Americans are heading into Black Friday with a wallet full of mixed feelings stirred by inflation, tariffs, and the general affordability crisis that is the ongoing theme of everyday life. But then again, that doesn’t stop a frugal American from chasing Black Friday discounts when it counts. Last year, Black Friday online sales reached $10.8 billion, and shoppers still planned to spend around $650 over the holiday weekend. The blurred line between real savings and marketing gimmicks that rely on impulse buying is what ultimately determines whether anyone actually walks away with a bargain. A new report from personal finance site WalletHub aims to help shoppers navigate the confusing landscape and find retailers offering the most significant Black Friday discounts that might actually be worthwhile.
Deal or Steal?
WalletHub reviewed more than 3,100 Black Friday deals from 13 major retailers and calculated each store’s average markdown based on pre-sale pricing. The study weights discounts by the item’s original price — meaning a deep cut on a $1,500 appliance matters more than a handful of cheap stocking-stuffer deals.
“The best Black Friday deals can save you up to 86% this year, but when you’re bombarded by ads and there are so many places to shop, it can be hard to decide where to actually spend your money,” Chip Lupo, WalletHub Analyst explains. “Knowing which retailers actually offer significant deals compared to their normal prices can save you a lot of time and prevent buyer’s remorse.”
WalletHub pulled its data from retailers’ official ad scans and BlackFriday.com updates through November 15, giving a clear snapshot of who’s offering legitimate savings and who’s doing the bare minimum.
Which Are the Best Places for Black Friday Deals?
Here are the top 8 retailers with the biggest average markdowns for 2025:
1. JCPenney — 74.08% discount
2. Belk — 72.42% discount
3. Kohl’s — 45.39% discount
4. Macy’s — 44.46% discount
5. The Home Depot — 35.63% discount
6. BJ’s — 31.26% discount
7. Amazon — 29.63% discount
8. Target — 29.36% discount
JCPenney
JCPenney—like last year— wins the crown for offering a whopping 74.1% average discounts across categories, which puts it well above every other retailer in the study. The retailer is heavily discounting across categories rather than relying on one or two loss leaders, which is why its weighted score is so high.
However, jewellery is still the standout category with a diamond engagement ring dropping from $14,583.32 to $3,999.99.
Belk
Belk shows an average discount of 72.42%, putting it right behind JCPenney. The chain is a regional department store with locations across the South, but its online shop gives it national reach, which helps these deals matter even if you don’t live near one.
Kohl’s and Macy’s
Kohl’s shows a 45.39% average discount, driven by 53.54% off apparel and 42.4% off appliances. Macy’s sits right behind at 44.46%, with the biggest deals focused on toys, jewelry, and apparel.
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Which Retailers Have the Least Black Friday Deals?
Some major names barely make an impact this year. These are the lowest performers ranked by average discount:
1. Costco — 15.08%
2. Dell — 19.94%
3. Walmart — 28.54%
4. Best Buy — 28.58%
5. Newegg — 28.80%
Walmart and Best Buy usually rely on electronics to carry the season. Still, the average cuts in those categories aren’t large enough to compete with department-store markdowns on jewelry, apparel, and home appliances. Costco’s low score reflects even smaller category discounts, which keep it at the bottom of the list.
More Black Friday and Shopping Stories From Cheapism
- Amazon’s Black Friday Starts Early: 8 Deals That Are Actually Worth the Fuss — While Amazon touts plenty of discounts this time of year, some only knock off a few dollars, while others were priced higher just to be marked down for Black Friday. Here are some deals you might actually want to take advantage of.
- 15 Early Black Friday Finds at Costco You Don’t Want to Miss — Costco is offering serious savings on some products, but you’ll want to grab them early.
- Dollar Tree Christmas Gift Ideas That Look Expensive — But Aren’t — Shopping for holiday gifts at the dollar store doesn’t have to mean sacrificing quality. Here are Dollar Tree Christmas gifts that look fancy but are inexpensive.
