We’ve all seen the of Black Friday news footage madness – the stampedes, shoving and hysteria. Whether you find these scenes funny or horrifying, I bet you don’t watch them and say, “These look like reasonable people who will use good judgment to make sound purchases.”
Apparently the logic, i.e. “can we really afford this?” doesn’t kick in until well after you get home from the mall and eat those leftover turkey sandwiches.
So, while our spending is up over 15% from last year, returns are also way up, long before the actually holidays hit!
Buyers remorse? This is the ultimate environment for it. You get lured in by the deals, but ultimately you realize you don’t want to be paying this stuff off for the next six to 12 months. Retail Analyst, NBC Today Show
The segment taking the biggest hit is electronics. They will lose $17 billion to returns this year, up 21% in the past four years. Why do we return electronics? 5% of us claim some product defect, while 27% claim buyer’s remorse.
Despite getting killed by returns, some retailers are seeing the value of a good return policy. For example, Nordstrom.com used to charge a $6 restock fee. Now, returns are free.
For some, this is all a bunch of humbug. The shopping truly is part of the fun of the holiday season. To you I say go crazy…but keep your receipts!