Postgres INSERT ON CONFLICT DO UPDATE vs INSERT or UPDATE

Question

I have stock_price_alert table with 3 columns. stock_price_id is PRIMARY KEY & also FOREIGN KEY to other table. Table definition as below:

create table stock_price_alert (
    stock_price_id integer references stock_price (id) on delete cascade not null,
    fall_below_alert boolean not null,
    rise_above_alert boolean not null,
    primary key (stock_price_id)
);

I need to either:

1) INSERT record if not exist

-- query 1
INSERT INTO stock_price_alert (stock_price_id, fall_below_alert, rise_above_alert)
VALUES (1, true, false);

2) UPDATE record if exist

-- query 2
UPDATE stock_price_alert SET
    fall_below_alert = true,
    rise_above_alert = false
WHERE stock_price_id = 1;

First I need to issue SELECT query on stock_price_alert table, in order to decide whether to perform query (1) or (2).

Postgres supports INSERT INTO TABLE .... ON CONFLICT DO UPDATE ...:

-- query 3
INSERT INTO stock_price_alert (stock_price_id, fall_below_alert, rise_above_alert)
VALUES (1, true, false)
ON CONFLICT (stock_price_id) DO UPDATE SET
    fall_below_alert = EXCLUDED.fall_below_alert,
    rise_above_alert = EXCLUDED.rise_above_alert;

Instead of using query (1) or (2), can I always use query (3)? Then I don't need to issue SELECT query in prior & it helps to simplify the code.

But I am wondering, which is the best practice? Will query (3) cause performance issue or unwanted side effect? Thanks.

Answer 1

Query 3 is the Postgres syntax for "UPSERT" (= UPDATE or INSERT), introduced in Postgres 9.5.

From the documentation:

ON CONFLICT DO UPDATE guarantees an atomic INSERT or UPDATE outcome; provided there is no independent error, one of those two outcomes is guaranteed, even under high concurrency. This is also known as UPSERT – “UPDATE or INSERT”.

This is the best practice for what you are trying to achieve.