Black Friday is inching closer, but shoppers may want to lower their expectations for the biggest shopping day of the year.
Personal finance website WalletHub said that 41% of products offer no greater savings on Black Friday compared to prices in the days and weeks before. That isn't to say you won't find great deals on Black Friday, but it can vary depending on where you look.
WalletHub said jewelry had the best savings at 37% off, followed by apparel and accessories at 31%. Discounts on toys are generally about 23%.
Consumer electronics generally have discounts of less than 20%.
“WalletHub found that around 41% of Black Friday items offer no real savings for consumers compared to their usual prices, but the items that are on sale are an average of 24% off, with the highest markdown at 89%," Chip Lupo, a WalletHub analyst said in the report.
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Last year, a record 200.4 million consumers shopped over the five-day holiday weekend from Thanksgiving Day through Cyber Monday, according to the National Retail Federation. On Black Friday itself, over 76 million Americans shopped in person while more than 90 million people shopped online.
Of those who shopped during Thanksgiving weekend last year, 49% purchased clothing and accessories.
The National Retail Federation expects Black Friday to be quite busy again this year with 131.7 million people to shop online, in-person or both the day after Thanksgiving.
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Retailers say it's not just deals that attracts customers. There is a social aspect involved with shopping on days like Black Friday.
“Younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”
