CALIFORNIA — With Black Friday right around the corner, it can be hard to know where to begin. Personal finance website WalletHub released a report on the Best Places to Shop on Black Friday in 2024.
According to the report, here are the stores with the biggest average Black Friday discounts:
1. JCPenney (76.20%)
2. Belk (72.68%)
3. Macy’s (57.13%)
4. Kohl’s (43.55%)
5. Walmart (37.75%)
6. The Home Depot (32.43%)
7. Amazon (32.05%)
8. BJ’s (28.86%)
9. Target (28.65%)
10. Best Buy (28.43%)
There may be a lot of local excitement about the new Costco in Pleasanton opening the day before Thanksgiving, but according to this report, Costco has the lowest average discount rate, at 18.27 percent. The overall average discount for Black Friday is 38%, which customers should aim for. To make things simpler, shop around for new computers and phones, which had the biggest share of discounted items at 29.32 percent. Just 2.3% of items in the “Consumer Packaged Goods” category were discounted.
“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,” said WalletHub analyst Chip Lupo.
Experts also warn against Black Friday traps, which seem affordable, but then ensnare consumers who don’t read the fine print. “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,” advised Northeastern University marketing professor Chad O’Connor.
“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.”
See here for the full study.
