The true cost of Black Friday buys
Black Friday is known for great deals, but a new study shows that consumers may want to add one more item to their holiday shopping carts.
Product protection plan leader Asurion recently surveyed consumers and nearly one-third of the items they purchased last Black Friday broke in less than a year. In addition, almost half (45%) of those surveyed plan to replace at least one damaged, lost or stolen item this Black Friday.
“While scoring great deals is important, it’s important to think about how gifts will be used. We’re all a little hard on our devices sometimes, especially the ones we take with us everywhere and use often,” said Bettie Colombo of Asurion. “An extended warranty can be a true source of savings in the long run. For example, consumers with coverage can save as much as $343 versus repairing just one Black Friday favorite: an HDTV.”
Most of the top gifts this year are also prone to accidental damage and everyday wear and tear. Gifts consumers most want to receive this holiday include:
Laptop (62%)
TV (58%)
Tablet (57%)
Smartphone (43%)
Gaming system (35%)
To find out how much money consumers might have at risk, Asurion analyzed the 19 laptops, televisions, tablets and gaming systems found on the front cover of four top retailers’ Black Friday ads. The analysis focused on the hot electronics identified in the survey.
The company found:
The average sale price of these items is $275.36, an average savings of $162.63.
At an average of $65.84, product protection plans could save an average of $193.06.
Consumer electronics coverage was based on two or three years, whichever was available.