A new report reveals that about 35% of Black Friday sales do not offer real savings for consumers when compared to the products' usual prices.
"The items that are on sale are an average of 27% off, with the highest markdown at 91.42%," Cassandra Happe, a WalletHub analyst, says in the report, adding that consumer packaged goods will be an average of 35% off on Black Friday, making that category the one that offers the biggest savings.
According to the analysis, the top product categories for Black Friday sales are consumer packaged goods, apparel, and accessories, at 32% off; and appliances, at 28% off. The worst three products are computers and phones, at 22%; consumer electronics, 21%; and furniture, at 11% off.
The report also gave several shopping tips for Black Friday to help consumers make smart, money-saving decisions:
- Research the price of items ahead of time to compare how much they are sold for at different retailers.
- Don't get tricked by discount amounts, but instead focus on how much in savings you'll get when comparing an item's price to its price at other times of the year, as advertised discounts can be misleading.
- Set a budget and stick to it.
- Shop early, as the best Black Friday deals don't always last all day.
- Use a rewards credit card that will return a percentage of the purchase.
- Avoid financing purchases using a store credit card. If a card promises "deferred interest" with 0% down, be aware that if the balance isn't paid by the end of the promotion period, shoppers will retroactively owe all of the interest that would have been paid from the date of the purchase, which could be as much as 30%.
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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