyber Monday? What did you think?
Erin Kerr is a recurring member of MapleMoney.com. She comes here daily to look for printable coupons. She can be found at her own online coupon site VoucherCodes.ca. Make sure to stop by and say hello!