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The Truth About Holiday Deals

Many people think the early holiday shopping season — especially Black Friday and Cyber Monday — is the best time of year to score deep discounts on everything from clothing to flat-screen TVs. But is it?

Before you swipe your card or click "buy" on a holiday deal, take a step back to assess whether it's really a deal at all. Here's what you should know about holiday shopping deals.

 

Is It Still Worth Shopping on Black Friday?

Retailers have been starting their sales earlier every year. There are also new shopping holidays that have cropped up alongside Black Friday. This includes Small Business Saturday, Cyber Monday, and even Super Saturday (the Saturday before Christmas). Plus, many retailers are now starting sale previews as early as October (no thanks to Amazon's very popular Prime Big Days Deals) and using that as an official holiday sale kickoff. 

That means you don't have to shop only on Black Friday to score a discount. Instead, you can shop at your leisure throughout the entire fall season leading into the holidays. In fact, there has been a trend in the past few years to shop online and this year is no different. One prediction claims online shoppers will spend about $241 billion this holiday season.1

If you're considering a non-urgent purchase like luggage, a mixer, or a coffeemaker, you don't even have to decide this year. A 2023 investigation found that many retailers tend to recycle the same deals year after year.2 Let's say you missed out on discounts offered by retailers such as Walmart, Target, Best Buy, or Macy's last year. There's a high chance those same deals — or similar — will be on offer again this holiday season.

This doesn't mean you can't find some good deals during the holiday season. And since you don't have to jump on Black Friday sales, you now have more time to evaluate offers and plan your spending. Also be aware of Black Friday tips3 that could help you keep more money in your wallet. 

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Do you know the real difference between Black Friday and Cyber Monday?

Black Friday vs. Cyber Monday Deals Week

Though Black Friday has been around longer, Cyber Monday has also emerged as one of the biggest shopping days of the year. However, you may not be sure what the difference is between the two. Knowing what deals are worth pursuing on Black Friday vs. Cyber Monday can help you stick to your holiday shopping budget.

The biggest difference is that Cyber Monday takes place exclusively online.4 Additionally, while Black Friday deals are leaked as early as October, Cyber Monday deals are largely unknown until that week.

The other big difference between the days: which products have the best sales.5 Black Friday sales usually center around expensive tech items. This includes smartphones, TVs, laptops, headphones and speakers. The best Cyber Monday deals tend to be for smaller appliances such as vacuums, stand mixers and espresso machines.

 

How to Budget for Holiday Spending

Want to shop during Black Friday, Cyber Monday, or any other holiday events? It's important to start planning now so you don't end up in the red at the end of the year.

First, review your budget early on and decide how much you can afford to spend during the holidays. Then start setting aside some money each month leading up to the shopping season. You can even open a separate savings account just for your holiday funds so there's less temptation to spend it on other expenses.

Next, do some research to be sure a sale you're considering is really a good deal. You can use a price-tracking browser extension or app6 to find out if a price is truly discounted compared to the rest of the year. These tools can also let you know if a better price can be found elsewhere or if there is a current promo code that can knock it down further. Want to be notified if the price drops in the future? These tools will let you do that too.

The deep discounts on Black Friday may be few and far between compared to the earlier years, but that doesn't mean you can't still score good deals. By planning and saving ahead of time — and weighing your options — you can stick to your budget, save money on your holiday gifts and make sure no one gets cut from the list.


Synovus Holiday Savings Account

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Jaclyn Peiser, "Shoppers Will Spend a Record $241 Billion Online This Holiday Season," The Washington Post, published September 25, 2024. Accessed October 1, 2024. Back
  2. Hayley Peterson, “13 Ways Black Friday Retailers Trick You," Kiplinger, published October 21, 2019, accessed July 30, 2021. Back
  3. Adam Oram, Zachary McAuliffe, Alexandra Garrett, Alison DeNisco Rayome, “These Browser Extensions and Apps Can Save You Money When Shopping Online" CNET, published September 30, 2023. Accessed October 1, 2024. Back
  4. Deniz Tasyürek, "Top 50 Black Friday Statistics You Should Know in 2024," Storyly, published October 3, 2023. Accessed October 1, 2024. Back
  5. "Black Friday vs. Cyber Monday: Which one has better deals?," published November 1, 2024. Accessed November 12, 2024. Back
  6. Sarah Handley, “Black Friday Vs. Cyber Monday: Which Has The Better Deals?," Good To Know, published October 26, 2023. Accessed October 1, 2024. Back