Many holiday shoppers look forward to taking advantage of “Black Friday” sales. Black Friday sales used to involve shoppers getting up early in the morning to grab the best deals. However, holiday shopping has changed immensely due to the ease of online shopping and major retailers starting their holiday sales as early as October. In 2023, Americans shopped from home on Black Friday more than they did in stores, with 76.2 million people getting their deals in person and 90.6 million making purchases online, reports personal-finance site Wallet Hub.
Wallet Hub has surveyed over 4,300 deals from 13 of the biggest U.S. retailers’ 2024 Black Friday ad scans to create a list of stores offering the largest advertised discounts in various product categories.
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The top 10 retailers, according to Wallet Hub, with the best average discounts are:
- JC Penney – 76.02% average discount
- Belk – 72.68% average discount
- Macy’s – 57.13% average discount
- Kohl’s – 43.55% average discount
- Walmart – 37.75% average discount
- The Home Depot – 32.43% average discount
- Amazon – 32.05% average discount
- BJ’s – 28.86% average discount
- Target – 28.65% average discount
- Best Buy – 28.43%
Here’s what Wallet Hub has to say about the top three retailers:
JCPenney
JCPenney is the best place to shop on Black Friday because it offers an average discount of 76.2%. This is the sixth time JCPenney has earned the top spot in this report since 2014.
JCPenney offers some steep discounts on extremely expensive items this year, too. If you’re ready to propose to that special someone, you can get an $18,749.98 diamond engagement ring for just $3,799.99. In addition to significant markdowns on jewelry and apparel, JCPenney has great deals on appliances, offering savings of 58.5% on average.
Belk
Belk is the second-best Black Friday retailer, even though it only has physical locations in 16 states, much fewer than the other top two stores. At Belk, you’ll receive an average of 72.7% off your purchases, and you can still take advantage of deals online if you don’t have a location near you.
If you’re in the market for jewelry, you’ll definitely want to consider Belk on Black Friday. You can save an average of 77.08%, which is considerably more than the average jewelry discount offered among all stores (59.7%). Other good categories to shop for at Belk include apparel and consumer electronics such as TVs, digital cameras and electric shavers.
Macy’s
Macy’s has the third-best Black Friday discounts this year, saving you an average of 57.1% and as much as 85% on certain items. The store’s best deals by far are on jewelry, which will be 70% off, on average.
Macy’s is also known for its furniture selection, and that’s the second-best product category for Macy’s Black Friday discounts, with items marked down by an average of 52.6%.
To see which retailers are offering the best Black Friday discounts in specific categories, such as apparel & accessories, computers & phones, consumer electronics, toys, jewelry and more, check out the infographic below from Wallet Hub.
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