Posted by: Richie Bernardo
Americans are obsessed with deals. Why else do we camp outside our favorite stores after a big holiday feast or force ourselves awake at ungodly hours to browse the virtual shopping aisles? Truth is, many of us find pleasure in buying merchandise at the deepest discounts and knowing we beat our fellow sale-addicted shoppers to the punch.
But while Black Friday is traditionally associated with the best prices, we should pause from our spending and ask: How good of a deal am I really getting? According to WalletHub’s holiday shopping survey, 53 percent of consumers said they don’t think Black Friday offers the most unbeatable bargains of the year.
To separate myth from fact, WalletHub’s number crunchers compared pre- and actual Black Friday prices for a broad selection of items. Using the price difference of each item, we isolated the offers that are truly worth the hassle of participating in America’s biggest shopping craze. You can find our complete ranking of the best items to buy on Black Friday, expert commentary and a detailed methodology below.
- Best Deals Overall
- Best & Worst Product Categories
- Share of Good Deals by Retailer
- Top 7 Deals by Retailer
- Ask the Experts
- Methodology
| Yard Machines Gas Snow Blower, Single-Stage, 123cc Engine, 21-In. Path | |
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Black Friday Price After Discount: $249Pre-Black Friday Price*: $400Additional Discount for Waiting Until Black Friday: $151True Value |
| Canon EOS Rebel T5i 18MP Digital SLR Camera Bundle | |
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Black Friday Price After Discount: $449Pre-Black Friday Price*: $699Additional Discount for Waiting Until Black Friday: $250Walmart |
| Canon EOS Rebel T5i 18MP Digital SLR Camera with 18-55mm and 70-300mm Lens Bundle includes Rebel T5i, 18-55mm Lens, 70-300mm Lens, 16GB + 8GB SDHC Memory Cards, Bag, Tripod, Beach Camera Cloth + More | |
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Black Friday Price After Discount: $449Pre-Black Friday Price*: $699Additional Discount for Waiting Until Black Friday: $250Walmart |
*Depending on an item, our research team collected one or more of its advertised prices between Oct. 19 and Nov. 17. The “Pre-Black Friday Price” is the lowest of those prices for each item.
Best & Worst Product Categories
Percentages were calculated based on only the items in each category that matched offers posted on Amazon.com prior to Black Friday.
Embed on your website<a href="http://ift.tt/2AW6GHg; <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/42167/additional-discount-for-waiting-until-black-friday-by-product-category-2017.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="http://ift.tt/2yRrwGn;
Share of Good Deals by RetailerBelow is a comparison of retailers according to the percentage of “good” deals they offer — that is, compared with the same products from Amazon.com. If the price offered by retailers is lower than the price on Amazon.com, this was considered a good deal, with the opposite representing a bad deal. Please note that complete data were not available for some items and therefore were excluded from our analysis.
Embed on your website<a href="http://ift.tt/2AW6GHg; <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/42169/percentage-of-good-deals-by-retailer-2017-v2.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="http://ift.tt/2yRrwGn;
*Depending on an item, our research team collected one or more of its advertised prices between Oct. 20 and Nov. 17. The “Pre-Black Friday Price” is the lowest of those prices for each item.**A negative value indicates that a shopper would spend less by waiting until Black Friday to purchase the item.
Ask the ExpertsIs Black Friday really the best time to buy on a discount, or is it just a marketing ploy? We asked a panel of experts to share some insider secrets for Black Friday shoppers. Click on the experts’ profiles below to read their bios and responses to the following key questions:
- What types of products are better to buy on Black Friday versus other times of the year?
- Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these “doorbusters” are worth the race to snag a deal?
- What is a good strategy for identifying the best deals on Black Friday?
- All things considered, are Black Friday discounts worth the hassle?
