2017’s Best Stores for Black Friday
2:03 AMPosted by: Richie Bernardo
Black Friday shopping is one of America’s most treasured holiday traditions. But there’s always a bit of hassle involved: Shoppers have to fight their drowsiness and stand in endless lines at stores following a hearty Thanksgiving dinner — all in the name of savings.
That tradition is changing, however. Black Friday sales are starting earlier, weeks ahead of the actual shopping holiday at some stores. And many retailers are offering even steeper price cuts or other discount promotions, both in store and online, just to stay ahead of their competitors. That’s good news for shoppers, especially those who prefer to shop from home. So which stores offer the best discounts and for which items?
To answer that question and help consumers maximize their Black Friday savings, WalletHub’s analysts surveyed nearly 10,000 deals from 35 of the biggest U.S. retailers’ 2017 Black Friday ad scans. Below, we’ve listed the stores offering the largest advertised discounts in various product categories such as “Jewelry” and “Appliances.” Read on for the full list, our methodology and shopping wisdom from WalletHub’s experts.
- Best Stores for Black Friday
- Average Store Discounts by Product Category
- Ask the Experts
- Methodology
|
Retailer |
2016 Avg. % Discount by Retailer |
2015 Avg. % Discount by Retailer |
|---|---|---|
| Amazon | 24.7% | 25.8% |
| Big Lots | 23.5% | 27.1% |
| All Retailers | 39.0% | 40.2% |
|
Retailer |
Apparel & Accessories |
Computers & Phones |
Consumer Electronics |
Consumer Packaged Goods |
Toys |
Appliances |
|---|---|---|---|---|---|---|
| Verizon | N/A | N/A | 27.51% | N/A | N/A | N/A |
| Wal-Mart | 35.94% | 37.19% | 31.14% | N/A | 26.72% | 43.65% |
| Overall Average | 49.29% | 33.94% | 37.63% | 43.51% | 32.66% | 40.81% |
|
Retailer |
Furniture |
Jewelry |
Books, Movies and Music |
Video Games (only the software) |
All Other Product Categories |
|---|---|---|---|---|---|
| Verizon | N/A | N/A | N/A | N/A | N/A |
| Wal-Mart | N/A | N/A | N/A | 41.53% | 35.13% |
| Overall Average | 43.22% | 65.28% | 46.42% | 43.59% | 43.30% |
*Includes the retailer’s five brands: Stage, Bealls (not to be confused with Bealls of Florida), Goody's, Palais Royal and Peebles
Ask the ExpertsThe savviest Black Friday shoppers can tell the good deals from the bad — and are likely to save the most money. We asked several experts to share some of their shopping smarts with budget-conscious consumers. Click on the experts’ profiles to read their bios and thoughts on the following key questions:
- How can consumers distinguish between real Black Friday deals and marketing traps?
- How can consumers protect themselves from overspending on Black Friday?
- Which day do you believe people get the best deals: Black Friday, Cyber Monday or another day? Why?
- What are some tips for maximizing bargains on Black Friday?
- Which types of products are better to buy on Black Friday than on Cyber Monday?
Susan Mudambi Research Professor of Marketing in the Fox School of Business at Temple University
Maria Petrescu Associate Professor of Marketing at Nova Southeastern University
Linli Xu Assistant Professor of Marketing in the Carlson School of Management at the University of Minnesota
Lexi Hutto Assistant Professor of Marketing at Millersville University
Diana Haytko Marguerite and Guy Howard Professor of Business and Professor of Marketing in the Lutgert College of Business at Florida Gulf Coast University
Chris Hinsch Associate Professor of Marketing in the Seidman College of Business at Grand Valley State University
Axel Stock Associate Professor of Marketing in the College of Business Administration at the University of Central Florida
Avinash Malshe Associate Professor of Marketing at the University of St. Thomas
Ahmed Maamoun Assistant Professor of Marketing in the Labovitz School of Business and Economics at the University of Minnesota Duluth
Which day do you believe people get the best deals: Black Friday? Cyber Monday? Another day? Why? Black Friday has become a shopping tradition for many people, but if you don't enjoy bargain hunting with crowds, then it probably won't be worth it. To reach the consumers who love to hunt for bargains, mobile-friendly promotions are essential. Consumers on the go will be searching for "Black Friday bargains near me" on their phones. Search engine results page rankings will matter. Black Friday is a logistical nightmare and a customer service nightmare for retailers. Stocking the featured product, and staffing all the checkout lines requires a lot of coordination. Offering deep discounts on a few crowd-pleasing products is a logistical and customer service nightmare for retailers. Retailers would prefer to grab your attention with great Black Friday bargains, and then guide you to actually do the Black Friday shopping earlier or online. Cyber Monday is becoming a little old fashioned and less special. Consumers have high-speed internet at home and on their phones, so they don't need to wait until Monday to search for great bargains. What are some tips for maximizing bargains on Black Friday? Black Friday deals are designed to get customers in the door so that they will buy other products while they are there. A common consumer trap is to think, "I saved $100 on this bargain, so I have $100 of free money to spend in the store." Savvy consumers focus not on how much money they save by buying a Black Friday offer. Instead, they examine the deals before entering the store, set a shopping budget, and then question every item as to whether they really need it or not. For the consumers who love Black Friday, it's about the thrill of the hunt and the people watching, not just the prospect of saving money. Holiday shopping is not just a functional activity, it is entertainment for many people. And for others, it is a good excuse to get out of the house. Small Business Saturday offers a feel-good feeling for people who like to shop and are excited about the holidays. Maria Petrescu Associate Professor of Marketing at Nova Southeastern University 
