July 5th: Bargains Day!
Spain's Prime Minister Mariano Rajoy looks up during a control session at the Spanish Parliament, in Madrid, Wednesday, June 13, 2012. The interest rate Spain would have to pay to raise money on the world's bond markets continued to rise Wednesday amid worries that a planned bank bailout might not be enough to save the country from needing an overall financial rescue. (AP Photo/Daniel Ochoa de Olza) / Daniel Ochoa de Olza
And since today is when the holiday is officially celebrated, you have one more day to seek out these hot deals.
CBS News Business and Economic correspondent Rebecca Jarvis showcased some of the best bargains on "The Early Show".
She says the goal of retailers this weekend is to clear summer inventory to make space for full-priced fall and back-to-school items. It's no secret the economy has hit retailers hard, so they're trying to lure shoppers with deep discounts.
As a result, there's a sale almost everywhere you turn today. You'd be hard-pressed to walk into a store or visit one online that isn't offering some sort of price reduction.
Some of the biggest retailers are offering deep discounts on clothing, toys and home appliances: Old Navy, Target, Sears, Macy's, Toys R Us and Wal-Mart are cutting prices between 30 and 70 percent on many items.
July is also the best month to pick up a new sofa or dining room table. Furniture retailers debut their new lines on showroom floors in August. So, their items tend to go on sale over the Fourth of July weekend. Their goal is to clear the "older" inventory to make space for the new in August. As a consumer, you can take advantage of that, but don't forget to include "Let's make a deal" in your vocabulary. Many furniture salespeople make commissions. They're eager to sell. Name your price -- and work from there.
Another category to note: mattresses! Due to the housing market blues, mattress sales have stalled. Think about it: When do you typically buy a new mattress? When you move. Since fewer people are buying homes, mattress companies are adding incentives to get people to buy -- and it's not just discounts on the mattresses themselves.
They're also offering gifts with purchase. For example: Sleepy's and Macy's are both offering discounts and giving away goodies such as iPod docs and LCD TVs with purchases of some of their beds. 1-800-mattress is offering up to 70 percent off select mattresses
Don't forget, when you're buying a mattress, there's always room for negotiation. Some retailers will match the lowest price you can find.
And if you can't make it to stores, check online.
It's always a good idea to do a little online research and know before you go. Double-check your favorite retailers' websites ahead of shopping trip. Especially for big ticket items, write down prices, then hit the stores -- sometimes you can find a better deal on the Internet, and they'll usually honor it in the store.
Also, sites that list a number of July 4 promotions include:
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