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List ranks best stores for Black Friday discounts

(Getty Images)

(Getty Images)

With the holidays coming up, retailers are getting ready for huge sales on Black Friday.

Personal finance website WalletHub has released an analysis of “2016’s Best Stores for Black Friday.”

WalletHub surveyed 8,000 deals from 35 of the biggest U.S. retailers’ 2016 Black Friday ad scans to identify the stores offering the biggest discounts in various product categories, such as appliances, jewelry and toys.

Based on the analysis, Macy’s has the highest overall discount rate at 63.35 percent, whereas Big Lots has the lowest at 23.52 percent.

The overall average discount for Black Friday is 39 percent.

“Consumers should aim for this discount amount or higher to avoid Black Friday traps,” according to WalletHub.

WalletHub ranked the top 10 retailers as follows based on their average discount rate:

  1. Macy’s (63.35 percent)
  2. Stage (62.81 percent)
  3. JCPenny (62.79 percent)
  4. Harbor Freight (62.58 percent)
  5. Gordmans (61.59 percent)
  6. Kohl’s (58.15 percent)
  7. Shopko (55.55 percent)
  8. Fred Meyer (49.7 percent)
  9. Craft Warehouse (45.03 percent)
  10. Sears (43.89 percent)

Toys had the biggest share of discounted items among retailers, while books, movies and music had the smallest share.

Holiday spending is expected to reach $656 billion this year — up from nearly $631 billion in 2015, according to WalletHub.

To view the full report and each retailer’s ranking in each product category, click here.