Shahriar Gias Assistant Professor of Marketing in the College of Business Administration at Nicholls State University
Ronald Kuntze Professor of Marketing and Director of the Nonprofit Institute at the University of New Haven
Rob Kleine Dean of the Western New England University College of Business
Michal Herzenstein Associate Professor of Economics in the Alfred Lerner College of Business and Economics at the University of Delaware
M. Berk Talay Associate Professor of Marketing in the Manning School of Business at the University of Massachusetts Lowell
Jose Mendoza Director of the Master of Science in Digital Marketing Program and Assistant Professor of Marketing at Sacred Heart University
David Cadden Professor Emeritus of Entrepreneurship and Strategy in the School of Business at Quinnipiac University
Anna R. McAlister Associate Professor of Marketing in the Gerrish School of Business at Endicott College
What types of products are better to buy on Black Friday versus other times of the year? Products that are deeply discounted, especially electronics, kitchen products and holiday gift items. Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these doorbusters are worth the race to snag a deal? First, consumers should carefully consider whether they really need these deeply discounted products. Gender plays an important role in considering whether or not consumers ignore promotional deals. Usually, married women have better knowledge in evaluating the promotional deals on Black Friday. A good portion of consumers consider the Black Friday shopping experience as an opportunity to shop with their close family members and friends. These groups of consumers receive a sort of intrinsic reward when they shop on Black Friday. Therefore, most of the time, they perceive that the doorbusters are worth the race to snag a deal, as it is fun for them. What is a good strategy in identifying the best deals on Black Friday? You should first ask yourself whether you really need this product. Understanding your need is the first step. Once you know what you are going to buy, you should do some sort of price check before Black Friday. Spend some time and do some homework in evaluating those deals. And always, check the website and retailers’ online page for better deal. All things considered, are Black Friday discounts worth the hassle? For some shoppers, it is worth the hassle because they enjoy the shopping process and situational factors, such as long lines, crowding, as well as the enjoyment that comes from obtaining the doorbusters. For some products, such as electronics and kitchen products, Black Friday discounts are oftentimes worth the hassle. Ronald Kuntze Professor of Marketing and Director of the Nonprofit Institute at the University of New Haven 
What types of products are better to buy on Black Friday versus other times of the year? First, now it's BFCM, Black-Friday/Cyber Monday; to maximize your deals, you need to shop both -- compare/contrast -- and don't forget to build in shipping costs for online (if not free for a promotional period of time). Use social media and shopping apps to help find deals: WalletHub, eBay has a timer, Google customer app (connects you with ads for things you want), ShopSavvy, Flipp, Price Cruncher. Don't forget coupons -- if they allow them to be used, most doorbusters do not; depends on whether it is a store coupon (no), vs. a vendor coupon (generally, yes). So, coupon apps, and sometimes store apps (Target and JC Penney are well-known for theirs). Also, Thanksgiving has become a big shopping day online -- don't miss this opportunity. Stuff to buy:
- Electronics (be very careful of the exact model numbers and brands for comparison); generally, this is a top category -- video games, older phones (from 9 months ago), last year's big screen TV, mainstream and budget laptops;
- Appliances, especially large appliances for the kitchen are also popular -- especially what was hot last year, and maybe not so hot this year;
- Furniture;
- Off season items -- that particularly may be left over from fall or late summer;
- Check out early-bird, and late-night owl discounts (day before, night after);
- Bring the ads with (if online, print them out).
- Jewelry;
- Winter clothes (it's just getting cold in most locations, they aren't going to give away anything).
