“Black Friday” shopping has become synonymous with “saving money,” but just how much can consumers really save? Experts say it all depends on what you buy. The personal finance website WalletHub compared prices before and after Black Friday and found that about 36% of products actually have no substantial discounts. So, what are the best products to buy on Black Friday?
Every year, Black Friday and Cyber Monday are the most popular shopping seasons in the United States. Last year, 81.7 million Americans shopped in physical stores around Black Friday, while another 87.3 million shopped online.
This year, the National Retail Federation (NRF) predicts that the United States will experience the biggest shopping frenzy in history, with online and in-store sales in November and December expected to exceed 1 trillion dollars for the first time. However, the discounts offered by retailers have been slightly reduced compared to previous years.
In order to identify the best products to purchase during Black Friday, the research team at WalletHub collected advertisements from various merchants between October 27th and November 17th, comparing prices before and after the Black Friday promotions.
According to the research results, WalletHub analyst Chip Lupo said, “We found that approximately 36% of Black Friday products this year did not offer real discounts compared to regular prices. The products that did have promotions had an average discount of 24%, with the highest discount reaching 87%.”
While many retailers have already started their Black Friday promotions, some are holding back on certain discounts, intending to further reduce prices on the actual Black Friday.
WalletHub analysts identified five categories of products that offer the best discounts on Black Friday, often featuring additional discounts.
Experts believe that jewelry, apparel and accessories, as well as Consumer Packaged Goods (CPG), are the most worthwhile purchases on Black Friday, with additional discounts averaging 29%.
At a popular leisure and sportswear store in Los Angeles, a store employee mentioned that some products are already discounted for Black Friday, but “we have set aside certain products that will only be discounted on Black Friday, limited to that day.”
Many consumers may think that waiting until Black Friday to purchase anything is the cheapest option, but the WalletHub team found that household appliances, electronics, and furniture do not receive significant additional discounts on Black Friday. In fact, many of these products are currently being sold at low prices.
For instance, a high-performance professional hair clipper at Macy’s is discounted by 52.94%; Best Buy offers an 11-piece stainless steel cookware set at a saving of $149.88; and Costco’s La-Z-Boy Jax recliner chair is directly discounted by 53.76%, saving consumers $639.31 effortlessly.
An employee at an electronics retail store mentioned that aside from a few select items that will have “doorbuster sales” (limited quantity, steeply discounted items), most products will not receive additional discounts on Black Friday.
“Therefore, when consumers see items they need with discounts now, we recommend purchasing them as Black Friday will not bring significant additional discounts, and the stock is limited,” he said.
Currently, more and more consumers are being cautious with their spending, planning ahead for necessary purchases, and avoiding impulse buying or overspending on items not on their shopping list.
Furthermore, on Thanksgiving Day this year, more businesses will remain completely closed, but some will open early on Black Friday or extend their hours, with specific times varying by location.