4 Reasons To Skip Amazon Prime Day This Year
Written by
Cindy Lamothe
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Everyone loves a good Amazon bargain, especially when you’re supposed to get all the best deals. Amazon Prime Day — a shopping event exclusively for Prime members — is incredibly tempting because of its promise to save you money.
But not so fast, experts warn.
“I advise clients against impulse purchases like those found on Prime Day,” said David L. Blain, CFA and chief executive officer at BlueSky Wealth Advisors. “The deals are rarely as good as advertised and often lead to buyer’s remorse.”
Instead, he recommended focusing on long-term savings strategies. Below are more reasons to skip this event, as well as some tips for saving more money the rest of the year.
1. Inflated Prices Beforehand
Many retailers, including Amazon, often inflate prices in the weeks leading up to Prime Day.
“This practice creates the illusion of significant discounts when, in fact, the deals might not be as substantial as they appear,” said Brendon McCullough, founder and managing director of Dealhack.
He added that by tracking prices over time using tools like CamelCamelCamel, consumers can see that some Prime Day ‘deals’ are not the best bargains they can get.
2. Pressure To Buy
“Prime Day creates a sense of urgency and pressure to make quick purchases, which can lead to impulse buying,” said McCullough.
This frenzy often results in consumers purchasing items they don’t need or at prices that aren’t truly competitive.
“Waiting and planning your purchases can lead to more thoughtful and cost-effective decisions,” he advised.
3. Better Deals at Other Times
According to McCullough, while Prime Day offers some good deals, many of the best discounts can be found during other major sales events such as Black Friday, Cyber Monday and back-to-school sales.
“Retailers often reserve their deepest discounts for these periods, making it worthwhile to wait,” he pointed out.
4. Limited Stock and Selection
Prime Day deals are often limited in stock and selection, meaning you might not find the exact product you’re looking for at a discount.
“By waiting for other sales, you can take advantage of a wider range of products and deals that better suit your needs,” McCullough explained.
How To Save More Year-Round
Rather than blow your money on events like Prime Day, below are some tips for saving for the rest of the year and beyond.
Sign Up for Newsletters
According to experts, one of the simplest ways to save money throughout the year is by signing up for newsletters from your favorite retailers.
“These often include exclusive discounts, early access to sales, and special promotions that are not advertised publicly,” said McCullough.
Use Cashback and Coupon Sites
“Websites like Dealhack.com, Rakuten and Honey can help you save significantly year-round by offering cashback on purchases and providing coupon codes,” McCullough added.
These platforms can be particularly useful for finding deals that aren’t widely advertised.
Follow Brands on Social Media
Many brands frequently announce flash sales, discounts and giveaways on their social media channels.
“Following your favorite brands on platforms like Instagram, Facebook, and Twitter can keep you in the loop about exclusive deals,” said McCullough.
Shop Off-Season
Buying products out of season is a proven strategy for saving money. For example, McCullough recommended purchasing winter clothing in the spring or summer sports equipment in the fall, which can yield substantial savings.
“Retailers often discount these items to clear out inventory.”
Set Price Alerts
Another good strategy is to utilize price tracking tools and apps to set alerts for products you’re interested in.
“This way, you’ll be notified when the price drops, ensuring you get the best deal possible without having to constantly monitor prices yourself,” McCullough explained.
Join Loyalty Programs
Experts note that many retailers offer loyalty programs that provide members with exclusive discounts, early access to sales and rewards points that can be redeemed for future purchases. Signing up for these programs can lead to significant savings over time.
“In general, while Amazon Prime Day can offer some attractive deals, it’s essential to approach it with a critical eye and an understanding that numerous other opportunities exist to save money throughout the year,” said McCullough.
By employing these tips, consumers can make more informed and financially sound shopping decisions. Blain agreed, saying, “Consider your budget and financial goals, not flashy sales and marketing ploys.”
He noted that making thoughtful changes to your regular bills and long-term financial products will serve you far better. “Prime Day is a superficial fix for deeper issues. Address the root causes of overspending and make a comprehensive plan to gain control of your finances for good,” he concluded.
More From GOBankingRates
