Black Friday in Canada: How to get the best deal

You don’t have to live in the U.S.to get in on Black Friday deals that retailers down south rely on to kick-start the holiday shopping season.

Always the day after American Thanksgiving, Black Friday this year happens on Friday (Nov. 28), and it’s just one more U.S. trend that Canadians are adopting.

According to Accenture, 61 per cent of Canadians are expecting to shop on the Nov. 28, and another 24 per cent say they’re likely to do so. The growing enthusiasm for Black Friday is largely being driven by younger shoppers, with 81 per cent of consumers aged 18 to 24 saying they’re very or somewhat likely to shop on Black Friday, compared 56 per cent of consumers aged 45 to 59 and 30 per cent of those aged 60 years and older.

Looking for deals at home

With the low Canadian dollar, though, Canucks are looking for deals at home. A survey by coupon site RetailMeNot.ca found that 87 per cent of Canadians will shop for most of their holiday gifts in-store at Canadian retailers this holiday season, and 21 per cent will shop for most gifts online with Canadian e-tailers. Forty-four per cent of those surveyed indicated that they do less holiday shopping in the U.S. now that BlackFriday and Cyber Monday are in Canada.

Just like so-called Boxing Day, sales have become week-long extravaganzas, with many Black Friday sales already underway. (Amazon.ca, for instance, is currently holding ‘Black Friday Deals Week’, and Walmart’s “Pre-Black Friday” event began on Nov. 21.) Those sales are followed by the online sales frenzy Cyber Monday (Dec. 1).

The top products that shoppers are looking for at these upcoming sales include apparel (58 per cent) and toys (30 per cent), according to Accenture. Los Angeles-based GoBankingRates.com adds in electronics, books, CDs, DVDs, videos, videogames to that list.

Know when a deal is a good deal

However, those categories won’t necessarily see the best prices of the season. That’s why it’s important to know when a deal is really a deal and when it’s better to walk away from retailer tactics designed to encourage impulse buys.

Most Black Friday sales will focus on TVs and technology, with low-end brands being the best buy.

Target, for example, has advertised deals for a 40″ Element 1080p LCD HDTV for US$119 (regular US$349.99), while Kmart is selling a 39″ Westinghouse LED 1080p TV for US$229.99.

Office Depot, meanwhile, is advertising Toshiba 15.6” Satellite i7 1TB laptops with touch screen for US$599.99 (down from US$899.99).

GoBankingRates.com says to avoid brand-name TVs and high-end laptops and electronics, which will see better prices closer to Christmas. Same goes for toys.

Footwear and beauty products will likely have better prices on Cyber Monday than on Black Friday, according to GoBankingRates.com. And certain items, such as jewellery and home and patio ware, should always be picked up in off seasons when demand is lower.

Here’s how not to get duped

Make a list and stick to it.

Who are you buying for this year and what’s your price limit? You won’t be saving any money if you end up buying something you don’t need. Remember the saver’s mantra: needs versus wants.

“My advice would be to always go shopping prepared with a shopping list of items you want and a budget,” says investment advisor and certified financial planner Bettina Schnarr of South Surrey, B.C.’s HollisWealth.

“This way you are better prepared to avoid impulse buys. Remember that it’s not money well spent if you buy something you don’t need. “

Use a credit card with rewards points if you’re collecting for travel or merchandise, but only if you pay off your balance in full every month so you’re not racking up exorbitant interest rates. If that’s the case, use your debit card or cash.

“With a budget you should be shopping within your means,” Schnarr says. “Make sure you have a plan or are prepared to pay for the items you bought without going into debt. The interest you pay could end up wiping out any savings you made on your purchases.”

Comparison shop in advance. Check out prices online at multiple retailers first so that you don’t fall for the first supposed deal you see.

Look for free shipping, suggests RetailMeNot.ca, and, when splurging on expensive items like electronics, ask to have extras thrown in, like an accessory or warranty.