How can consumers distinguish between real Black Friday deals and marketing traps? Each year for Black Friday, doorbuster items are advertised at very low prices to attract crowds, although retailers, and probably consumers know that these deeply discounted items will only be available in very limited quantity. Retailers need to advertise that quantities are limited for legal reasons -- disclaimers such as “at least 2 available per store” or “while quantities last.” However, research has shown that even though consumers know about the doorbuster tricks, limited quantities and exaggerated discount claims, they are still influenced by the promoted price discounts. So, from this point of view, consumers need to be aware that extremely great prices are only going to be available for some products. Don’t forget the usual trick that some retailers use, increasing prices before the holiday and then making the discount appear larger. The best way to avoid more or less ethical marketing traps is to do your price homework, know how much a product usually costs in many stores, and this should be easy to do on your smartphone. How can consumers protect themselves from overspending on Black Friday? Each year retailers put significant marketing efforts into the Black Friday sales, with recent decisions to open the stores even during Thanksgiving Day to increase sales and invite consumers. And, yes, consumers are willing to take time from their Thanksgiving celebration to go shopping, or transform it into a family shopping experience. Let’s not forget that there are different other aspects associated with shopping during these sales holidays: the experiential and hedonic parts of shopping and consumption associated with sensations and emotions, compulsive, impulse and pleasure shopping. How consumers can avoid overspending? It is rather easy. First, they need to make sure they do not let themselves caught in this hype and craze of doorbuster prices, uncontrollable crowds, stampedes and mobs out of control, leading to significant injuries to shoppers and employees, and even death in some cases. Remember that there are just a few doorbusters per store and in most cases, you might be able to find the product at a similar price during Cyber Monday or after the holidays online. Second, know exactly what you want to buy, have a shopping list, and try to stick to it. Don’t buy something just because it is cheap if you don’t need it. Third, you might get bored of this advice, but really know your prices. If you make a shopping list, know how much your products regularly cost in a couple of brick-and-mortar and online retailers, and make sure the advertised discount for Black Friday is worth the effort. Which day do you believe people get the best deals: Black Friday? Cyber Monday? Another day? Why? In a study comparing prices and discounts for Black Friday, Cyber Monday and a regular shopping day in December, both online and in store, we found no significant differences in price for three categories of products: cosmetics, DVDs and electronics. Therefore, during sales holidays such as Black Friday or Cyber Monday, retailers focus their significant discounts on just a few products to attract customers to their stores or websites, but the sales promotions will continue throughout the pre-holiday period and beyond. On the other hand, the non-significant price differences can be due to retailers lengthening their significant discounts period beyond these two sales days and into the shopping days leading up to the holiday. Therefore, if you are not keen on getting social with the crowds on Black Friday or you woke up too late for Cyber Monday, all is not lost, you might snatch some great treasures after that, especially as the holidays are approaching and retailers are closer to drawing the bottom line and want to squeeze in a last sales promotion. What are some tips for maximizing bargains on Black Friday? Thanks to the digital environment, you can now check weeks ahead of time all the Black Friday offers of major retailers, which will help you decide which offers are worth the effort and time to pursue. After doing your homework regarding price, availability and timeframe of the promotion, make a decision regarding which products you really need. If you think that one of the doorbuster products, that are 2-3 per store, is something that will help with your holiday budget and a real must-have, then make sure you are among the first ones there to either get a number, or to spend a few hours in line before the store opens. In this case, plan to shop your other products from the same store. If you just want to go shopping and check some good deals, choose the store that offers the products that interest you and go after it opens, but before all deals are gone. Let the first-minute stampede calm down first. When you check the promotion ads, make sure you pay attention to whether the sale is only in store or it is also available online, because that might help. Anyway, price comparison is the key, as prices will differ among stores. What types of products are better to buy on Black Friday versus Cyber Monday? The major retailers will have sales promotions for most of their products both for Black Friday and Cyber Monday. Even for Black Friday, you will find some online deals; however, in the case of major retailers, for Cyber Monday you might find that the same product for which you had to fight in store is available to buy online at the same price. Regarding the types of products, the discounts on Cyber Monday are going to be abundant with electronics, all kind of gadgets and cool tech, also due to the profile of numerous online retailers specialized in this domain, so definitely prepare for this. However, the cyber promotions will include everything that can be purchased online, in a definitely more convenient manner than waiting in line on Thanksgiving. Linli Xu Assistant Professor of Marketing in the Carlson School of Management at the University of Minnesota 
How can consumers distinguish between real Black Friday deals and marketing traps?
