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Televisions are among the consumer goods and services that have fallen in price over the past year – which could translate into steep discounts for shoppers on Black Friday and Cyber Monday.
What’s more, 38 percent of consumers said they might buy a TV during Thanksgiving week, including Cyber Monday, according to a recent survey by the Consumer Technology Association.
“Those lucky enough to be in TV advertising are going to get some great deals right now,” said Rick Kowalski, director of business analytics and business intelligence at the organization.
Why TV prices are falling amid widespread inflation
Average TV prices fell by nearly 17% in October 2022 compared to the same month in 2021, according to the Consumer Price Index.
They are out at a time when hyperinflation has led to steep price increases for a broad basket of consumer goods. By comparison, the index rose 7.7% in October compared to a year earlier – off a high but still hovering near levels not seen since the 1980s.
TVs (and consumer electronics in general) get cheaper over time as technology improves. And the large ownership of smart TVs allows manufacturers to track consumer data and sell it to advertisers, and reduce certain costs, said Andrea Woroch, a consumer savings expert.
But prices started to rise from month to month starting at the beginning of 2021. Consumer demand for electricity remained strong as households improved home entertainment during the pandemic. At the same time, computer chips were in short supply, and extensive supply chains were closed as the global economy began to reopen, limiting the flow of goods to retailers.
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In August 2021, that supply and demand imbalance pushed up average TV prices by 13% year-over-year and 3% just that month, according to the consumer price index.
But the prices went down again. Manufacturers have increased production to historic highs to meet consumer demand — and retailers now have more TVs, Kowalski said.
The U.S. imported 46.5 million TVs in 2021 — a record year and more than 40 million in a typical year, Kowalski said.
Sellers are cutting prices to clear excess inventory, he added. And households that bought TVs earlier in the pandemic may see more demand to buy again, reducing potential demand.
Black Friday and Cyber Monday TV deals
Retailers have long used TV deals to draw shoppers on Black Friday — the Friday after Thanksgiving and the traditional start to the holiday shopping season. Consumers often wait to buy big-ticket technology items until then, Kowalski said.
The deals could go ahead during the December holidays, but that’s not a guarantee, experts said.
“TVs are one of the things I would recommend buying, whether you’re in the market for a new TV or buying one as a gift,” Woroch said. “It doesn’t mean every TV is going to be the best you’re going to get all year.”
Plus, the TVs discounted on Black Friday might not be the best — they’re often entry-level sets and might not come equipped with the features you want.
Some Black Friday deals from retailers like Best Buy have been jaw-dropping, especially some well-known brands, said Julie Ramhold, consumer analyst with DealNews.
Some of the best he’s seen are among the big names: the 75-inch Samsung for $580, the 70-inch LG for $550 and the 32-inch Toshiba for $80, which comes with the third generation of Amazon Echo Dot. In contrast, he saw a 40-inch Hisense selling for $100 — a price level not seen by any 40-inch TV maker since 2018, Ramhold said.
That said, there are many other sets that sell for more than $1,000, depending on the make and model, he added.
Woroch recommends comparison shopping using sites like DealNews and BlackFriday.com, or a web browser plug-in at PriceBlink. Shoppers can search for coupon codes or cash back at sites like CouponCabin, he said.
Another thing to watch, experts said: Retailers sometimes sell a special, one-day Black Friday TV model to offer a doorbuster sale — but that special model often has parts or features missing from its cousin. Buyers should look up the model number, read reviews and, if you’re buying one, ask questions at the dealership, Woroch said.
Consumers are likely to skip sales on “no-name” brands on Black Friday and Cyber Monday, Ramhold said.
“If it doesn’t look metal to you or it’s cheap — like a 75-inch for $300 — I’d be wary of buying it,” Ramhold said. “Because you still get what you pay for.
“The last thing you want to do is take home a blank set and buy again next Black Friday,” he said.
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