I am in the market for getting a new mattress. Like many other people, I overpaid for my last one. I have just bought a house and I wanted the fanciest mattress I could find. So, I paid over $2,700 for a king-sized mattress. I got good use out of it or about 7 years, which is the average time that most people keep a mattress. It sounds like a lot of money, but when most people buy a mattress from a store, they pay anywhere from $700 to $2,500. Or, even more.
Then I noticed that every Memorial Day, there are sales and discounts offered by every major retailer. Especially online. There is a method to the madness, and if you understand the system, you’ll learn when to strategically shop throughout the year to save money.
Start Buying Online
The traditional ways of shopping are dying out. Just like you, I used to go to furniture and mattress stores and walk down endless aisles of mattress models, trying to discern differences. However, since the rise of the digital age and e-commerce, less people are trekking to brick-and-mortar stores to shop. Over 5,000 brick-and-mortar retail stores will close in 2019.
There are many benefits to online shopping, especially for mattresses. For one thing, online retailers stock the same mattresses sourced by brick-and-mortar stores. You can research and comparison shop online without a mattress store employee trying to persuade you to buy more expensive models. Also, you’ll generally save more money shopping online.
Brick-and-mortar retail stores need to maximize profit potential as much as possible after buying mattresses from a wholesaler. So, they markup their prices by as much as 60%, or more. A $3,000 store mattress costs about $1,000 when bought online. There is no physical store involved mitigating inventory markup. When you buy at a mattress store, you are paying to help the store recoup their inventory investment just as much as you are for the product.
It’s just more convenient for you to comparison shop online now than visit multiple physical stores. Many online mattress retailers offer free shipping and delivery to their customers. If you compare online retailers, you might find many who don’t apply sales tax as well. These deals and discounts are usually offered on Memorial Day and other major holidays.
Pick Your Holiday
You can save anywhere between 10% and up to 60% by buying mattresses online and during holidays, like Memorial Day, for example. This is especially true for government holiday weekends. People aren’t at work, have free time, and money to burn. That is why you are bombarded with holiday savings advertisements for weeks leading up to the actual holiday.
Memorial Day is the unofficial start of summer and it occurs during the middle of the year. Retailers are trying to empty out their inventories to make space for new mattress models to promote and sell for the next year. This is the same strategy used for July Fourth, Labor Day, President’s Day, and Thanksgiving sales as well
Shop Strategically
Keep in mind that most mattress retailers start ordering or stocking inventory supplies for next year between February and March. That is why you should pay attention when holiday sales are offered throughout the year.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.
