These Stores Are Offering the Biggest Discounts

Before you head to the stores today, take note of which retailers are truly offering the best Black Friday deals of the season.

JCPenney and Macy’s came out on top when it comes to their Black Friday discounts, according to a recent WalletHub report. The survey analyzed 3,500 deals from 13 of the biggest U.S. retailers’ 2023 Black Friday ads.

“The average person spends a few hundred dollars over the long Thanksgiving weekend, between food for family feasts and the mad dash to score Black Friday deals,” WalletHub Analyst Cassandra Happe said. “It is important for consumers to keep an eye on their bank accounts throughout the holiday shopping season to ensure that spreading holiday cheer doesn’t spread them too thin as they head into the new year.”

JCPenney had an average discount of 59.1 percent, with Macy’s coming in not too far behind at 58.2 percent.

This is the fifth time JCPenney scored the top spot for Black Friday deals since 2014, showing the retailer has consistently drawn in shoppers with steep discounts. This year engaged couples can score a $6,249.98 diamond engagement ring for just $1,666.65.

Macy’s is also a top spot to shop for deal seekers, especially in the jewelry department. These items were priced 65.9 percent off, on average.

Next on the top 10 list were Belk (54.8 percent), Kohl’s (48.8 percent), Target (32.7 percent), BJ’s (30.1 percent), Best Buy (29.8 percent), Amazon (28.5 percent) and Walmart (26.9 percent).

While the discounts might sound impressive, Mark Cohen, the director of retail studies at Columbia Business School, said shoppers should be cautious before falling into a Black Friday marketing trap.

“Prices may or may not be the lowest prices of the season,” Cohen said. “Needless to say, subject to available inventory, prices tend to become progressively lower the closer you get to the actual holiday.”

New Black Friday Shopping Habits

Despite the many deals available, Black Friday shopping could look significantly different this year. Instead of the long lines outside of physical storefronts, consumers can get equally good deals just by scrolling online. In 2022, 122.7 million Americans shopped at brick-and-mortar stores, while 130.2 million stayed at home, buying gifts online.

“Shopping in a store on the actual day after Thanksgiving requires dealing with crowds who have responded to the hype,” Cohen said. “If the excitement of all of that is appealing, go for it. If not take advantage of similar if not identical offerings marketed via e-commerce starting on the so-called ‘Cyber Monday.'”

The timing of so-called “Black Friday” deals is also changing. While the deals used to be limited to the one day after Thanksgiving, many retailers are offering sales earlier in the month and keeping them available until right before Christmas.

“Black Friday is one of the biggest days in the retail calendar, with shoppers from around the world looking to get a great deal on items that they’ve had their eye on for a while,” James Crawford, the co-founder of DealDrop.com said.

Game consoles and Apple products are going to be increasingly in demand for Americans this year, a DealDrop study discovered. In 13 states, the Nintendo Switch was the most popular Black Friday Google search item, while 11 states were most interested in the iPad.

Even as Americans are planning to spend big on Black Friday and throughout the entire month of December, they are feeling the pinch on their wallets.

In a TD Bank survey of more than 2,000 Americans, 73 percent said the financial aspect of the holiday season makes them anxious. Last year, 7 in 10 consumers said they overspent during the holiday season.

“As consumers, we love getting a deal and it is easy to buy things just because something is on sale,” Ishani Banerji, a business professor at Clemson University, told Newsweek.

“Shopping on Black Friday in person at retail stores can make this even more likely. We find it hard to make rational decisions when there are so many products on sale, so many people milling about trying to buy the same things, and the general excitement of the holidays.”

To avoid this on Black Friday, you need to switch away from an impulse buying mode to a more deliberate and thoughtful shopping approach and set a budget for your shopping spree, Banerji said.

“Another way is to ask, ‘Would I buy this if it were not on sale?'” Banerji said. “This encourages us to consider whether we really need the product or are just getting swayed by the deal at that moment.”