Monday, February 16, 2015

President's Day Sales-Are The Prices Really Lower?

Retailers are very good at marketing and creating that sense of urgency for us to buy now. "Best Sale Ever" "Lowest Price of the Year" and "President's Day-80% off" are all slogans thrown out to grab us out of our homes to snag the amazing deals. Then there are the multiple stores who give out discount coupons to their credit card holders to entice them to save an additional 20%. In theory shouldn't that reduce the price to $0 (80% off plus 20%-I know, way too simple math)? While it is generally true that good deals on bedding and winter clothes are available during the President Day Holiday, consumers need to know how to do the ancient art of comparison shopping, defined by Dictionary.com as: "to compare prices and quality of merchandise in (competing stores) to determine the best value." I was recently in a major department store, one of the ones where you don't go in without a coupon, shopping for suits with my son. We selected the items we wanted, basing the price on the coupon I had for 20% off and went to check out. However, in my urgency to get these deals advertised on the coupon, I neglected to see that the effective date for the coupon was the following weekend. In spite of disappointing my son, I apologized and turned to put the items away. Coming back next weekend was annoying but worth the 20% discount. To my amazement, the salesclerk laughed and said that the items actually cost less on that day versus next weekend. We bought the items for the price we wanted and left. So much for the coupon being valuable. I couldn't help but wonder if they mark the prices up for the days that coupons are in effect? The point is, regardless of retailers' sensational marketing, capitalizing on holidays and deep discount coupons, consumers need to compare prices and quality to get the best item for the best price.