NEW YORK (CBSNewYork) – Some of the biggest retailers and subscription sites are slashing prices to make up for losses due to the coronavirus outbreak.
CBS2’s Charlie Cooper took a look at what shoppers should know before taking advantage of bargains, some not hard to find.
“There are a lot of deals,” said Siobhan Gorman, a financial consultant with the Brunswick Group.
She warns if you’re not careful, they can be tempting.
“It’s video or books or other types of subscription models that I think look really great right now,” she said.
Premium retailers and subscription services are offering discounts in your inbox, on social media and on their websites by as much as 70%. They’re hoping to maintain business and grab the attention of consumers stuck at home.
“There’s an urge to purchase things,” said psychologist Harris Stratyner.
Stratyner says the desire to dive into those deep discounts could be due to process addiction. It’s the impulse to spend money in order to feel less anxious, ill or depressed.
“We can get a good deal or it’s just to keep us busy because we’re bored, but at the same time there’s some anxiety related to it,” said Stratyner. “If they feel like they’re getting a deal, it cheers their mood up. That’s retail therapy.”
A quick search online shows huge discounts on previous pricey services.
There’s even a social distancing lifetime subscription bundle that includes Rosetta Stone for a discount.
“People may feel like they have a lot of free time because you’re still imagining what your life is like when you’re operating solely from home,” said Gorman. “I think people may quickly find that they actually fill that time, so you don’t necessarily want to find yourself with all these things that you can’t manage.”
Experts advise that before you make that online purchase that you run it by someone else for a second opinion.