Americans love a good deal—Black Friday is practically a national pastime. Last year, 76.2 million people hit the stores in person, while 90.6 million opted for online shopping. But before you dive headfirst into the shopping frenzy, here’s a question worth asking: Are these Black Friday deals as good as they claim to be?
WalletHub did some digging to compare pre-Black Friday prices with the supposed “sale” prices on the big day. Spoiler alert: 41% of items won’t actually be cheaper than they were before Black Friday.
But some retailers will offer significant deals. According to the report, JCPenney is offering the steepest discounts this year, with an average markdown of 76 percent. The retailers offering the best deals overall, following JCPenney, include Belk (72.7%), Macy's (57.1%), Kohl's (43.5%) and Walmart (37.5%). The report notes that JCPenney is offering significant discounts on appliances and electronics while Macy’s is offering its best deals on jewelry and furniture. Some retailers barely move the needle with their Black Friday deals: Costco offers the lowest at just 18% off.
The report also breaks down savings by category. If you're looking for deals on apparel and accessories, check out JCPenney, Belk and Amazon. For computers and phones, Kohl's, Amazon and Best Buy offer the best deals. Shopping for toys? JCPenney, Kohl's and Target offer the best deals. The steepest category-wide discounts this year are on jewelry, with an average markdown of 37%. Apparel and consumer goods follow behind, while toys, consumer electronics and computers are among the least discounted items.
So if you're planning on shopping this Black Friday, don't get your hopes up too high. Check out the full report here.