Black Friday, as a promotional event, has largely run its course. Some retailers continue the tradition of offering limited quantities of popular items at an attention-getting discount. And there is a segment of treasure hunters that thrive on these limited-time deals. Other retailers, such as outdoor lifestyle retailer REI Co-op, are celebrating that they will be closed on Black Friday, encouraging their members to #OptOutside. Black Friday has morphed from a one-day sprint into a Holiday Discount Season marathon that begins after Halloween and extends through the New Year. Increasingly, retailers such as Costco and Amazon.com stage sequential discounts that extend through the duration of the Holiday Discount Season. Costco and Amazon.com publish the schedule for the sequential discounts, allowing shoppers to plan ahead. Another trend is that retailers such as Eddie Bauer, L. L. Bean, and Levenger have shifted from price-discounting specific items to a “make your own promotion” model, in which all products offered for sale are available on discount. This non-stop Holiday Discount Season requires significant self-discipline, especially with online retailers such as Amazon.com. Amazon.com is master at offering deals that elicit the reaction, “this price is so good, I can’t afford to pass it up.” If it is an item on your shopping list, you’ve saved some money. If the item is an impulse buy, beware. What types of products are better to buy on Black Friday versus other times of the year? Historically, consumer electronics and kitchen appliances are deeply discounted on Black Friday. Whether these items are better to buy on Black Friday depends on whether they are on your shopping list. Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these doorbusters are worth the race to snag a deal? Consumers should recognize the reality of limited-time limited-stock promotional deals: the odds of scoring one is limited. If you are a treasure seeker, the thrill of the hunt may justify the risk. What is a good strategy in identifying the best deals on Black Friday? Avoid Black Friday and shop throughout the Holiday Discount Season. Have a list of items you are seeking. Watch the deals. When a deal hits your sweet spot: buy. Many retailers have price match policies, so if you see an identical item available elsewhere for less, you may be able to recover the difference. Keep in mind that many consumer electronics have models that are unique to a specific distribution channel/retailer. Because of this, it may be impossible to locate an identical item at another retailer. All things considered, are Black Friday discounts worth the hassle? It depends. If a treasure hunt excites you, by all means sprint down the Black Friday discount trail. One family friend has a tradition of beginning and ending the entirety of her Christmas shopping on Black Friday. For her, it is an annual sprint for which she carefully prepares and trains. If that’s you, go for it. If not, seek to master the Holiday Discount Season marathon: create a list, pace yourself, and scoop up items when you find a compelling deal. And keep in mind that some of the best deals emerge after Christmas. Michal Herzenstein Associate Professor of Economics in the Alfred Lerner College of Business and Economics at the University of Delaware 
What types of products are better to buy on Black Friday versus other times of the year? Usually, electronics and high price tag items are those that get substantially discounted during Black Friday. Of course, some of them would be last year’s model and items that perhaps don’t sell so well, but many will be legit doorbusters. Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these doorbusters are worth the race to snag a deal? The rule of thumb should always be “buy because you need the item, not because it is discounted or in limited quantities.” In other words, don’t buy yet another vacuum cleaner just because there are only two of them and they are on sale. Do your research and know what an item you want is priced at regularly, and then compare. Consumers often discount their time and effort as not being worth much (“Why not spend all night awake and at the computer? It costs nothing.”). So, I encourage them to think about that too. I must admit to the irony though -- we (my husband and I) used to do that in the past, spend hours on our laptops at 2:00 a.m. to be the first to get the new iPhone shipment. Not doing that anymore. You could say we “grew up.” All things considered, are Black Friday discounts worth the hassle? It depends -- if you are in need of an item, then I suggest at least checking the Black Friday prices. But do your homework and know the regular price of that item. I’ve been tracking a knife set on several websites (Amazon, Williams Sonoma, Bed Bath & Beyond, Sur La Table) and learned two things: first, I always ignore what the price was (“Why should we care about that? We don’t pay that price and the seller often cannot be trusted.”), and second, prices fluctuate substantially before and after the holidays. Finally, we must acknowledge that there is a group of the population that enjoys bargain hunting by itself (regardless of whether the item is needed or worth it) and Black Friday is a big event for them. This group of people is not going to change anytime soon, so for them, this is definitely a main event -- something to talk about for months. M. Berk Talay Associate Professor of Marketing in the Manning School of Business at the University of Massachusetts Lowell 
