TRENTON, NJ – As we are now on the brink of Black Friday this week, one consumer watchdog group says shoppers should be on the alert for deals that aren’t really deals on the big day.
Amid the fervor of Black Friday shopping, a recent study by WalletHub reveals that not all discounts are as advantageous as they seem. The study, focusing on the price variations of items before and during Black Friday, indicates that 35% of products do not offer any real savings compared to their prices before the event.
WalletHub suggests that Black Friday shoppers should also check brick-and-mortar prices with Amazon prices, as roughly 15% of products will still be cheaper through the online retailer.
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In 2022, Black Friday saw a significant number of shoppers in-store, with 122.7 million Americans participating, and online, attracting 130.2 million consumers. Despite this enthusiasm, a WalletHub holiday shopping survey suggests a shift in consumer behavior, with 28% of Americans planning to spend less during the 2023 holiday season than the previous year.
WalletHub’s analysis aimed to demystify the actual value of Black Friday deals. The process involved comparing the pre-Black Friday prices of a wide range of products with their advertised Black Friday prices. This comparison was based on the prices listed on Amazon.com from October 17 to November 14, 2023. The lowest price was used as the baseline for products with multiple prices during this period.
The study excluded deals that lacked calculable percentage markdowns. Items were then ranked based on the price difference between the two dates, highlighting which products offered significant savings. This approach provided a clearer understanding of which Black Friday deals truly warranted the hype and effort.