[jeffrey]

I don't know of any studies on this (I'll look around and see if I can find any), but "saving mouth-watering amounts of money" is a double sided coin and a lot depends on how you are looking at it.

If you are looking at it from a retail price vs a sale price, then there are significant savings to be had. This is what the media focuses on when they talk about all the savings to be had.

If you look at it from the point of would you have purchased the item had it not been on sale, then you have a whole different perspective on saving. Most of the sale items are not everyday necessities that you would buy and use at some point at regular retail price if it didn't eventually go on sale. If you buy something at any price (even at a large discount) that you wouldn't have purchased otherwise, have you really saved money?

I think a lot of it depends on how you shop. If items on your Xmas list are being offered at deep discounts during Black Friday sales, then by all means it makes sense to purchase them. If it is a good deal, but something that you don't really need, then it doesn't.

While I said I don't know of any studies, the stores have the sales for a reason. Just like supermarkets that offer loss leaders to attract you, they know if they can get you inside the store, you will likely spend more. The stores are not losing money by doing this.