- Do your homework. Black Friday ads start appearing at the end of October. Try to look for deals information earlier.
- Find deals from more reputable retailers, avoid unknown retailers.
- Take advantage of price comparison websites, such as PriceGrabber.
- Many Black Friday deals websites have online forums, which can be a very useful information source.
- Don't be fooled by phony "regular" price. Uncover the hidden fee.
- Always know what you want, or what you do not want.
- Set up a budget for each product category: beauty, clothes, electronics, etc.
- Create a spreadsheet or use cellphone apps to keep a record of your spending.
- Keep your receipt in case you need to return the product.
How can consumers distinguish between real Black Friday deals and marketing traps? First, gauge the reputability of the retailer. If it’s a going concern, such as Walmart, Best Buy, or Target, they follow the rules and laws so that they can stay in business. It tends to be retailers and websites with poor reputations, or fly-by-nights with no intention of staying in business for the long-term that set marketing traps such as bait-and-switch. This tactic looks like this: the retailer stocks only a very limited quantity (as few as one) of an attractive item at a screaming price point to lure you into the store, only to try to get you to purchase a higher-end item once you get in there, such as an appliance with more features. The sales associate will usually tell you that you didn’t want that stripped-down model anyway. However, the low-priced model you saw in the ad may have been exactly what you wanted -- or what you could afford. If this scenario happens to you, walk away. How can consumers protect themselves from overspending on Black Friday? Give yourself a budget in advance and stick to it. Write out a list of what you’re planning to buy and for whom. Show restraint. It’s easy to get tempted by enticing deals that are impulse buys. Retailers count on shoppers reaching beyond their previously set limits (if they set any). Also, do your research before shopping either in stores or on the internet. Many major retailers are releasing their Black Friday deals by November 9th this year, so you have plenty of time to search the flyers posted online to see which retailer offers the best price and conditions on what you want to buy. Take shipping costs, bundles (products packaged together, such as a gaming system and software), extended warranty prices, special financing and the like into account when you choose your retailer. Which day do you believe people get the best deals: Black Friday? Cyber Monday? Another day? Why? It depends on what you want to buy. Black Friday and Cyber Monday are great for electronics, small appliances, video game consoles, toys, and many other items -- usually ones that you don’t have to try on. Some clothes and accessories may be found on sale at good prices too, but you may get better prices either October, closer to Christmas, or after Christmas. Those goods are more seasonal and more dependent on fashion trends. The closer they get to their “expiration date,” the better price you’re likely to find. In fact, if you buy clothing and accessories at the very end of the season, you’ll get the best prices, but the poorest selection. What are some tips for maximizing bargains on Black Friday? Plan out your route after checking the sale flyers and prioritizing the items you want to buy. You can’t be everywhere at once, so go to the place with the best prices on the items you want most first. If you’re visiting brick-and-mortar stores, try to shop at several near each other before moving on to your next destination. As we all know, the crowds are massive, and the traffic is congested near bargain-oriented retail stores on Black Friday -- and even on Thanksgiving evening, for that matter. Diana Haytko Marguerite and Guy Howard Professor of Business and Professor of Marketing in the Lutgert College of Business at Florida Gulf Coast University 
How can consumers distinguish between real Black Friday deals and marketing traps? The best Black Friday deals are “doorbusters” which happen online and in store. The in-store version usually requires getting up in the dark and standing in very long lines. There are a number of sites that will provide “price tracking,” such as Camelcamelcamel, Slickdeals, and PriceZombie; and others that will provide “price history” reports, such as Honey and InvisibleHand. Consumers need to do their research on everything they want as far in advance as possible. How can consumers protect themselves from overspending on Black Friday? Set a budget and stick to it. It’s easy in principle, hard in practice. Which day do you believe people get the best deals: Black Friday? Cyber Monday? Another day? Why? Any day can be the best deal day. Black Friday started as a retail promotion way back in the 50s. It was designed to get shoppers into the stores. In the beginning, it happened during standard hours. As time progressed, the start of Black Friday moved into Thanksgiving afternoon. Many stores barely close for the meal. Now, Black Friday is also Cyber Friday, in that the retailers offer the deals online as much as in the store. Cyber Monday