Retail Sales Can Be Misleading…Is It REALLY A Good Deal? – 719woman.com
There are a lot of excellent sales going on right now as retail stores get ready for their new spring merchandise. Winter attire like sweaters, coats, scarves, and boots can be found on sale from 50 to 75% off in most stores which makes this a great time to stock up on those items you may need.
But “buyer beware”…those sale prices may not be as great as you think they are. I just finished reading this article from Money that discusses how retailers are being accused of misleading customers with fake price schemes. The article goes on to say that an age-old retail strategy called “price anchoring” has become so blatant lately that customers have launched lawsuits, alleging that the schemes amount to deception and fraud. Items can be priced at ridiculously high prices, which the stores never even charged, and then “slash” the prices so you think you got a great deal. For example, a coat may be priced at $500 and sold at 50% which makes you think, “Wow…I just saved $250!” But if the coat is really only worth about $150…you’ve overpaid but think you got a deal.
I was in a store the other day where all their $50 sweaters were on a ‘Buy One Get One 1/2 Off’ sale. But just the week before they were on sale for $29.99. With a bit of simple math, you know the BOGO 1/2 off deal isn’t that great. I have to remind myself of this when I hit a store and see all the racks with huge sale signs. There have been instances where I was blindsided by the markdowns and bought items I never used and ended up donating, which was just like throwing money away.
Now when I go shopping for the end of season clearance sales I carry a list of people I buy for each year with their sizes and I keep a running list of items I’d like to replace if I can find good deals on them, like sheets or towels, along with the colors I could use. And I ask myself the following questions…
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Do I have a purpose for it?
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Do I have a particular person in mind to buy it for?
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Is it really a good deal?
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If I wait another week and it’s been sold, will I regret not buying it?
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Can I wear it in multiple ways and with items I already own?
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Do I need it?
Of course if you find something you love or really need, you might not want to wait for an even lower price since the store might not have it for long.
Bottom line, know your prices when shopping and don’t buy something just because it’s on sale!