With last year’s Black Friday sales drawing 76.2 million Americans to shop in person and 90.6 million to shop online, the personal-finance website WalletHub today released its report on the Best Places to Shop on Black Friday in 2024 to help consumers maximize their savings.
| Best Black Friday Retailers (Avg. Discount) | |
| 1. JCPenney (76.20%) | 6. The Home Depot (32.43%) |
| 2. Belk (72.68%) | 7. Amazon (32.05%) |
| 3. Macy’s (57.13%) | 8. BJ’s (28.86%) |
| 4. Kohl's (43.55%) | 9. Target (28.65%) |
| 5. Walmart (37.75%) | 10. Best Buy (28.43%) |
Key Stats
- JCPenney has the highest overall discount rate, at 76.20%, whereas Costco has the lowest at 18.27%.
- The overall average discount for Black Friday is 38%. Consumers should aim for this discount amount or higher to avoid Black Friday traps.
- The “Computers & Phones” category has one of the biggest shares of discounted items, 29.32% of all offers, whereas the “Consumer Packaged Goods” category has the smallest at 2.43%.
To view the full report and each retailer’s rank in all product categories, please visit:
https://wallethub.com/edu/
“The best Black Friday deals can save you up to 88% this year, but when you’re bombarded by ads and there are so many places to shop, it can be hard to decide where to actually spend your money. Knowing which retailers actually offer significant deals compared to their normal prices can save you a lot of time and prevent buyer’s remorse. This year, the stores offering the top deals are JCPenney, Belk and Macy’s.”
- Chip Lupo, WalletHub Analyst
Expert Commentary
How can consumers distinguish between real Black Friday deals and marketing traps?
“I suggest looking at prices now so you start to get a benchmark. Use comparison shopping like Google Shopping and have browser extensions such as Rakuten that can give extra cash back and note that an item may be priced cheaper somewhere else in its network of stores it is indexing. Sometimes an item is a loss leader where the retailer is listing the item at a steep discount to get attention, but then will try to trap you with big fees on shipping that you won't see until you're at the final checkout. Remind yourself it's okay to abandon things at the online checkout if the fee feels too steep. Similarly, watch out for overpriced accessories related to the main product you are buying. For instance, you'll be giddy if you're saving hundreds on a TV, but then will be paying too much when you decide to add on a soundbar.”
Chad O'Connor, M.A. – Faculty in Marketing, Northeastern University
“Look for the small details. Traps usually are a limited amount of goods, specific time periods and the like. The certain hours are only a way to get you in, and get you to buy - since you are there anyway. Just read the fine print.”
Dan Azzaro – Senior Professional Lecturer, DePaul University
How can consumers protect themselves from overspending on Black Friday?
“If at all possible, set yourself a total budget of how much discretionary money you can safely spend on things during the holiday stretch without putting other financial priorities at risk. Be conservative with this. The worst thing you could do is start to put big purchases on credit cards with high interest charges. If you can't afford to pay it off right away, you should really reconsider if it's necessary or come up with alternative financing for it. Next, I would strongly advise making a list of things you know you need to buy (X item in the house is broken and we need a new one) versus things that would be nice to have (I've always wanted one of those) to hopefully remind you of what your spending priorities are. Also try to think of flexible options for gift giving. Put together a budget of how much you are looking to spend per person for holiday gifts and hold yourself to it. If you can't find items that are within the budget, then consider gifting a gift card for that value instead.”
Chad O'Connor, M.A. – Faculty in Marketing, Northeastern University
“Much like anything else, know your limit. If you were not going to buy it in the first place, don't let a deal put you over the edge. Have a set list, know what you can spend, and then enjoy the day.”
Dan Azzaro – Senior Professional Lecturer, DePaul University
Which day do you believe people get the best deals: Black Friday, Cyber Monday or another day? Why? What types of products are better to buy on Black Friday versus Cyber Monday?
“The Black Friday deals are usually door busters on large ticker items that will make consumers go to the store! Retailers need to build traffic to stores to sell, so consumers can get great deals on big ticket items on Black Friday – TVs, appliances, washers and driers, refrigerators, vacuum cleaners, gaming consoles, etc. So, consumers can get a great deal on it (if you are early enough and quantity is not limited). Generally, those items that are expensive and harder to ship, and items where consumers need to check out the item before buying (clothing also fits this category). As a consumer if you are in the market to buy such items, do your homework and check out the products you are interested in well ahead of Black Friday – so that on that day, you just go and buy it, instead of checking it out then (no time for it!). While in store on Black Friday you might get other deals, not so attractive as the door busters, but good enough. On Cyber Monday, you get great deals on smaller ticket items – cosmetics, electronics, clothes - it is easier and less time consuming to surf the web for the best deals on these items and so competition is high, and prices are very attractive. You may get good deals on large ticket items sometimes, but it is more of an exception than the rule. It is useful to visit price comparison sites like Google Shopping, Shopzilla, PriceGrabber, etc. Again, planning for purchases can limit your overspending.”
P. K. Kannan – Dean’s Chair in Marketing Science; Professor, University of Maryland, College Park
“To me, it always was Cyber Monday - but that is me. I do not have any great research on that. A lot of it depends on how much hassle you can put up with. Not much? Then everything on Cyber Monday is a great deal.”
Dan Azzaro – Senior Professional Lecturer, DePaul University
No comments:
Post a Comment