What types of products are better to buy on Black Friday versus other times of the year? First of all, it is really important to acknowledge two important trends: Black Friday starts way before Thanksgiving nowadays. Especially since some online retailers have renamed Black Friday as “Black November,” and Cyber Monday has been gaining traction over Black Friday. That being said, electronics, particularly TVs, tablets, and laptops are deeply discounted for select models on Black Friday. Also, games and gaming consoles (e.g., Xbox One X has been released recently, which suggests that its competitors and previous models can be deeply discounted). Another popular category is clothing/apparel, which are usually popular for in-store purchases. Lastly, kitchen appliances/gadgets (as popular Christmas gifts for moms and wives everywhere) can be “smart buys” during Black Friday. Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these doorbusters are worth the race to snag a deal? For starters, it is always wise not to be fooled by deep discounts. We should try to buy only the products that we need now, or will need in the foreseeable future. Of course, none of us does that. To get a chance of understanding how big of a discount is, it might be a good idea to check its price history. We can do this via Camelcamelcamel.com (limited to Amazon.com but does the job), to see if the deal is once-in-a-lifetime type or it happens every quarter. If the price is right, we should make sure that the deeply discounted product has good rating. For this, we have Amazon.com, ConsumerReports.org, etc. If the price is right and the product has good reviews, then we can get ready to rush to the store. It is always a good idea to call the store and ask about the inventory for Black Friday, too. All things considered, are Black Friday discounts worth the hassle? I’d say no, they are not worth the hassle in general. Doorbusters are usually very limited in number. Once we get to a store, we usually end up buying things that we really do not even need. Besides, there are so many alternatives for shopping anyway. Online and brick-and-mortar retailers are in a very fierce competition that drives prices down. It is also very easy to learn about very good deals using several deal websites, like Slickdeals.net or DealNews.com. So, I’d say Black Friday is not at all what it used to be, despite the fact that it evolved quite a lot. That said, Black Friday is a part of our culture and -- most of the time -- a fun one. Jose Mendoza Director of the Master of Science in Digital Marketing Program and Assistant Professor of Marketing at Sacred Heart University 
The Thanksgiving holiday weekend that includes Black Friday signals the start of the holiday shopping season, and represents perhaps the most exciting consumption ritual of the year. During this time, there is an enticing combination of factors that add up to the excitement for both retailers and consumers:
- Savvy consumers such as Millennials and Generation Z consumers, leading the charge in online shopping;
- Older and suburban consumers, primarily shopping at department stores, discount stores, and electronic stores;
- Higher-income consumers favoring purchasing online, versus lower-income consumers preferring in-store shopping.
What types of products are better to buy on Black Friday versus other times of the year? One of the first things to recognize is that Black Friday sales are no longer limited to just Black Friday. Many of the major retail outlets (both brick-and-mortar and online retailers) have already begun to offer sales as a prelude to Black Friday. Some of the consumer items that shoppers can obtain a good Black Friday bargain would include low-end laptops, some toys, cookware, appliances, some game consoles and 4K televisions. There are some items, however, that -- generally -- are not bargains during the Black Friday sales. These include power tools, jewelry, fitness equipment, lower resolution TV sets, high-end laptops and winter clothing. There is some disagreement as to the timing of purchasing some Apple iPhones. Sharp consumers might be able to spot bargains at certain retailers. Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these doorbusters are worth the race to snag a deal? Unless they're planning on camping out several days before a store opens, consumers should be wary of promotions that indicate that there are limited quantities. What is a good strategy in identifying the best deals on Black Friday? The best strategy for Black Friday or any of the other sale dates is to do your homework beforehand. Whether it is a brick-and-mortar retail outlet or an online retailer, you can do some comparison shopping online to determine where the best buys are, and whether there is a probability that those items will be available at the time of purchase. For brick-and-mortar retailers, the decision whether to participate in Black Friday is personal. You have to determine whether the waiting in line and the pushing and shoving are worth the savings on the items. Anna R. McAlister Associate Professor of Marketing in the Gerrish School of Business at Endicott College 
