Black Friday shopping: JCPenney, Macy’s lead with biggest discounts

How ‘Black Friday’ lost its magic

Black Friday has always provided plenty of headlines, both good and bad. Here's a look at how crazy things got over the last few decades before the internet settled everyone down.

As the holidays approach, retailers feverishly compete to lure in consumers during the critical period. In most cases, that means trying to offer the most tantalizing Black Friday deals.

Some are doing a better job at doing so. According to WalletHub, major big-box stores like JCPenney, Macy's, Kohl's and Target are offering the steepest Black Friday holiday deals this year.

WalletHub surveyed more than 3,500 deals from 13 of the biggest U.S. retailers.

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Holiday spending is projected to grow between 3% and 4% over 2022, which is slower than the past three years when stimulus checks led to unprecedented rates of retail spending.

However, it is in line with the average annual holiday increase of 3.6% from 2010 to 2019, according to the National Retail Federation.

Shoppers hunt for bargains on Black Friday at a JCPenney in 2021. (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images)

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This year's list places JCPenney at the top for the fifth year in a row for having the best overall average discount. The company specifically offered "significant" discounts on categories like jewelry, apparel and appliances.

Macy's had the best discounts on the toy and consumer packaged goods categories, while Kohl's had the biggest discounts on phones and computers. Belk had the best discounts when it came to appliances, according to WalletHub.