If one of your New Year’s resolutions is to save more and spend less, here are some ways to help you become a smart shopper. I consulted retail analyst and author of Black Market Billions and former Albuquerque resident, Hitha Herzog to make sure we were shopping smart.
Apparently smart shopping means knowing the best times throughout the year to buy specific products.
“The buying cycle is around 3 to 6 months ahead of the season. . . . retailers purchase items in September for spring and items for winter in March through April,” Herzog says. She advises us to follow suite. So if you are looking for a new TV, January if the best time of year to buy. Super bowl sales can help you save a bundle. But there’s another reason the price drops. The Consumer Electronics Show takes place in Las Vegas. So older models of electronics go on sale to make way for the new ones that are coming out.
Since working out and getting in shape is on the top of everyone’s list in January, you can find sales on fitness equipment too. Also outwear, like coats and sweaters can be discounted up to 70 percent off in January.
If you are in need of a new dishwasher though, you might want to wait. The best time to buy major appliances is in September and October. Or you can wait for the Black Friday bargains in November.
When it comes to car shopping, dealerships want to meet their quotas for the end of the year sales. So you will want to shop for a vehicle towards the end of December. Herzog says the end of March, June, or September are also good times to buy a new vehicle.
Have you heard the saying “never pay retail?”
Herzog believes this is true. She grew up in the North Valley and now works in New York as the Chief Research Officer at H Squared Research. Herzog says,” Most retailers incorporate promotions into their pricing, so if you aren’t purchasing items with at least a 20 percent discount attached to it, you aren’t shopping correctly.” You can shop outlet stores, or use coupons, online codes, and mail in rebates to avoid retail prices too.
How can we save on housewares, clothing, and furniture? Shopping online may be the best way to save on these items. “Sites like Amazon have the ability to price out” most of these products that you would normally buy in stores, says Herzog.
After speaking with Herzog, who is also a contributor at retail wire, I felt armed and ready. Ready to do some smart shopping? Like I really needed an excuse.