Black Friday is known for being the one day that customers can score lower-than-low deals at retailers across the country. But is it really?
According to a new study by retail tracking firm 360pi Corp, the idea of big savings might not be all it's cracked up to be. The firm studied prices on more than 8,000 items leading up to, during and after Black Friday and found that aside from a small selection of doorbuster deals, the majority of retailers either held prices steady or raised average prices just in time for the Black Friday crowds. This means that while customers flocked to stores looking for slashed prices on advertised items, other non-sale items in the store could have actually been marked up.
"We're calling it the Black Friday myth," said Jenn Markey, vice-president of marketing at 360pi, reports the Ottawa Times. "As we went into Black Friday, we saw many retailers holding their prices constant. In the case of (one retailer), we saw them increase their prices going into Black Friday."
Of the retailers 360pi studied, Amazon and Sam's Club dropped their prices most aggressively on Black Friday. Across the board, Amazon's prices were 20 percent lower on average. However, data revealed that Walmart actually raised its prices almost five percent on average on Black Friday, and had been increasing prices steadily in the days leading up to it. So much for rolling back prices, Walmart.
Contrary to the pouplar belief that nearly everything on store shelves will be discounted on Black Friday, the study found that the average retailer dropped prices on fewer than 10 percent of its total inventory.
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