Just over a week to go until the largest shopping season period in the US and around the world. The National Retail Federation sees 2014 as a successful year for retailers, as the organization predicts a rise in holiday retail sales from $592.7 billion last year to $616.9 billion, or increase of 4.1%. Online holiday sales this year are predicted to have an even greater growth year, with 8-11% increase from 2013. Wallethub did a Black Friday deal breakdown between 21 of the largest and most popular retailers in the US, to determine the best deals and savings.
Black Friday deal: Average discount breakdown
In the “average percent discount by retailer”, J C Penney Company Inc (NYSE:JCP) comes out on top with an average savings of 65.44%. J C Penney is followed by Macy’s, Inc. (NYSE:M) and Rite Aid Corporation (NYSE:RAD) at 53.52% and 53.34%, respectively. As an average amongst all retailers, 39.45% is the average discount percentage. Best Buy Co Inc. (NYSE:BBY) and Amazon.com, Inc. (NASDAQ:AMZN) both come below the total average at 32.08% and 26.10%, respectively.
In the total retail space, Wallethub looked at a variety of departments such as Apparel & Accessories to Video Games and Toys to determine, collectively, where the best deals were. Interestingly enough, toys has the largest concentration of discounts at nearly 26%, followed by apparel, electronics at 16% and 10.39%, respectively. Retailers offering the best Black Friday discounts in those departments is even more interesting and slightly unexpected. For Apparel & Accessories, Sears Holdings Corp (NASDAQ:SHLD) is offering the best discounts at 69.02%. Electronics and Computers is being co-dominated by rivals, Office Depot Inc (NASDAQ:ODP) and OfficeMax Inc (NYSE:OMX) at 40.63%.
Consumer Electronics shoppers looking for the best deals will have to turn to Macy’s, Inc. (NYSE:M) with their discounts of 65.29%. Consumer packaged goods is another Macy’s, Inc. (NYSE:M) dominated category at 59.47%. Toys see the best deals from Kohl’s Corporation (NYSE:KSS), with discounts at 48.18%. Appliances discounts goes to J C Penney Company Inc (NYSE:JCP) at 49.79%. Furniture dominance goes back to Kohl’s Corporation (NYSE:KSS) at 59.60% and the jewelry department’s best deals can be found at Kmart with savings of 78.75%. The “all other products” option that gets the best deals is J C Penney Company Inc (NYSE:JCP).
As you can see, there are a long list of deals and savings out there for the upcoming holiday shopping season. Being able to determine what items and where to get the cheapest discounts is extremely important to the American consumer, who continues to strengthen, but still remains cautious with their money. Consumers willing to do a little work can end up on top with savings and remember that most retailers have said that they will offer the same discounts on Cyber Monday, as they do on Black Friday. This is significant because it will likely help and aid the growth in online sales. Overall, consensus is that it should be a good year for retailers, we will have to wait and see preliminary reports before jumping to conclusions.
Disclosure: No positions