In 2024, are Black Friday Deals a myth? With 31% of American consumers planning to spend less during the 2024 holiday season relative to 2023, the personal-finance website WalletHub today released its report on the Best Things to Buy on Black Friday in 2024. WalletHub determined that 41% of items offer no savings compared with their pre-Black Friday prices.
“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, WalletHub Analyst
| Top 3 Product Categories | Worst 3 Product Categories |
| 1. Jewelry (37%) | 7. Toys (23%) |
| 2. Apparel & Accessories (31%) | 8. Consumer Electronics (20%) |
| 3. Consumer Packaged Goods (28%) | 9. Computer & Phones (19%) |
What types of products are better to buy on Black Friday versus other times of the year?
“It’s better to buy electronics, home appliances, and smart home devices on Black Friday (or Cyber Monday) than at other times of the year. You might also find good deals on beauty and fashion products. Generally speaking, retailers will have promotions for most products to increase sales.”
Matthew A. Gilbert, MBA – Lecturer of Marketing, Coastal Carolina University
“Well generally hard goods are the easiest items to buy on Black Friday sales because the products are easiest to compare. So that includes things like televisions and other electronic items. Generally, though, I think most things can be purchased at excellent prices throughout the year, but the consumer must pay attention and do considerable research to get the best bargains. With the internet today that is pretty easy to do. Just Google the product and one thing I find easy is when you get the answers, hit images and try to go to the websites for all those images as sometimes the best prices do not come up.”
Jack Samuels, Doctor of Education and MBA – Professor, Montclair State University
All things considered, are Black Friday discounts worth the hassle?
“Black Friday deals are only worth the hassle of discounts on products you plan to buy. If you are tempted to buy something just because you feel it’s a great deal, you’re being persuaded to buy something you don’t need and don’t want.”
Matthew A. Gilbert, MBA – Lecturer of Marketing, Coastal Carolina University
“I think shopping on Black Friday should be viewed as more of a holiday tradition and something you do for fun. If it is not fun, then it is certainly not worth the hassle. This is especially true on today’s internet where we can find so many of these bargains without even leaving her house.”
Jack Samuels, Doctor of Education and MBA – Professor, Montclair State University
Which items do you think will be in higher demand this year compared to previous years?
“Virtual reality headsets are likely to be in higher demand this year compared to previous years. The VR market is projected to grow at a compound annual growth rate of 44.3% from 2021 to 2027, with consumers between 16 and 34 as its primary users. The market’s growth is driven by the rising adoption of virtual reality in gaming, entertainment, and healthcare. While Apple’s Vision Pro is cost-prohibitive at $3,500, several relatively affordable options exist. Shoppers can get the Sony PlayStation VR2 for $550, the Meta Quest 3 for $500, or the Meta Quest S for $300.”
Matthew A. Gilbert, MBA – Lecturer of Marketing, Coastal Carolina University
“Well as a professor of hospitality and tourism I can say that there is very high demand for all travel products right now and the booking of travel is a little tricky, but many companies offer discounts for a variety of reasons. It is a rather complicated quilt of things, and I think I could write an article just about the demand for travel and how to find the best deal.”
Jack Samuels, Doctor of Education and MBA – Professor, Montclair State University
Photo Credit: AI Generated
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