only started in 2005, when online retailers learned that no one wanted to get back to work on the Monday following the long weekend, and online search and purchase happened at work. Thus, they decided to have great deals on that day. While Black Friday is now both online and in store, Cyber Monday is purely online. Deals can be had at any time from mid-November through Christmas, as many retailers offer “flash deals” at any time. The best deals go to the consumer willing to do the research and click the minute they see their personal reference price for the item. What are some tips for maximizing bargains on Black Friday? Do the research way in advance on several different sites. Start with the retailer site, but use search engines to determine who else sells the item and what the price history has been. Set your personal reference price (the price at which you will buy). Most retailers will post the Black Friday circular ads on their sites as early as the beginning of the holiday week. If you are one to drive to the store and stand in line for a “doorbuster,” plan your route in advance based on store opening hours. What types of products are better to buy on Black Friday versus Cyber Monday? It used to be clothing on Black Friday, and Electronics on Cyber Monday. Now, it’s a free for all. Consumers can find nearly anything they want being offered as a bargain throughout the holidays, if they are willing to look hard and be patient. Oddly enough, the best deals last year were on Thanksgiving Day. Chris Hinsch Associate Professor of Marketing in the Seidman College of Business at Grand Valley State University 
How can consumers distinguish between real Black Friday deals and marketing traps? This is kind of a loaded question, as all promotions are designed to separate you from your money. Black Friday sales are notorious for offering great deals for a small number to entice numbers of shoppers, but running out of these items fairly quickly. In some ways, you can view many of these promotions as bait-and-switch, though they technically don’t execute the switch. If the shopper is in the store, then they are likely to switch by themselves. How can consumers protect themselves from overspending on Black Friday? Debt is an epidemic in American society, and the expectations for this time of year exacerbate this. I would suggest programs like Financial Peace University by Dave Ramsey, but this is a mindset that goes way beyond the holiday season. Which day do you believe people get the best deals: Black Friday? Cyber Monday? Another day? Why? I think that these are two different types of promotions that are aimed at two different types of consumers. The traditional bait-and-switch black Friday stuff is harder to do online. Axel Stock Associate Professor of Marketing in the College of Business Administration at the University of Central Florida 
How can consumers distinguish between real Black Friday deals and marketing traps? The best way to identify marketing traps is to compare the offers for a particular item of interest across reputable sellers. The internet allows efficient ways to compare prices before shopping. If a price of a specific item is much lower than the prices for the same item at other reputable sellers, then it could be a trap. However, if the sale item is only available in a brick-and-mortar store, then the risk that the seller understocked the item and tries to implement a bait-and-switch tactic remains. How can consumers protect themselves from overspending on Black Friday? I think the most effective way to prevent oneself from overspending is to set aside a budget for Black Friday shopping and to monitor spending relative to that budget. Another way to curb spending is to limit time spent shopping, because the more stores you visit, the more attractive deals you may discover. Finally, a consumer can prepare a list of items needed before the sale, so that he will not be carried away with the deals. Which day do you believe people get the best deals: Black Friday? Cyber Monday? Another day? Why? Stores have begun to open in the early evening on Thanksgiving Day. The reason for this is that stores want to attract the purchase volume of consumers before competitors can. Therefore, the best deals should be expected during this time period. After the first purchases, consumers’ expectations regarding deals have changed, and it is much harder to entice them to purchase on Cyber Monday or afterwards. At the same time, potential purchase volume is less, which disincentivizes companies from offering steep discounts. What are some tips for maximizing bargains on Black Friday? Be there early to obtain Blockbuster deals. Furthermore, do research on prices and products on the internet before hitting the stores. In some categories, for example furniture, salespeople may have the ability to give special discounts to individual customers. In that case, bargain and concentrate shopping on one store only. What types of products are better to buy on Black Friday versus Cyber Monday?
- Black Friday: home & garden -- appliances, kitchen, tools; beauty -- clothing, shoes, cosmetics, etc.;
- Cyber Monday: electronics -- Android, camera, headphones, TV, speakers, etc.
