Planning to do some Black Friday shopping? These stores have the best discounts

WalletHub analyzed over 7,000 products and retailers to find out where shoppers can snag the biggest discounts

Christmas delivery: Christmas shopping on laptop with presents around
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How we shop for the holidays is looking a little different this year. Some of us may not even step into a brick and mortar store, but the deals are still coming fast and furious, and shoppers are still shopping. And one of the biggest incentives: enticing Black Friday deals that have started earlier than ever. 

Wallethub analyzed over 7,000 products from 26 U.S. retailers and their Black Friday ad circulars to determine who was offering the best Black Friday discounts this year as part of its 2020 Best Places to Shop for Black Friday study. They did not examine special buys that did not have calculable percentage markdowns. 

If you're all about finding the best deals out there, you're going to want to pay attention to the retailers that are offering the highest discounts so you can save. 

Retailers With the Best Black Friday discounts 

  1. JCPenney (56.71% average savings)
  2. Macy's (55.97% average savings)
  3. Kohl's (51.87% average savings)
  4. Belk (50.01% average savings)
  5. Lenovo (44.06% average savings)
  6. Nordstrom (39.05% average savings)
  7. GameStop (38.81% average savings)
  8. Office Depot and OfficeMax (33.29%)
  9. The Home Depot (32.07% average savings)
  10. Meijer (32.02% average savings)

JCPenney is offering an overall discount rate at 56.71 percent, which is down from previous years, but still higher than every other retailer on the list. The top categories to save at J.C. Penney are jewelry, apparel, and consumer electrics. 

Other retailers offering an average discount of over 50 percent are Macy's, Kohl's, and Belk. 

One of the biggest concerns among Black Friday deals is whether or not it is a good deal. Our worst fear is snagging a seemingly good deal, only to see it much cheaper elsewhere, or being lured into a special price that isn't so special. Wallethub found that the overall average discount for Black Friday is 32 percent. A good rule of thumb is to aim for this discount or more to avoid feeling ripped off.

If you're looking for appliances to gift or upgrade to, the best places to discover savings are Macy's, Big Lots, JCPenney, Kohl's, and Target.

If consumer electrics are on your list, be sure to look at the best deals from JCPenney, Belk, Academy Sports + Outdoors, Lenovo, and The Home Depot. 

If you're on the lookout for new furniture pieces, like a proper setup for your continuous work from situation, you'll find the best savings at NewEgg, Macy's, The Home Depot, Office Depot + Office Max, and Staples. 

Tough news for those on the lookout for books, music, and movies as those represent the smallest amount of available deals. However, the savings are quite extensive, with an average category discount of 50 percent off, with the best deals at Walmart (typically in-store only), followed by Meijer, Best Buy, and Amazon. 

Retailers with the lowest Black Friday discounts

5. Sam's Club (22.6% average savings)

4. Costco (22% average savings)

3. Dell Home (21.3% average savings)

2. Big Lots (20% average savings)

1. Ace Hardware ( 8.6 percent average savings)

Browse through the rest of the WalletHub 2020's Best Places to Shop on Black Friday study to see how retailers have adjusted their savings year over year, discounts by category, and category discounts by retailer. 

Good luck finding your dream gifts this season. If you need a little boost to find the best deals, be sure to click over to our Black Friday deals hub to discover the best deals on favorite home products and retailers going on right now.