Since economics is about incentives and choice, as well as human behavior, I had to post this. There is nothing like a sale , or getting trampled underfoot in this video like the lady above, to bring out the best in our character and get you in the mood for the holiday season. Joining the traditions of the season (like eggnog and peace) -the ultimate price strategy of offering ridiculously low prices on items that will be sold-out within a minute of the store opening at a truly absurd hour. Why do this? It is too good of a bargain to miss! And it is not just Americans who splurge during the holidays.
The economy may be looking like it is headed toward a slowdown for some, but it sure didn't look like it to me when I picked my daughter up at Tanger Outlet at 11 am and there were no parking spaces, except on Rt. 25. Oh the Joy! Lets hear your take.
16 comments:
I heard people were going to tanger at midnight on thanksgiving. That seems crazy. It takes away from the holiday when all people are thinking about is rushing to the malls for the sales. Yeah, they may save a little and get presents that are in hot demand before anyone else does but is getting your christmas shopping so important that one leaves there thanksgiving dinner with family to prepare for the madness of shopping? Black friday might as well be called consumption friday.
This is a prime example of how economics dictates human behavior. Stores are using strategies to lure in the customer in any way possible, such as Wal-Mart's low-priced high def TV. But the catch is the "limited quatities," so limited, in fact, that mosh pit situations result some malls and stores.
The good news is that sales are picking up and the slowdown economy seems to be reversing, even if just for the holiday season. Consumer confidence is indeed fueling a "healthier" economy.
But Black Friday, although moving returns into the black zone and away from the red, has escalated into a situation that embodies pure materialism. As educated consumers, we must realize that although deals may be hard to resist, a sense of reality and ethics must prevail in all of our endeavors. And most importantly, we must use common sense: why would one go to a store to try to save a few bucks and as a result get trampled? Wouldn't the hospital fees outweigh the benefits of buying an on sale item?
What I am trying to say is that a "sale" brings the consumer added utility only to a certain point, and then the resulting chaos takes away any potential good. Perhaps this is the point where a little ethics must be incorporated into economics.
That being said, use the principle of comparative adavantage and send someone else to buy your things for you. Then you know you won't get trampled.
I think the holiday season should be very beneficial for the highest spending economies such as Ireland and the US because the increase in consumer spending will eventually return to the pockets of the spenders (if it follows the circular flow diagram to an extent). Also, the article mentions gift cards which I notice to be extremely beneficial for business because the reciever can then buy what they choose to buy, and the money goes directly to the stores/suppliers of the cards; thus, this is a win/win situation because money is not being invested in a sector that is economically undesirable. And of course, the US has become quite adept in this method of giving and other countries are beginning to follow.
Black friday, why not call it white friday.....but that is besides the point. This is absolutly crazy that people will go out, and wait in lines to find the sickest gifts for their kids. The prices are prbly inflated anyway, but stating that the prices are indeed much lower. This whole consept baffels me, and prbly wont understand this madness until i have kids....
wow i cant believe the extent that some people go to just to get a bargain. it seems that thanksgiving no longer represents the family holiday it once was. but it is very beneficial from an economical view. especially to stronger economies like that of the united states, ireland, and britain, where people spend more, and therefore pump a lot of money back into the economy. "black friday" is definetly a fitting name, it suits the day from a real as well as economic view point.
This is rediculous. Not only the "$474" flat screen TVs , but the beatings that go on in the store. The video of the entrance to Wallmart was unbeleivable, people shouldnt be getting sent to the hospital because of shopping, its not a contact sport. Store owners were worried that the gas prices would keep consumers "wallet shy", but the recent fall in gas prices has left room for an above average holiday season. The National Retail Federation, a trade group has predicted a 5% sales increase, up from 3.4% in 200-2002. Also returning from last year was the talking Elmo which sold-out as quickly as the doors opened. Over all Black Friday is one of the most beneficial, and dangerous holiday shopping days, bringing in customers for insane deals and supposedly bringing the retailers out of the red.
Black friday is very beneficial to the American economy. The title says it all, bringing retailers out of the red and into the black. Holday spending is becoming more and more popular. The two countries that spend the most per household, Ireland and the US, spend nearly $1.75 thousand dollars each. As compared to France which doesnt even spend $.75. Wheres your christmas spirit? Also becoming more popular is online shopping, which has increased by 23% since last years period. It makes it a lot easier to find what you want and just buy it.
Until recently, I have only seen holiday consumption madness in movies. Watching the news this weekend I saw many stores open their doors and within instants the place was inundated with bargain seeking customers. Prices of consumer goods definitely impact the success of an economy. That is why Wal-Mart is able to be such an economic success. The opening of the holiday season lowers the price of consumer goods in effort to sell as much as possible. This business tactic will make people act differently as they pursue the goods they want for the holidays. I understand why people wait in the cold to save money, but me personally I’d rather enjoy my vacation than wait on lines because this vacation seemed to short anyway.
I think this new marketing technique of starting black friday on thursday, is really cutting into american morals. it changes a holiday that is family oriented into the best way for americans to save some money. It seems like stores are taking advantage of supply and demand, they do not adequately stock things that they know are going to be big sellers, yet they use it to lure people into their stores.
You know, even though the whole "black friday" frenzy started out because there were craaaazy sales on the day after thanksgiving, i bet people would still flock to stores, even if there were no sales. Is this a common trend, for economics to establish ritualistic behavior among humans, traditions that will continue long after the economic aspect has been dropped?
p.s.- i know i've learned this numerous times, but why is it called black friday?
Black Friday is crazy!!! I think its funny how these shopppers go nuts just to save a few bucks and to get the new tickle me elmo. They must be exhausted after shopping. I'm beat after an hour of shopping. Anyways the holiday season is good for economy because of the high demand for all these hot items. And all parents try to get the best presents for their kids cause they want their kids to like them and take care of them when they get old, so the buyers are willing to pay higher than usual.
NINTENDO WII IS HOTT!!!!!
Black friday has some good sales, but the day after christmas is even better. The need for americans to get better deals is taking away from family holidays. Having sales earlier to get ahead of other companies is good marketing, but taking away from family time. Mr. Rood where do you find all theses crazy videos of people getting trampled and losing their wigs?
I actually took that video myself. You should see what I edited out.
its amazing the extent that some people go to just to save money. the holiday season is good for economy because of the high demand for all these new items.The name says it all, bringing retailers out of the red and into the black. But a real pro-shopper would kno that the best sales are on the day after x-mas.
It's a little rediculous the way people act on Black Friday. It doesn't matter how good the sales are, I don't think saving a few dollars is worth getting trampled on at 5 in the morning. Also, there is no reason why people should start their shopping on Black Friday, the same retail is in the stores before Thanksgiving. It may cost a little more, but it does not carry the risk of getting stomped on. The same goes for Cyber Monday- people could be wasting their time shopping online at work all year (and some do), so why wait until Monday?
Black friday is awsome. I love watching people makeing themselves look like such fools in this video and seeing humans just being so ridiculous over something so not worth it. Black friday is also awsome ofcourse becuase it jacks up the American econonmy and some others but most importantly the American one, God bless America.
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