It may be the best time of year to buy that new television, gaming console or kitchen appliance you’ve been eyeing for some time. With Black Friday just a few days away, shoppers are gearing up to make some big-ticket purchases.
However, it is important to do your research before swiping that credit card at the register.
Great deals come mixed in with numerous consumer marketing traps – “discounted” products that aren’t much of a steal.
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Avoid Marketing Traps
It is important to keep in mind that a sale is only a good deal if the product is useful to you. Think about what you actually want to purchase and come up with a game plan before you go shopping.
"I know sometimes it is hard to resist a good deal, but when you get an item you do not need for 50% off, you are not saving 50%; you are losing the 50% you pay for it," said Southern Illinois University Assistant Professor of Marketing Omid Kamran Disfani, Ph.D in a Black Friday deals survey conducted by WalletHub.
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Researching costs ahead of time to understand what the normal price of an item you're planning to purchase will help you gauge how big (or small) the deals actually are.
We are already seeing all kinds of Black Friday sales marketing traps -- and Black Friday hasn't even arrived yet.
Looking at the pricing of the Nintendo Switch on Walmart and Amazon is a prime example (pun intended).
As of Tuesday, Walmart was advertising the Nintendo Switch with Mario Kart 8 Deluxe for $299 as a "Black Friday Deal." Meanwhile, Amazon regularly sells this console-game bundle for exact same price.
Black Friday Deals Now
A WalletHub survey analyzed 4,000 Black Friday deal from 16 of the top U.S. retailers. The research found that JCPenny is offering the highest overall average percentage discount (64.7%) out of the retailers analyzed. That discount average is up 7.1% from 2021.
Belk (64.7%), Macy’s (53%), Office Depot/Office Max (49.9%), and Kohls (44.2%) took some of the other top spots.
Out of the retailers surveyed, Costco (16.4%) ranked last for average percentage discount.
“The best way to identify a ‘deal’ on Black Friday vs clever marketing is to shop right now. Explore pricing that is available in-store and online for the items you will be looking for. Often you will find deals nearly as good today as you will on Black Friday,” said Texas Tech University Associate Professor and Department Chair of Hospitality and Retail Management Robert Paul Jones, Ph.D.
WalletHub found that the following retailers are offering the highest average discounts in eight consumer categories as well as the highest concentrations of discounts for specific categories during this 2022 holiday season.