How can consumers distinguish between real Black Friday deals and marketing traps? The definition of a “deal” is very subjective -- so, a deal for one may not be a deal for someone else. Irrespective of what your definition is, there is no substitute for doing your own research to understand what a real deal is and what is not. Typically, companies begin announcing their Black Friday deals at least a week or ten days ahead of time. If there are certain products that are on one’s “shopping list,” it is prudent on consumers’ part to utilize this time to research the products being offered as deals in detail, look at the specifications and pricing, and make an assessment of whether it is a good deal or not. For example, an electronic gadget may be offered with a large discount, but it may not have the latest and the greatest bells and whistles that the consumer may be looking for. So, theoretically, one may think that they got a good deal, but may end up buying a less sophisticated product at a so-called “discounted price.” How can consumers protect themselves from overspending on Black Friday? The good old ideas/concepts of planning and budgeting are still so relevant. It is very possible that when consumers are in a mall or on a website shopping, they may get carried away and keep adding items to their cart (physical or virtual) simply because they are being offered at a heavy discount. It is very easy to throw caution to the wind in such circumstances. With no prior planning or budgeting, things may quickly get out of hand and one may end up buying stuff they did not plan for (or had money allocated for). However, if you have planned ahead of time, you are much better able to control your impulses and stick to your shopping list. What are some tips for maximizing bargains on Black Friday? Do your research and plan ahead of time. If you have a basket of products that you are interested in buying, it may be worth investing time and energy to research each product individually, and assess which retailer/website is offering the best deal on that particular product. It is very possible that to get the best deals that are out there and maximize your “gain,” you may have to go to five different retailers. While this may not present much of a challenge in an online environment, in a brick-and-mortar sense, this can present logistical challenges. In such cases, your best approach is to “divide and conquer” -- for example, a group of three friends may combine their shopping lists, divide the items they want to buy based on the store they want to buy them from and then split the shopping tasks, with each visiting a specific set of stores and buying all the items on the list specific to that store. While this may take away the joy of shopping together, it certainly will maximize the economic gain. Ahmed Maamoun Assistant Professor of Marketing in the Labovitz School of Business and Economics at the University of Minnesota Duluth 
How can consumers distinguish between real Black Friday deals and marketing traps? As a professor of marketing, Black Friday is one of the most intriguing times of the year to examine. Traditionally, it has signaled the beginning of the holiday shopping season. On Black Friday, retailers typically offer deals on products to lure customers to shop. They also feature a few “doorbuster deals” in limited quantities, that are deeply discounted or even sold below cost to help create this treasure-hunt atmosphere. As a consumer, you need to remember two things:
- Black Friday is for retailers to go from the red (losses) into the black (profits) -- it is not (and was never) about consumers and giving them real deals on quality products;
- Unless you have been camping in front of the store for a day or so, you won’t be able to get the best deals.
In order to determine the retailers offering the most money-saving bargains this coming Black Friday, WalletHub surveyed nearly 10,000 deals from 35 of the biggest U.S. retailers’ 2017 Black Friday ad scans and calculated the average discount that each retailer plans to offer. The average discount was weighted based on the prediscounted price of the item in order to give more credit to the retailers discounting higher-ticket items. Our sample excludes deals that did not have calculable percentage markdowns.
We then organized the deals into 11 product categories such as “Apparel & Accessories,” “Consumer Electronics” and “Video Games.” When calculating the category averages, we took into account only the retailers that had at least five discounted items in that particular category.
For this report, we examined the following 35 retailers:
- AAFES
- Ace Hardware
- Amazon
- Bass Pro Shops
- Bealls Florida
- Belk
- Best Buy
- Big Lots
- BJ's
- Cabela’s
- Costco
- Dell Home
- Dick’s Sporting Goods
- Dollar General
- Fred Meyer
- Guitar Center
- Harbor Freight
- HP
- JCPenney
- Kmart
- Kohl's
- Lowe’s
- Macy's
- Meijer
- Microsoft
- Newegg
- Office Depot and OfficeMax
- Samsung
- Sears
- Shopko
- Stage (includes its five brands: Stage, Bealls (not to be confused with Bealls of Florida), Goody's, Palais Royal and Peebles)
- Staples
- Target
- True Value
- Wal-Mart
Please note that the following retailers did not respond to our requests for data despite our assurance not to disclose specific names of discounted items:
- Sherwin-Williams
- Pottery Barn
- Sephora
- Ralph Lauren
Amazon did not provide all the requested info for all their Black Friday deals. As a result, some deals could not be included in our calculations. A total of 265 deals were included.
Sources: Data used to conduct this study were collected from BlackFriday.com.
from Wallet HubWallet Hub
via Finance Xpress
0 comments