Does the thought of Black Friday discounts and the shopping frenzy they promote make you cringe? There are three ways you can make Black Friday shopping more effective and pleasurable by following the guidance of these two new studies by WalletHub.
First, review the research; WalletHub analyzed over 4,300 deals from 13 of the biggest U.S. retailers’ 2024 Black Friday ad scans so you don't have to. The study revealed which stores have the deepest discounts and which shopping categories offer the best value this season.
Second, online shopping helps you avoid hectic crowds and snag deals without waiting hours in the cold. If that seems like a no-brainer, you're not alone. The WalletHub study found that 7.5 million more people chose to shop Black Friday sales online than in person last year.
Finally, if you prefer the flexibility of gift cards, look for some of the best gift cards of the season.
Where are the best Black Friday discounts?
On average, retailers are offering discounts of about 38% on Black Friday deals this year, according to WalletHub. Compared to last year’s average of about 35%, that's an increase in potential savings for you this year.
Where are the steepest price drops? JCPenney, Belk and Macy's have the top three bargains on average this Black Friday.
You’ll still need to do some research to ensure you’re truly getting a good deal. There are a slew of ways Black Friday retailers may trick you, such as through price inflation. So, a quick price comparison could prove to be helpful.
And remember that some tech items may be cheaper on Cyber Monday than on Black Friday.
See how the top retailers rank in overall average discounts for Black Friday:
Among the top three retailers, JCPenney has great discounts on engagement rings, Belk has great deals on electric shavers and you should check Macy's for furniture, WalletHub suggests.
Kiplinger also took a look at some of the best deals at our favorite retailers:
- Costco Black Friday Deals Are Here
- The Best Walmart Black Friday Deals
- Shop Target’s Black Friday Deals
Discounts by shopping category
Many Americans use Black Friday to refresh their electronics, phones, and computers without breaking the bank. Others are looking for holiday gifts like toys. So, you might be surprised that the category offering the best value on Black Friday is jewelry at an average of 59% off. At stores like Kohl’s, those jewelry discounts reach 69% off.
Here is a summary of the largest discounts (by percentage off, rounded) in each category among the thirteen retailers included in the study.
- Jewelry: Belk (77%)
- Appliances: JCPenney (58%)
- Apparel and Accessories: JCPenney (53%)
- Furniture: Macy’s (53%)
- Consumer Packaged Goods: Kohl's (42%)
- Toys: JCPenney (61%)
- Consumer Electronics: JCPenney (58%)
- Computers and phones: Kohl’s (39%)
- All other product categories: Belk (65%)
Skip overspending and focus on the deals
Although some deals are legitimate, other prices may have been inflated before Black Friday as a marketing ploy. Ishani Banerji, clinical assistant professor at Wilbur O. and Ann Powers College of Business, shared how to distinguish real deals from fake:
“The reference price is what the retailer claims the product is usually sold for and this is contrasted with the sale price. For example, Amazon will show the 'list price; for a pair of headphones as $199.95 and then claim that the sale price of $99.95 is a 50% discount. Consumers should try and verify the reference price before jumping on deals like this.”
One helpful tool if you are shopping on Amazon is the website CamelCamelCamel, which tracks price changes on many Amazon products. To combat fake deals, Banerji suggests reviewing the price history to see if the price drops frequently.
To keep saving money on Black Friday, you want to go in with a strategy. Making a list and questioning your purchases beforehand could keep you from overspending.
Banerji said, “It is important to try and switch away from that impulse buying mode to a more deliberate and thoughtful approach. One way to do this is to set limits in place beforehand by making a list of products or setting a hard budget. Another way is to ask, 'Would I buy this if it were not on sale?'"