What types of products are better to buy on Black Friday versus other times of the year? Anything you have planned to purchase in advance. Honestly, there’s so much hype about Black Friday that I think a lot of people make purchases they later regret. The best Black Friday purchases are ones that you’ve had time to research in advance and know you’re going to be happy with. For instance, let’s say you need a new washer and dryer. There will be some awesome Black Friday sales, but you don’t want to end up with a great deal on machines that don’t have the features you want or, worse still, don’t fit in your space at home. Big ticket items like white goods, furniture, and electronics can be great on Black Friday, if they are deeply discounted and if they meet any specific criteria you have (e.g., brand, size, color, functions, etc.). No matter how much money you save, these are lousy purchases if you save money but don’t get the specifications you would have liked. So, my answer is: anything you had time to research in advance. Should most consumers ignore promotional deals where retailers provide deep discounts on a limited stock of an item? How can consumers judge if these doorbusters are worth the race to snag a deal? For the most part, yes. Doorbuster specials are there to excite customers and get them in the door, but most of us know that they are very limited in quantity and that once those items are gone, some of the other specials inside the store really aren’t worth showing up for. The difficulty is that the customer then feels like they’ve spent time and effort (and perhaps money in terms of transportation) to get to the store and they “should buy something” to justify those expenditures. So, doorbusters can work very effectively to get people in the door, but then you might end up purchasing something you didn’t really want if those items are sold out (and chances are high that they will be). Unless you’re the type of customer who is willing to camp out in the cold to be first in line, doorbusters are probably not worth paying much attention to. Having said that, though, I have noticed an increasingly common trend of doorbusters happening at different times throughout the day (i.e., not just at opening hour, but a special item coming available once every hour throughout the day). So, there’s a chance you might get lucky and get a great deal even without camping out overnight. Still, these deeply discounted, limited quantity items are often fought over in physical battles. If you asked yourself the question, “How much would I pay to not get hit/kicked/stomped on?” you might decide the discount just isn’t worth the hassle. What is a good strategy in identifying the best deals on Black Friday? I come back to the same point I made when answering the first question. The best deal is one where you receive a discount and you don’t regret your decision. So, there are two questions you should ask yourself -- “What store will have the best price on the item I want?” and “What items do I want/need?” The answer to the first question sometimes is not available. Many stores are secretive about exact prices or availability of items on the day. Even if they publish prices in advance, they often won’t publish quantities. So, it can be hard to know where you’ll find the best price. But assuming you have information (e.g., a flyer/email/website) telling you the discounts that will be available on Black Friday, you then need to do an introspective search to determine whether you truly want this item or not. Without that internal reflection, there’s a strong chance that your “good deal” will turn out to be not-so-great a day or two after the purchase, when the regret kicks in or the credit card bill arrives. All things considered, are Black Friday discounts worth the hassle? Overall, I would say they can be worth the hassle when purchases are planned in advance and the consumer decides what they want to buy and what they are willing to spend, and sticks with those decisions. These could have some grey area. For example, perhaps I can’t name the exact produce but I might decide I want a holiday gift for my sister and it has to be priced at or below $100. In this example, is grey enough that I can still have some fun while shopping. But having these two criteria in mind means that I won’t walk out with numerous different items I have no real need for. If the purchases are somewhat planned, I think the discounts can make a trip to the store worthwhile. Personally, though, I think there are other options that avoid some of the hassle and yield similar results. For example, Cyber Monday shopping can result in similar discounts, but without the hassle of crowded malls and parking lots. In my opinion, the greatest benefit of Cyber Monday shopping over Black Friday shopping is that you can avoid the potential violence that has become common when people physically fight over in-store purchases on Black Friday. There are also some stores that offer extended Black Friday sales (e.g., last year, Home Depot had Black Friday specials that lasted several weeks).
Methodology
In order to determine the best and worst items to buy on Black Friday, WalletHub’s analysts first determined each item’s “Pre-Black Friday Price” by collecting its advertised price on Amazon.com between Oct. 20 and Nov. 17. For certain items, we collected two prices during that period and in such cases chose the lowest to represent the “Pre-Black Friday Price.”
We then collected the advertised price on 2017 Black Friday Ads for the same item on Black Friday in order to determine its “Black Friday Price.” Our sample excludes deals that did not have calculable percentage markdowns.
Finally, we ranked the items according to the overall difference in their prices between the two dates and determined which products would pay off the most for a shopper’s Black Friday hassle.
Sources: Data used to conduct this study were collected from BlackFriday.com and Amazon.com.
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