Black Friday “was” prices on TVs and headphones: what the FTC's pricing guides say

Ahead of Black Friday, a sale ad for a TV, soundbar or pair of headphones that puts a lower price next to a higher one labeled “was,” “regularly,” “compare at” or “list price” is making a claim about that higher number. The Federal Trade Commission's Guides Against Deceptive Pricing, five short sections of the Code of Federal Regulations (16 CFR Part 233), set out when such a comparison is honest. The edition revised as of January 1, 2026, gives their source as a Federal Register notice of November 8, 1967, and notes no later amendment.

The guides are interpretations rather than a rule of their own. The FTC's procedures describe industry guides as “administrative interpretations” of the laws it enforces, and say that failing to follow them “may result in corrective action” under those laws. The pricing guides cite sections 5 and 6 of the FTC Act as their authority.

“Was” and “regularly”: the former-price test

The first guide covers cuts from the seller's own earlier price. That price should be “the actual, bona fide price at which the article was offered to the public on a regular basis for a reasonably substantial period of time.” A price set high only so that a big reduction can be advertised later makes the bargain “a false one,” in the FTC's words, and the “reduced” price is then probably just the seller's regular price.

The FTC's own example is a retailer who normally sells a pen for $7.50, raises it to $10 for a few days, then advertises “Were $10, Now Only $7.50.” The guide calls that “obviously a false claim.” A former price can be genuine even if nothing sold at it, but only if it was openly and actively offered “in the recent, regular course” of business. Wording such as “Formerly sold at” should be used only when substantial sales were made at that price. Token cuts are covered too: when an ad just says “Sale,” the reduction should not be so small as to be meaningless, and the guide calls an item “Reduced to $9.99” from a former $10 misleading.

The pricing guides set no number of days for a “reasonably substantial period.” A separate FTC guide on the word “Free” (16 CFR Part 251) does: for that guide, a “regular” price is one charged over “a 30-day period,” and where prices fluctuate, the lowest price at which substantial sales were made in that period. That contrast is our reading of the two texts; the 30-day figure is in the “Free” guide, not in the pricing guides.

“Compare at” and list prices

The second guide covers comparisons with other stores. A seller claiming to be cheaper than others in its trade area should be “reasonably certain” that the higher price it quotes “does not appreciably exceed the price at which substantial sales of the article are being made in the area.” A “comparable value” claim also needs other merchandise of “essentially similar quality” that representative outlets nearby actually offer at that price.

Manufacturers' suggested retail prices get a guide of their own. In the 1967 text, the FTC already wrote that “only in the rare case are all sales of an article at the manufacturer's suggested retail or list price.” A list price is not fictitious if “substantial (that is, not isolated or insignificant) sales” are made at it in the seller's area. A retailer is expected to check that before advertising a cut from list; a manufacturer selling nationally is judged on whether it set the list price in good faith and whether it appreciably exceeds the highest price at which substantial sales are made.

Free gifts, bundles and limited-stock deals

For offers such as “Buy One—Get One Free,” “2-For-1” or “50% Off” with a purchase, the fourth guide says “all the terms and conditions of the offer should be made clear at the outset,” and warns against raising the price, or cutting the quality or quantity, of the item that must be bought. The “Free” guide adds that an asterisk pointing to a footnote does not count as disclosure at the outset.

Limited-stock deals come under separate FTC guides on bait advertising (16 CFR Part 238). Among the signs of a bait offer, they list a failure to have enough of the advertised product at every listed outlet to meet “reasonably anticipated demands,” unless the ad “clearly and adequately discloses that supply is limited” or that the item is available only at certain stores. Refusing to show or sell the advertised item, or running it down to steer a buyer to something else, is on the same list. The fifth pricing guide adds that sellers should not call a retail price “wholesale” or “factory,” or advertise a “limited” offer that is not limited.

What the FTC has scheduled, and where to report

Going by the 2026 edition's source notes, the pricing guides have not been amended since 1967. In its regulatory review schedule of November 30, 2023, the FTC listed 2027 as the year to start reviewing them, along with the bait advertising guides and the “Free” guide. It said no view on the need for, or the substance of, any listed guide should be inferred, and that it may reorder the schedule. Our search of the Federal Register on November 12, 2026, found no later FTC document that mentions the pricing guides.

The FTC's consumer advice on online shopping suggests reading the terms of an advertised deal, checking whether a seller has a price-matching policy, and finding out whether a credit or refund is available if an item goes on sale later. If a problem cannot be worked out with the seller, the FTC asks shoppers to tell it at ReportFraud.ftc.gov.